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 6th 2021, with your Tuesday Monday Morning Market Minute.
I hope everybody had a wonderful 4th of July weekend, had a great Monday day-off. Certainly, we took some time off here at the Gilmartin Group. Hence, the Monday Morning Market Minute on Tuesday.
Okay, single-family inventory from South San Francisco to Redwood City right now is 128. That is crashing-down from last week’s 163. That’s a humongous story. We thought that inventory was gonna rise here. We just crashed. That’s a 1st-quarter number, 128. Last year this time, that number was 171. 2019, that number was 180. And I just like to do this comparison with 2018, 155. And here we are, 128. Unbelievable. We had 32 homes come on the market, and we had 55 homes go into contract. Last week, that number was 54. That’s two weeks in a row with super strong sale number.
Condominiums right now, 104 condominiums on the market. That’s down from 119 of last week. We had 14 condominiums come on the market, and 19 condominiums go into contract. Last week, that number was 20. Still, those mid-teens is a good healthy number. So here we are, last week at 20, this week 19. b.
We also had 8 homes either cancel, withdraw or expire from the marketplace, and 7 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 232. That’s down from 282 of last week. Last year at this time, that number was 286. And 2019, that number was 259. And — I’m doing this because I wanna get to the 2018-number, which was 222. Today, we’re at 232. Inventory did not go up. Inventory crashed. The market just got even hotter if you can believe that. So if you’re thinking of selling your home, this is gonna be a great week.
Thanks for listening, have a great day and I’ll talk to you next week.