Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, January 11th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 136. That’s way up from 105 of last week. Last year at this time, that number was 67. With 38 homes coming to the market. Last week that number was 15. Last year at this time, 20 homes came on the market. In 2019, just for some reference here, 32 homes did come on the market that same week. We also had only 7 homes go into contract. That’s a low number with this new inventory coming up. Last week, that number was 11.
Condominiums right now, 127 condominiums on the market. That’s up from 105 of last week. We had 30 condominiums come on the market. That’s a big number, way bigger than last week’s 6. Last year that number, 12. We also had 12 condominiums go into contract. Last week that was 10. That was a very good number for the condominium-town-home story. That’s a very very good number, so we like to see that.
Also we had 9 homes either expire, cancel or withdraw from the marketplace. We also had 10 homes reduce their price.
So total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 263. That’s way up 25% from 210 of last week. What’s interesting about 263 — I looked back on the notes — in 2015, the total-total inventory, peak for 2015 was 256. So here we are at 263. That was like the 2015 total number.
So the question is, is this a leading indicator? Or are we heading towards a more normalized market where it’s not so seller-biased? The verdict is still way up. All in all, on a macro conversation, for the mid-peninsula if you will, the number is stil very, very, very low. But there’s a lot of buyers out there. So, when I’m watching here for the weeks going forward, is the sales, I predict, there’s gonna be lots of sales, ’cause we have a lot of buyers looking for that right home. The inventory that we took over from 2020 got kind of stale. So, all the buyers out there right now knew about that inventory and it wasn’t what they were looking for. So when the new inventory starts coming on this new inventory we have going here, next week, I predict big sales. I’m thinking we might hit that 40-mark that we like to see week in and week out. Possibly more.
Also, on a totally different note here, the Gilmartin Group, we like to express our condolences, our wishes and our prayers to the Whylan Family. Thanks for listening, have a great day, and I’ll talk to you next week.