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 17th 2022, with your Martin Luther King Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now, 56. That’s up from 45 of last week. Last year at this time, that number 135. In 2020, that number was 83. 2019, 104. And in 2018, that number was 73. Here we are at 56. Very, very important number right there. We had 26 homes come on the market. That’s a healthy number. Much better than last week’s 22, but also, that was a good number. And we had 11 homes go into contract. A far cry from the 40 homes we like to see sell week in and week out, but last week, the inventory was 45 homes. So, 11 out of 45 sold. That’s 24% of the inventory of last week sold. So that’s a great number.
Condominiums right now, 80 condominiums on the market. That is way up from 57 of last week. We had 27 homes come on the market, and 5 condominiums go into contract.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 136. That’s up from 102 of last week. Still all in all a very low number. Last year at this time though, that number was 267. 2020, that number was 139. In 2019, 170. And in 2018, that number was 102. Again, here we are at 136.
So, condominium market is opening up a little bit more or faster than normal. Very intesting, could be an indicator. And a single-family home in inventory is still way down. So, if you’re thinking of buying a condominium or town home, we got a lot more options to look at, Good news. If you’re thinking of selling you single family home, like I’ve been saying. Sooner is better than later.
Thanks for listening, have a great day. And I’ll talk to you next week.