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 22nd 2021 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is down 139. That is up from last week’s 135 and putting an end to the two-weeks-in-a-row when inventory went down. And if you watched last week, we typically have our inventory growing at this time of the year. The spring market is on. Last year at this time, we had 123 single-family homes on the market. Again, today, 139 up from 135. We had 51 homes come on the market. That’s a big number and typical number for the start of the spring market. Last week that number was 47. Last year, 22 homes came on the market from South San Francisco to Redwood City. We also had 38 homes go into contract. That’s not quite the 40-number that we like to see week over week. Last week, that number was 52. The week before that was also 45, so really really healthy. Reason why we probably went under the 40-number is because we had so many sales — inventory dropped. So next week, we’ll probably see that 40-number, or even higher, in sales. Last year at this time, that number was only 26.
Condominiums right now, 116 condominiums on the market. That is up from 105. I think the news is out that the condominiums – town homes market is coming back, so inventory is coming back on. We had 27 condominiums come on the market. Actually, last week that number was 29. And we had 16 condominiums go into contract. Again, last week, that number was a whopping 21.
We also had 10 homes either expire, cancel or withdraw from the marketplace. Still, that’s kind of a high number in this hot sellers market. And we had 13 price reductions. That’s extremely high number for this hot market. So some people are coming out of the market overpriced, so even in a hot hot market, you can still overprice your home. Buyers know what values are. They are out looking every single day. And there’s not much to look at, and they’re very focused on certain areas. So if you overprice your home, if you’re marking prices too high, you’re gonna sit on the market, and then you’re gonna have to start negotiating down. And like I always tells my sellers: it’s way more fun to negotiate up than down.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 255. That’s up from 240 of last week. And last year this time, that number was 168. Hey, market is still on fire. We’re out all weekend. Presenting an offer today — 45 disclosure packages out on a home in San Mateo. There’s gonna be a dozen listings probably. So if you’re thinking of selling your home, I’m sounding the alarm. Now. Now is the time to sell. If you’re thinking of selling your home in the next 12 months, 18 months, that’s on your radar. Now. Call me right now. Let’s get your home prepared to go on the market, put the right market price on there, and let’s have some fun negotiating up.
Thanks for listening, have a great day and I’ll talk to you next week.