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 28th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 163. That is down slightly from 166 of last week. Very interesting there. Last year at this time, that number was 181. We had 69 homes come on the market. Very healthy number. Last week, that number was healthy at 68. And we had 54 homes go into contract. Last week, that number was only 33. We were a little bit nervous there. We were wondering what was gonna happen this week. And we charged right through, past the 40-number we like to see week in and week out with a 54. So that’s a great number.
119 condominiums on the market. We had 34 condominiums come on the market, and 20 condominiums go into contract. Last week, that number was 26. 20 is still a very good, healthy number.
We also had 4 homes either expire, withdraw or cancel from the marketplace, and 9 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 282. That’s up slightly from last week’s 279, which also represents a new total-total peak number for 2021. Last year at this time, that number was 288, and that was a peak last year. So, are we gonna continue to go up above, are we gonna get into the 300? Or are we gonna level off here? That’s what we’re watching. Healthy, healthy sales. So that market’s showing great resiliency, and buyers are out. So, if you’re thinking of selling your home, you certainly haven’t missed the boat. And, buyers, we have a little more inventory for you to look at, so it’s kind of an even thing right there.
Thanks for listening, have a great day and I’ll talk to you next week.