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, July 26th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 171. Last week, 171. We had 57 homes come on the market. That’s a big number, but nothing like the whopping number of last week of 72. And we also had 51 homes go into contract. Last week, that number was 60. Still, we’re looking for 40 week in and week out. 51, 60, 70 before that. It just keep going. Lots of sales week in and week out. Amazing.
Condominiums right now, 130 condominiums on the market. That’s actually down from 136 of last week. We had 31 condominium come on the market, and 35 condominiums go into contract. That’s a massive, awesome, healthy number.
We also had 11 homes either expire, cancel or withdraw from the marketplace, and 13 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 301. That is down from 307 of last week. Is 307 gonna be the peak total-total inventory number from 2021? Only time will tell. But still, I think it’s very possible. Maybe October, sometimes we see a little bump, but we’ll see there. Again, 301 on the market, that’s a really low number. It’s great for sellers. A little more difficult for the buyers. So if you’re thinking of selling your home, it’s still a great time.
Thanks for listening, have a great day and I’ll talk to you next week.