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 18th, 2020 with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 170 up slightly from last weeks 166. Last year at this time that number was 189, and in 2018 that number was 172, why do i bring up 2018? As of right now it is very clear that 2018 was a peak here for real estate in the mid peninsula as well as across the rest of the country. We also had 27 single family homes come on the market, thats down from the week before 30. Last year at this time that number was 52. in 2018 that number was 73, meaning normally we are having a lot more homes coming on the market. We are in the middle of the spring market where the market really starts getting going a lot of the bulk of the inventory starts coming on right now, which is reflecting in last year and the year before. We had 24 homes go into contract which is DOWN from last weeks 29 and the weeks previously 30, in a more normal market we like to see that home at 40 so with less inventory obviously we see less sales.
Condominiums right now 84 condominiums on the market up slightly from last weeks 79, and whats very interesting that is the peak inventory YTD for 2020. Last year that number was 94 and was the peak for condominiums in 209, and in 2018 we hit a peak on the same week with 66. We had 15 come on the market and 9 go in to contract thats better than last weeks 8.
So total inventory from South San Francisco to Redwood City single family homes and condominiums inventory is…254 that is up slightly from last weeks 245. In 2019 that number was 283, so we are way under that number and 2018 that number was So where do we go from here? homes are coming on the market not as much as the weeks before and they are gettin sold. We do need to remember we pressed pause, this our doing of slowing things down, when we did press pause we went into this Recession underbuilt. Inventory was way down and it is going to be the real estate market that helps lead us out of this entire deal.