Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Video Transcript
Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, May 10th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 127. That’s down from 139 of last week. That’s incredible. Last year at this time, that number was 166. Now last year at this time, we all know, there was a lot of unknowns in our lives. In 2019, that number was 177. And I do want to do a 2018 comparison, and if you haven’t been watching, and if you didn’t know, 2018 was a massive sellers market. In 2018, that number was 149. Today we’re at 127. 2018, 149. That’s big news. We had 49 homes come on the market. Last week that number was 60, a big number. Which we knew that inventory last week, as I stated. And I also predicted last week that, because of all of those new homes coming into the market, we should have a lot of sales. Last year at this time, only 30 homes came on the market. In 2019, 45 homes came on the market. And let’s do the 2018: 54 homes came on the market. Again, this week, 49 homes came on the market. Here’s the big, big news: we had 62 homes, single-family homes, go into contract. That’s exactly what I predicted, but I didn’t think it was going to be that much. Last week that number was 42. And last year at this time, that number was only 29. And it is the most sales we’ve had in one week in 2021, and I had to go back to April 30th 2018 to find a similar number, which was 61. I looked in 2017, I couldn’t find a single week, from 2017 all until now, that we had 62 sales in a single week, except for the week of April 30th 2018. Huge news.
Condominiums right now, 120 condominiums on the market. Last week, that number was 120. Last year at this time, 79. In 2019, 91. And in 2018, that number was 59. So, still, condominium market is a lot higher than we saw in 2018. But condominiums are selling. We had 29 condominiums come on the market, and we had 27 condominiums go into contract. That’s a great number. Last week’s number was 23. That’s a great number. So the market is definitely moving. Huge week in sales.
We also had 11 homes expire, cancel, withdraw from the marketplace. And we had 6 price reductions. Last year at this time, 6 price reductions. Isn’t that interesting?
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 247. That is down from 259 of last week. Huge news. Last year at this time, that number was 245. Interesting. 2019, that number was 268. And then the 2018 number; why I’m bringing this is up is that, 2021 is setting up — it’s feeling like one of the greatest sellers markets we’ve seen in a long time. So in 2018, that number was 208. Today, total-total number, 247. That is an extremely low number. There’s at least 3000 agents that belong to the board, and we’re trying to sell 247 homes? If you’re thinking of selling your home, now is the time. I can’t ring the bell any louder. And if your home is on the market and it’s not selling, there’s something wrong. This market is hot.
Thanks for listening, have a great day and I’ll talk to you next week.