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 7th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is down to 107 from last week’s 108. Last year at this time, that number was 152. In 2020, that number was 131. 2019, that number was 165. And the 2018 number: 101. Again, here we are at 107. We had 47 homes come on the market. Very healthy number. Last week, that number was extremely healthy at 53. And we had 45 homes go into contract, beating last week’s 37. Second time, this year, that we’ve hit the 40+ mark for homes going into contract.
Condominiums right now, 78 condominiums on the market. That’s down from 88 of last week. Last year at this time, that number was 104. 2020, that number was 61. 2019, that number was 69. And in 2018, that number was 47. Here we are at 78. But still, down 10. Very, very good. We had 22 new condominiums come to the market. And 23 condominiums go into contract, beating last week’s 22. A very, very healthy number.
Also, we had 8 homes either expire, cancel, or withdraw from the marketplace. And we had 4 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 185 down from 196. Inventory was supposed to be expanding. We’re going down. This is incredible. Last year at this time, that number was 256. 2020 number was 192. 2019, 234. And in 2018, the number was 178. Here we are at 185.
Again, we’re just really, like tracking the 2018 market. The difference is we just have more condominiums and town homes on the market. And that’s just starting to shrink, and just getting more and more in line with that 2018. Again, if you’re just watching this for the first time, and why am I talking about 2018, 2018 was a peak year. It was a great sellers market. And there was a peak. And here we are at 185 homes on the market. So the market is moving very, very efficiently. The world stage is heating up. Stock market is swinging back and forth. And as I’m talking right now, the market is way down. We are very attached to that market place. But the volatility — up, down, all around. Very, very interesting. And here we are with plenty of good inventory coming on the market. And selling, selling like hotcakes. So, if you’re thinking of selling your home, I’ve not said this before: sooner is better than later.
Thanks for listening, have a great day. And I’ll talk to you next week.