Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, July 19th 2021, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is up to 171, up from 164 of last week. We had 72 homes come on the market. That’s a huge number and beats last week’s 2021 peak record number of 71. So here, 72 is the new peak number for total amount of inventory to come on the market in a week’s span. We also had — this is huge, huge news — 60 homes go into contract. Remember last week, we only had 19. We had 70 home come on the market and only 19 sales. We’re like, “Woah, is this an indicator?” And then I said, “But I do believe that in the following week, we’ll have a lot of sales,” and oh my God, 60. I didn’t know if it was gonna be 60. That’s a massive, massive number. Very, very healthy.

Condominiums right now, 136 condominiums on the market. That’s up from 128 of last week. We had 36 condominiums come on the market, and we had 24 condominiums go into contract. That’s a really healthy number. Last week, that number was 15, down the middle we like to see, in the middle of ‘teens at least. 24, fabulous number.

Also, we had 4 homes either expire, cancel or withdraw from the marketplace. Last year at this time, that number was 7. This is very interesting: we had 9 price reductions. Not a bad number, low number meaning. Last year at this time, that number was 27. Again, last year, this year, the uncertainty that we were going through last year, with 27 price reductions last year, that was a big, big number. Today, only 9.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 307, up from 292. That’s a new 2021 peak number, 307. So we’ve gone over the 300 marker here. And it’s not a big deal in terms of macro-inventory from South San Francisco to Redwood City. No, not at all. It’s still actually a very, very low number. Honestly, it’s my opinion that if, not until we hit 600 homes on the market, in this marketplace, have we really transferred into a full buyers market? So we are a long ways away from there. 60 sales, unbelievable. So the market is showing that hey, it’s still hot. Interest rates are down. The summer’s almost over. Things have heated up here. So if you’re thinking of selling your home, now is still a great time.

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