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 7th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 127. That’s up slightly from last week’s 122. Last year at this time, that number was 187. We had 52 homes come on the market. That’s a very healthy number. You might recall in weeks past, we had one week where we had 62 homes come in the market. That was the largest amount of homes in one week coming in the market we’ve seen in years. So 52 is still a strong number. We had 45 homes go into contract. That’s above the 40-number that we like to see week in and week out. Last week, that number was 48. But still 45 is a super strong number. Last year at this time, that number was only 30.
Condominiums right now, 123 condominiums on the market. That is up from 113 of last week. Last year at this time, that number was 92. We had 31 condominiums come on the market. That’s another healthy number. Sounds like the sellers out there who are thinking of selling are hearing the message that we need more inventory. They’re bringing the inventory on. So that’s great news. We also had 10 condominiums go into contract. Last week that number was 26. That was a whopping number. So condominium sales are down a little bit. I do think that has something to do with the Memorial Day weekend that came through that maybe slowed those sales down. Last year at this time though, that number was 19.
So, we also had 18 homes either expire, cancel, withdraw from the marketplace. Pretty big number. And, we also had 15 price reductions. Last year at this time, we had 17 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 250. That’s up from 235. And, also you might recall, the peak so far for 2021 in total-total inventory is 276. So we’re under the peak. Typically, June-July is when we start finding that peak. And here, we’re under the peak. We already hit the peak. So, if inventory continues to hop around here, or go down from here, that would be unbelievable. If inventory continues to go up from here, that will be okay, and that would not hurt the market at all. As a matter of fact, that would be very healthy. So if you’re thinking of selling your home, we’ve got buyers wanting to buy your home. So now is still a great time to take advantage of this wonderful market. Still good interest rates, and plenty of buyers out there.
Thanks for listening, have a great day and I’ll talk to you next week.