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 29th 2021 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is up to 152 from 139. We had 55 homes come on the market. Last week that number was 51. So in two weeks over a hundred homes came on the market — very typical for the start of the spring market. Last year this time though, we only had 14 homes come on the market. Again, that was a turbulent week, if you know what I mean. We also had 41 homes go into contract, higher than last week’s 38, and like I said last week, with more inventory that came on, we hit that 40+ number.
Condominiums right now, 120 condominiums on the market. That’s up from 116 of last week. We had 26 condominiums come on the market. Last week that number was 27. And we had 19 condominiums go into contract. That’s a really healthy number. Last week that number was 16.
We also had 14 homes either cancel, withdraw or expire from the marketplace. And we had — here’s a big number — 10 homes reduce their price. That’s several weeks in a row where the price reduction numbers went kinda high. Very interesting. Also indicates the high sales when you repackage your sales price with all of these buyers, you’re gonna get offers.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 272. That’s up from 255 of last week. Last year at this time, that number was 168. And in 2019, as a comparison, that number was 231. Spring market is on, buyers are out. Interest rates have peaked up a little bit. Still, the big picture, still very very attractive. So, if you’re thinking of selling your home, now is certainly the great time to do that. And buyers, good news: we have more things to look at. And sellers, we could use even more.
Thanks for listening, have a great day and I’ll talk to you next week.