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 1st 2021 with your Monday Morning Market Minute on Tuesday. I hope everyone had a wonderful Memorial Holiday. God bless our troops and God bless this country.
Single-family inventory from South San Francisco to Redwood City right now is 122. That is down from 134 of last week. Last year at this time, that number was 171. We had 46 homes come on the market. Last week that number was 49. And with 48 homes go into contract. As you know, that’s a great number, though last week was 51. Last year at this time, the contrast, 21.
Condominiums right now, 113 condominiums on the market. That is down from 121 of last week. We had 29 condominiums come on the market. And we had 26 condominiums go into contract. Now that’s a very healthy number. Last week, that number was 24. Last year at this time, that number was only 7.
We also had 11 homes either expire, cancel or withdraw from the marketplace. And here’s a big number: 12 price reductions. But last year, that number was 23.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 235. That is down from 255 of last week. Incredible. Last year this time, that number was 262. 2019, that number was 311. And let’s talk about that 2018 super sellers market. What was it then? 232. Today, we’re at 235. I’ve been kinda saying week in and week out that this year’s feeling like that 2018 sellers market, and right there, here we are 235 total inventory. And in 2018, that number was 232. This market is still hot getting ready for the summer market. So if you’re thinking of selling your home, now is the time to get on the market and get your home sold.
Thanks for listening, have a great day and I’ll talk to you next week.