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Monday Morning Market Minute – January 24th, 2022

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 24th 2022, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now, 68. That is up, to be expected, from last week’s 56. Last year this time, we had 140 single-family homes on the market. In 2020, that number was 95. 2019, that number was 121. In 2018, that number was 76. Again, here we are at 68. We had 32 homes come to the market. That’s good news. Last week was 26. And we had 25 homes go into contract. That’s much better than last week’s 11. Again, it was a holiday last week — could be the reason why. And 25 is a very good number with such low inventory, and really right in line with years past.

Condominiums right now, 79 condominiums on the market. That’s actually down from 80 of last week. We had 30 condominiums come to the market. And 25 condominiums go into contract. Really, really healthy number.

We also had 2 homes either expire, cancel, withdraw from the marketplace. And 3 price reductions.

So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 147. That’s up from 136 of last week. Last year at this time, that number was 276. And again, remember last year was a good year. In 2020, that number was 147. Unbelievable. In 2019, that number was 191. In 2018, that number was 118. So here we are, 147, matching 2020’s total-total number.

So condominiums, town-homes inventory is a little higher than we’ve seen years in the past. But the single-family inventory is really, really low. Markets are definitely showing some correction going on. It’s been said that many times, we here in the Mid-peninsula are very connected to the stock market. So that’s gonna be interesting to see how that translates into our market. Now with inventory so low, if you’re thinking of selling your home, and you’re worries about what’s going on in the market, now 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.

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