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 3rd 2022, with your Happy New Year Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 38. Yes, out of 6000+ single-family homes from South San Francisco to Redwood City, first Monday of 2022, there are a total of 38 homes for sale. Red hot market. We had 7 homes actually come on the market last week. And we had 6 homes go into contract last week.
Condominiums right now, 49 condominiums on the market. That is down from last week’s 55 which we had. We had 3 condominiums come on the market, and we actually had 2 condominiums, townhomes go into contract.
We also had 26 homes either expire, cancel, withdraw from the marketplace. Very typical especially at the last day of the year. Last year at this time, we had 50 of those homes coming either off the market, expiring, withdrawing or canceling. And we had 2 price reductions.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 87. 87. Now, this is the first Monday obviously of 2022. Last year, first Monday, that number was 210. In 2020, that number was 103. In 2019, that was 138. And in 2018, that number was 69. Wow.
Now there’s only been a handful of years where we’ve actually started total-total under a hundred. Here we are at 87. Remember, 2018, that was 69. 2018 was a roaring sellers market. So was 2017. There’s a debate of 2017 was the bigger 2018. But anyway, here we are with 87 total-total homes on the market. That is huge. And in 2012, that number was 411. Again, here we are at 87.
So, market is gonna start off with a bang. Low, low inventory. If you’re thinking of selling your home, I’m telling you right now. The sellers that prepare their home first get on the market first are going to win big. And if that’s what you’re thinking of doing, give me a call.
Thanks for listening, have a great day. Have a great year. And I’ll talk to you next week.