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, March 14th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 117. That’s up from 107 of last week. Last year at this time, that number was 141. 2020, that number was 156. 2019, that number was 164. And the 2018 number, that number was 101. And it was the first time since 2018 that single-family inventory went over 100. We had 61 homes come on the market. That is a fantastic number beating last week’s 47. And is the most amount of homes coming on the market in week’s time here in 2022. And we had 42 homes go into contact. Last week, that number was 45. That’s the third time that we reached the 40-number we like to see week in and week out.
Condominiums right now, 95 condominiums, on the market. That’s up from 78 of last week. Last year at this time, that number was 104. In 2020, that number was 70. In 2019, that number was 71. And the 2018 number was 52. And here we are 95. We had 38 condominiums come the market, very healthy number. And 22 condominiums going into contract. Last week, that number was 23. Again, that is a great, healthy sale number.
We also had 2 homes either expire, cancel, withdraw from the marketplace. And 11 price reductions. That’s a little bit high for this time of year. Very interesting, to see that happen with such low inventory. In years past, that’s kind of big around the number. It was more like a 9 number. But still, with such low inventory, if find it interesting that we ha1 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 212. That’s up from 185 of last week. And our first time crossing to the 200-marker in 2022. Last year at this time, that number was 245. 2020, that number was 226. 2019, that number was 235. And in 2018, that number was 153. And again here we are 212, again the big difference between 2018 is our condominium market. The Spring market is on. Here we are, welcome to the spring market. Inventory is coming on, this very healthy inventory numbers. Still also, very healthy sale numbers. World stage keeps very volatile. Stock market, very volatile. As we speak right now, it is down again. I think last Monday it was down. But it whips on all around. Interest rates are all still very favorable although they’re up. But still, all in all, I think we’re in about 3.5%. Still, very favorable. So, market is very healthy. And so if you’re thinking of selling your home, get into the spring market, cause the buyers that we’re working with can’t wait to see your home.
Thanks for listening, have a great day. And I’ll talk to you next week.