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 4 2021, first Monday of the year with your Monday Morning Market Minute.
Okay, single family inventory from South San Francisco to Redwood City right now is 105. Last year, this time, the number was 56, the first Monday of 2020. The peak inventory for single family homes in 2020 was 241. So today, we’re 105 long ways to go there with 15 homes come on the market and 11 homes go into contract, pretty good number selling homes through the holiday like that. condominiums are now 105 condos on the market that’s down from previous weeks. And last year, though, that number was 47. So that story continues to develop with the with the expansion of the condominium town home market inventory. We had six condominiums come on the market, and with 10 economies go into contract. Hey, that’s a pretty darn good number, though to going through the holidays and getting 10 condominium sales. We also here’s a huge number, a number that I don’t think I’ve seen in a long time, actually, I would have to look at my notes.
See, I’ve never this high 50 with 50 homes either expire, cancelled withdraw from the marketplace, I guess that’s somewhat normal, when you’re going through the holidays home didn’t sell they decided to take the home off the market. That’s also a shadow inventory. If you’re looking for a home, that’s one place we can be looking in the in the homes that came off the market, let’s call that the shadow inventory, which one’s going to come back on when things are going again, we also had four homes reduce their price, pretty good, you know the low number, not nothing special there. So total total. Sell separate, that’s good, too to Redwood City, single family homes and condominiums. inventory is to 10 that is down from previous weeks.
Honestly, I thought it’s gonna be a little bit lower. But the big story there is that condominium town home inventory is so large, you know, with full last year of 47, this year 105. That’s a big part of why we’re over 200. Last year at this time, the first number was 103. First Monday, I should say, of 2020. That number was 103. again today to 10. The difference really there is we do have more single family homes on market and a lot more economy’s on the market in 2019. That number was 136 of the first Monday of 2019. The number was 136. Again, today’s to 10.
And then the 2018 number which I’ve been talking about previous weeks, which I stated that the 2018 as we all probably know that that was a huge seller’s market. We’re where we were the first Monday of 2018 69. Whoa, I mean, that’s really, really low, shocking number. And you can see why we came out of the gate there with the, you know, just massive multiple offers on homes.
So here we are at 210 homes total total, the peak for 2020. So we can all have a basis point, the peak for 2020 was 441. Again, 210 today, so where are we going from here? Well, there are there is there’s there’s more opportunity, obviously for buyers right now, if interest rates are really, really low. And at the same time though, we do need more inventory for the buyers. There’s plenty of buyers out there we have, we’re working with a whole slew of buyers, just trying to find that right home. So it is turning out to feeling like a really good time like normal first quarter like normal to be a great time to put your home on the market. And let me say this because I’ve said in the past this time of year, the sailor is in a boat race, the sailor that puts up their cell first usually wins the race. And what does that mean here?
Hey, if you’re thinking of selling your home, work now to get your home prepared to go on the market and be the first sailor to put up your sail first, and you’ll get the most offers and you’ll get the highest price and ultimately, that’s what you want. If you’re looking to do that, give me a call. Have a great day and I’ll talk to you next week.