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, June 14th 2021 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 136. That’s up from last week’s 127. We had 59 homes come on the market. That’s a huge healthy number. Last week, that number was also healthy at 52. And we also had 51 homes go into contract. That is amazing. Last week, that number was 45. We like to at least see 40 week in and week out. 51, fabulous, fabulous number. Last year at this time, that number was only 36.
Condominiums right now, 118 condominiums on the market. That is down from 123 of last week. Last year at this time, that number was 91. We had 29 condominiums come on the market, and we had 25 condominiums go into contract. That’s a great number. Last week, that number was only 10.
We also had 7 homes either expire, cancel, withdraw from the marketplace. And we had 11 price reductions. Very very interesting.
Total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 254. Now that is up slightly from last week. But last year this time, that number was 291. 2019, that number was 306. And I did the 2019 because I do want to do the 2018 comparison. 2018 was 240. Here we are today at 254. This market is still super super hot. Their are multiple offers. If you’re still thinking of selling your home, there’s plenty of buyers out here. We need your inventory.
Thanks for listening, have a great day and I’ll talk to you next week.