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 28th 2022, with your Last Monday of the First Quarter of 2022 Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 122. That’s up from 105 of last week, and sets the new peak of single-family inventory for 2022. We had 46 homes come on the market. Last week, that number was 43. And we also had 34 homes go into contract. Last week, that number was a smashing 51. It was such a low inventory. 34 is predictable because there wasn’t much to sell.
We also have 98 condominiums on the market. That’s up slightly from 94 of last week. We had 32 condominiums come on the market. And 24 condominiums go into contract.
Also, 7 homes either expire, cancel, of withdraw from the marketplace. And 5 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 220. That’s up from 199. So we went through the 200-marker for the second time here in 2022. And that is also the new 2022 peak inventory number. Last year at this time, the number was 255. In 2021, that number was 168. In 2019, that number was 231. And in 2018, that number was 177. So, all in all, on a macro level, is still low. Interest rates are going up. So if you’re thinking of selling your home, now is better than later. I cannot emphasize that more. And buyers, we wanna get out there and find some great homes before interest rates go up even more.
Thanks for listening, have a great day. And I’ll talk to you next week.