Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Certainly going to be a different Monday Morning Market Minute. I certainly have the numbers here for you. Then after the numbers I have some points I’d like to talk about in this COVID 19 pandemic scenario that we have. Certainly what I want to do is make sure I continue to serve my tribe, if you will, everyone who watches me week-in and week-out – and I do thank you for that. But I want to help bring more certainty into these uncertain times. I believe the numbers will help — the facts will help clear any of the fear. So let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 123 that is down sharply from 160 of last week. We had 22 homes come on the market this last week and 26 homes go into contract. That number is not zero! That’s 26. That’s down from 39 of last week. And yet with the low inventory, 26 is actually a very healthy number with the scenario that is going on right now.
Condominiums – 46 condominiums on the market that is also sharply down from 71 of last week. We had 7 condominiums come on the market and we had 14 condominiums go into contract. Again, a very healthy number. It’s not zero! And with such low inventory 14 home go in to contract. Now here is the big number, expires, canceled and withdraws — 59. Single family homes, condominiums, town homes…59 home took themselves off the market! That’s a massive number. That’s why we had such low inventory and only having so many home come on the market – 7 condominiums come on the market. 22 homes came on the market, that’s a bit larger than I thought it would be. But 59 homes canceled — withdrew their homes from the market. What does that really mean. We have a very large list of off market opportunities because I know after reading the comments, at least 995 of those homes still want to sell their home but they figured it was best to take them self off the market. We also had 7 homes reduce their price. That’s hardly nothing. The week before that number was 12.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is… 169. New that is extremely low and way down from 231. So we have massively low inventory.
So here are my thoughts….we are in week two of the shelter in place. And first and foremost we say here at the Gilmartin Group continue being safe, continue staying home. Let’s continue to work together to lower this curve and get through this.
Thanks for listening have a great day and we will talk to you next week.