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Monday Morning Market Minute – January 31st, 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 31st 2022, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 78. That is up from 68 of last week. Last year at this time, that number was 141. In 2020, that number was 87. 2019, 129. In 2018, that number was 84. Here we are at 78. Now that is really low inventory. We had 33 homes come on the market. Last week, that number was 32. And we had 23 homes go into contract. Last week, that number was 25. Again, it’s not that 40-number that we like to see week in and week out. But with only, you know, 68 homes on the market, we sell 23 of them, that’s usually, as you can tell, a great number.

Condominiums right now, 87 condominiums on the market. That’s up from 79 of last week. Last year at this time, that number was 117. 2020, that number was 50. 2019, that number was 77. In 2018, that number was 41. So here we are at 87. So the condo-townhome market is a little bit higher than years past, and that’s kind of where the differences are in our total-total number that you’ll hear. We had 27 condominiums come on the market, and 13 condominiums go into contract. That’s pretty much in line though with years past in terms of sales.

We had 1 home expire, cancel, withdraw from the marketplace. And only 3 price reductions.

So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 165. That’s up from 147. Last year at this time, that number was 258. In 2020, that number was 137. 2019, that number was 206. In 2018, that number was 125. Again, here we are at 165. The difference between the 165 and the 125 in 2018 is that condominium total number.

So with only 78 single-family homes right now on the market, that is extremely low inventory. Market’s still kinda getting going. Although, our last couple listings here have had multiple offers in different price ranges. So, the market is definitely moving. Buyers were needing inventory. So sellers, we need you inventory. So call us now to let you help you get your home on the market. Buyers, just know that inventory is coming. And interest rates, they’re moving around. As of today, the last time I looked, they’re still pretty favorable. Although up, but still favorable.

So things are looking good right now. A lot of different things going on for the market. A lot of things going on in the world. So there’s always this — this is a day-to-day kind of a thing. And right now though, with our inventory in our economy, things are looking very, very good. But, like I say, every day is a bit little different. So sooner is better than later. I’ll say it again.

Thanks for listening, have a great day. And I’ll talk to you next week.

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