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 18th 2021, with your Martin Luther King Holiday Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 135. That’s down one tick from last week’s 136. Last year at this time, very interesting, 83. Big difference. We had 30 homes come on the market. Last week, that number was 38. Last year at this time, that number was 31. See how this market kinda moves very consistently like that? People getting ready to put their homes on the market, really around the same time. We also had 30 homes go into contract. That blows last week’s number way out of the water, which was 7. I did say in last week’s minute that we’re gonna have a big number of sales. I thought maybe we’re gonna hit 40, maybe higher. We didn’t hit that, but boy, 30 was a huge jump. And I gotta tell you: I showed a lot of homes over the weekend, and every single home I showed, there was a line. We all have our appointments, but we were all waiting for our appointment. There’s a line to get in and when leaving. There was a line waiting to get in. That tells you something. That’s a definite leading indicator right there.
Condominiums right now, 132 condominiums. That’s up from last week’s 127, and again, they continued big story year over year. 56 last year, 56 condominiums townhomes were on the market last year at this time. This year 132. We had 21 condominiums go into contract. Last week, that number was really healthy — oh, excuse me, 21 condominiums came on the market. My apologies. Last week, that number was 30. Last year at this time, that number is 15. We also had 13 condominiums, townhomes go into contract. Last week, that number was 12. Last year, that number was 10. So that’s a positive number here with still, very relatively low inventory in the big picture, but with a lot of inventory relatively speaking for the condominium townhome market. There’s opportunity there. So, as things get better, as the health crisis starts to get better, and we see more of the light at the end of the tunnel, now could be a very good time. If you’re a first time home buyer, that’s your entry point as a condominium or townhome, now’s a very good time to start getting involved in that.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 267. That’s up slightly from 263 of last week. And again, that big story there is the condominium townhome inventory. Last year at this time, that number was 139. Okay, here’s what’s going on. We’ve got homes coming on. The inventory though, I said that came over from 2020 was stale. And so, some new inventory came on over last week, and we were out looking for properties, and there was lines to go and see the new inventory. Right now, the spring market just started. So if you’re thinking of selling your home, understand that the spring market starting now. And as soon as you get your home prepared to go to market, call me to help you. The faster you get your home sold means the higher we’ll sell it for. And we can talk about that if that’s something you want to do.
Thanks for listening, have a great holiday, and I’ll talk to you next week.