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 21st 2021 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 166. That’s way up from 136 of last week. We had 68 homes come on the market. Now that breaks the 2021 record of 62. Remember, if you’ve been watching the show, I had to go back, way past 2017, -14, -15, -13 even — trying to find a number that large of many homes coming on to the market in a single week. 68, that’s huge. Buyers are loving that. We also had 33 homes go into contract. That’s below the 40-number we like to see week in and week out, and that’s way below of last week’s number of 51. So very interesting. We had a week where we had more inventory come on than we’ve ever seen, and we see the sales went down. What’s going on there? Could be a part of the holiday-kind of a thing; summer getting going. Only time will tell.
Condominiums right now, 113 condominiums on the market. That is actually down from 118 of last week. We had 25 condominiums come on the market. And 26 condominiums go into contract. That’s a great healthy number.
We also had 4 homes either expire, cancel, withdraw from the marketplace. Low number which is good. And 7 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 279. That’s up from 254 of last week, and that does represent a 2021 peak in inventory. 279. That is right on cue. It’s amazing. Here we are in June — we usually see June and July is when we see the inventory at its highest. And here we are, we’re hitting a peak right on schedule. Will it continue to go up from here? Or is it going to level off? Will this be the peak and start going down? Again, only time will tell. And those are the kind of things we’re watching, and that’s why you watch the Monday Morning Market Minute.
Thanks for listening, have a great day and I’ll talk to you next week.