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 8th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City is down to 141 from last week’s 152. Last year this time, that number was 156. And in 2019, that number was 164. Again, single-family inventory, 141. Normally, inventory starts to rise or bubbles up on that week, and then we go down. Very, very interesting. We had 40 homes come on the market. Last week, that number was 51. Last year, that number was 56. So only 40 new homes came on the market. That number is a little low than what we’ve seen year over a year. And we had 45 homes go into contract. You know we like to see 40 week in week out, and 45 is clearly better than 40. Last week, that number was 39. And last year, that number was 33.
Condominiums right now, 104 condominiums on the market. Last week, that number was 104. Last year, that number was 70. 2019, 71. We had 24 condominiums come in the market. Last week, that number was 24. And we also had 20 condominiums go to contract. Last week, that number was 25. Again, in the 20s is a really, really healthy number. Last year, the number was 13. In 2019, the number was 14. Again, last week, 20 condominiums went into contract.
We also had 14 homes either expire, cancel or withdraw from the marketplace. Last year, that number was only 4. And we had 10 price reductions. Last year, that number was 9.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 245. That is down from 256 of last week. Last year, that number was 226. And in 2019. That number was 235. Here we are 245.
So great sales, single-family inventory comes down. The condominium market story healthy, healthy sales. Putting all that together, this market is hot. Maybe not quite as hot as 2018 was, but let me tell you, we keep this pace up, it is hot. And I’m even starting to look at the 2018 sale prices and seeing, hey, I think we may have reached those 2018 peak numbers on some of these sales. So that is great news for sellers. Buyers, interest rates are creeping up a little bit. So, sooner is better than later, if that continues to happen, obviously.
Thanks for listening, have a great day, and I’ll talk to you next week.