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 15th 2021 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is down 135. Down from 141 of last week. That’s incredible. Again, typically we see inventory usually rising in these last couple of weeks. That’s two weeks in a row inventory has gone down, single-family homes. Last year, this time the number was 160. 2019, the number was 170. 135 today! Unbelievable. We had 47 homes come on the market. Last year, the number is 43. The year before that, 2019, it was 43. And we had 52 homes go into contract. Last week that was number was great at 45. 52 is super robust. Last year, this time the number was 39. And again, last year, this time was a very — this was a very crazy week, right? This was when things started. There were so much uncertainty. Here we are, a year later, real estate market mid-peninsula is on fire.
Condominiums right now, 105 condominiums on the market. Last week, that number was 104. Last year this time that number was 71. In 2019, that number was 63. We had 29 condominiums come on the market and we had 21 condominiums go into contract. Last week that number was 20. We also had 10 homes either expire, cancel or withdraw from the marketplace, which is kind of a high number when it’s such a hot market. And we also had 7 homes reduce their price. Last year this time, the number was 12 homes reduced their price.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 240, down from 245 of last week. Last year this time that number was 231. 2019 that number was 235. Here we are at 240. The market is red hot. Still lines outside of homes to see, to go view homes over the weekend. Multiple offers. I mean, when I say multiple offers, I’m talking about 14, 20 homes — offers per home. Unbelievable. One of the hottest seller’s markets I think I’ve seen in my 26-year career. I mean we’ve had, you know, during the dot-com and other times. Super robust seller market. Right now feels like just as crazy if I use the word crazy as those other markets. Is it too hot? Timing is everything. Buyers, I got a few buyers thinking, “hey, you know what, this is getting a little crazy, if this continues.” So is it too hot? So if you’re thinking of selling your home, timing is everything. Get in the game. Give us a call. Let’s get the home prepared to go on the market and get it out to all these buyers. We need more inventory.
Thanks for listening, have a great day and I’ll talk to you next week.