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, May 17th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 144. That is up from 127. That’s inventory that we needed. Last year this time, that number was 170. So still, today at 144. We had 64 homes come on the market. That’s a huge number. Last week, that number was 49. And we had 44 sales. That’s right in line with the 40 that we like to see week in and week out. But remember, last week, there was 62 — the most sales we’ve had in a single week as far back as I can remember.
Condominiums right now, 128 condominiums. That’s up slightly from 120 of last week. Last year at this time, that number was 94. We had 37 condominiums come on the market. Last week, that number was 29. And we had 20 condominiums go into contract, that’s a really good number. Last week’s number was 27. Last year, that number was 9. That was hurting.
Expired, cancels and withdrawn, we had 10 of those. Last year, we had 11 homes expire, cancel or withdraw. And we had 11 price reductions. Last year, this time we had 14.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 272. That’s up from 247 of last week. Last year at this time, that number was 254. But we weren’t getting a lot of listings last year this time. There was a lot of unknowns going on. A lot of stalling. So 272, that’s still a very low number. The new inventory is well-appreciated. We need even more. If you’re thinking of selling your home, it’s still a great time. The market is starving for even more property.
Thanks for listening, have a great day and I’ll talk to you next week.