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 25th, last Monday of the first month of 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 148. That’s up from 135 of last week, to be expected. Last year at this time, that number was 95. We had 40 homes come on the market. Better than last week’s 30. Last year at this time, that number was only 28. And we had 31 homes go into contract. Last week that number was 30. Again, those two numbers are much better than the previous week of that, which was only 7. Last year at this time, that number was 22. On a side note, there’s gonna be more sales than 31. Thought we were gonna be much closer to the 40, but it’s coming. I can feel it.
Condominiums right now, we have 108 condominiums on the market. That’s down from 132 of last week. Last year at this time, that number was 52. Again, that story continues, but I got some news for you. We had 23 condominiums come to market. That’s higher than last week’s 21. Last year at this time, that number was only 12. But here’s some big, huge, amazing news: we had 35 condominiums go into contract. Killing last week’s 13. The last time we had that many sales in a single week, for condominium and town home market, I had to go all the way back to 2017. And as you know, 2017 ramps up to that huge, awesome sellers market of 2018. 35 condominiums go into contract. That is a masive number, and can very well be a leading indicator on many things. The condominium market regarding the health crisis. The attitude, right? They say that condominiums are usually the first to go down and the last to go up. And here we are, we had a spike in sales. Something to definitely watch.
We had 18 homes expire, withdraw, cancel from the marketplace. That’s actually a very big number for this time of year, for the end of the first month. And we had 9 homes reduce their price. Last year that number was only 4.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 276. That’s up from 267 of last week. Last year at this time, that number was 147. So we didn’t have as many homes. We had more homes come on, we didn’t have as many homes go into contract as I thought. But we still have a healthy number, because relatively we have low inventory because we still have that stale inventory. You take up the stale inventory and inventory’s low. Hence, why the price reduction number was high, because that stale inventory. The smart ones are trying to figure out. Hey, we gotta adjust, we have to make our value proposition better. They tweaked the number, and boom they got the sale. So the market is definitely moving, starving for more, new inventory. So you were thinking of selling your home. I’m teling you, this is really amping up to be a great time, again, to sell your home. Interest rates are still relatively low. Things are starting to look positive in the future. And condominium market just took off. This is very exciting, and I can’t wait to see where the numbers go in the following weeks.
Thanks for listening, have a great holiday, and I’ll talk to you next week.