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 1st 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 152. That’s up from 142. Last year at this time, that number was 131. And in 2019 — I’m still doing the 2019 comparison — the number was 165. Again today, 152 single-family homes. We had 51 homes come on the market. Last week that number was 43. 51 is the largest amount of homes that’s come on the market in the marketplace in one week this year. Last year, 44 homes came on the market, and in 2019, 44 homes came on the market. We also had 39 homes go into contract — basically almost 40. Last week, the number was 36. Last year, this time, that number was 31. And in 2019, that number was 31.
Condominiums right now, we have 104 condominiums. That is down again from last week’s 121 condominiums. Market has completely woken up. Last year, this time that number was 61. So still, there’s that story going on. But the condominiums or the sales are really picking up. We had 24 condominiums come on the market. Last year, the number was only 19. Last week that number was 23. And we had a whopping 25 condominiums go into contract. That is a massively healthy number for sales for condominiums. Last week, the number was 18. Last year at this time, the number was 19.
We also had 18 homes either expire, cancel or withdraw from the marketplace. Last year, that number was 10. And price reductions, we had 12 price reductions in this hot market. Still some of that inventory that came over from 2020 that’s still on the market that didn’t expire, cancel, withdraw, reduce their price, repackage themselves. And you know, we had 12 of those. Last year at this time, we only had nine price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 256. That’s up from 263. Last year this time, the number was 192. And in 2019, the number was 234. Again today, 256. So more inventory comes on the on the market and lots of sales. That’s pretty obvious, right? We need inventory. We have buyers. There are still lines outside the homes. All weekend, there was lines everywhere. Multiple offers days on market, crashing. Some agents are taking offers within three, four days. Let me side note — agents, hey, we need to slow it down a little bit. There’s plenty of buyers. If you have multiple offers, there could be more, you never know. I guess it’s you know, it’s usually more offers for your sellers or better. So, you know, we need to respect the distribution system. I’m talking to my agents right now — my agent, my colleagues. Let’s respect the distribution system. And let all of us at least get a chance to go and take a look at your home and possibly get even more offers. You never know who’s going to be the top offer.
Thanks for listening. Have a great day. I’ll talk to you next week.