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 21st 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 105. That is down from 117 of last week. That’s incredible. Again, inventory’s supposed to be expanding here. And we’re going down. Last year at this time, that number was 135. In 2020, that number was 160. In 2019, that number was 170. And the 2018 number, 107. And here we are at 105. That is very interesting. We had 43 homes come to the market. That’s down from last week’s 61. We had a lot of kids coming home for the spring break holiday. I also found very interesting that last year, 47 homes came to the market on this week. In 2020, 43 homes came to the market. In 2019, 43 homes came to the market. And in 2018, 42 homes came to the market. Again, today was 43. I mean, incredibly predictable. We also had 51 homes go into contract. That’s better than last week’s 42. It’s the 4th time we’ve hit the 40-number or more. And 51 represents a peak of the most single-family homes in a single week for 2022.
Condominiums right now, 94 condominiums on the market. That’s down from last week’s 95. Last year, that number was 105. In 2020, that number was 71. In 2019, that number was 63. And in 2018, that number was 60. Again, here we are at 94. We had 31 condominiums come to the market, and 26 condominiums go into contract, beating last week’s 22. Both very, very good numbers. The peak number for sales in a single week for 2022 for condominiums and townhomes is 40, which was an absolute game crusher. But here at 26 is a great healthy number.
We also had 2 homes either expire, cancel, withdraw from the marketplace. And 5 price reductions. And as I look back, that’s very typical for that week as well.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 199, down from 212. Last week, we crossed over the 200-marker for the first time in 2022, at 212. And here we go back under the 200-marker at 199. The market is really very, very efficient. If history repeats at all itself, we gonna have another bump in inventory next week. So, right now, this week is proving to be a great time to be a seller. Lots of sales. Interest rates, a lot of talk, are gonna be going up. So buyers wanting to find that great home and lock in that better interest rates, because it is predicted that interest rates are gonna be going up.
Thanks for listening, have a great day. And I’ll talk to you next week.