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 24th 2021 — welcome to the summer market — with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 134. That is down from 144 of last week. We had 49 homes come on the market. Last week, that number was 64, which teed up the big sale number of 51. Last week, that number was 44.
Condominiums on the market right now is 121. That is actually down from 128 of last week. Last year at this time, that number was 79. We had 26 condominiums come on the market. Last week, that number was 37. Last year at this time, that number was only 11. And we had 24 condominiums go into contract. As you know, that’s a really healthy healthy number. Last week, that number was 20. Last year at this time, big contrast, 14.
We also had 7 homes either expire, cancel, withdraw from the marketplace. Last year, that number was 7. And just for fun, in 2019, that number was 8. We also had 13 price reductions. Last year, that number was 15. And since I looked it up, in 2019, that number was 15 as well.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 255. That is down from 272. Again, the market is supposed to be expanding right now, and it’s shrinking. We get this influx of inventory, and boom, it gets sold right away. The market is so so healthy. Last year at this time, that number was 243. Again, today, we’re at 255. Market is very very strong still. And if you’re thinking of selling your home, jump into this summer market. Classes are ending. Mom and dad want to find a new home. Get ready for the new school year.
Thanks for listening, have a great day and I’ll talk to you next week.