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Monday Morning Market Minute – July 27th, 2020

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Single-family inventory from South San Francisco to Redwood City right now is 205. That’s down from 206 of last week. Last year this time, that number was 190. We had 50 homes come on the market, last week that number was 55. The week before that was 50. So we’re finding about 50 homes coming on the market here in this, let’s call it. D.C. during COVID moment. And last year, that number was only 25 we had forty seven homes go into contract. That’s a fantastic number. Last week, that number was 39.

Condominiums right now W have 141 condominiums on the market right now. That’s up from 135 of last week. Last year at this time, that number was 74. And in 2018, that number was 70. So we have double the inventory year over year. What does that say? Here we are. D.C. during COVID and the inventory for condominiums is up. I think we want to get out and find that single family home and get some more space, it looks like to me. We also had 30 condominiums come on the market. And twenty-one condominiums go into contract. That’s a good number.

We also had 9 homes either expire, cancel or withdraw from the marketplace and another 28 homes reduced their price. That’s a big number. Last week that number was 27. And again, I think there is a correlation with 28 price reductions and having 47 sales, a very healthy sale number.

So total total from South San Francisco to Redwood City single family homes and condominiums inventory is 346. That’s up from 341. And a third week in a row that we hit a new peak for 2020 inventory. Last year at this time that number was 264. The peak for 2019 was 313. So here we are at 346, higher than that of 313 of last year, peak number, but still low in the big picture. Only 346 homes on the market. That’s a really low number on the macro view of things here on the Mid Peninsula. So interest rates are still extremely low. Buyers more options out there. Sellers still a good time to put your home on market. It is official that the market right now, the momentum of the market is certainly acting B.C. before COVID in terms of the momentum of how things are happening. Got homes coming on the market. Homes are selling and market is definitely moving forward showing its resiliency, which is absolutely amazing and fantastic news. Thanks for listening. Have a great day and we’ll talk to you next week.

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