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 2nd 2022 — can you believe it? — with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 132. That is down from 137 of last week. Actually, we were two weeks running at 137. Inventory goes down to 132. We had 48 homes come on the market. And we had 53 homes go into contract. That’s another great number. Last week was 51. In the 50s is an outstanding, healthy, healthy sales number.
Condominiums right now, 109 condominiums on the market. That’s actually up a little bit from 102 of last week. We had 30 condominiums come on the market. Last week that number was 25. And we had 17 condominiums go into contract. Now typically I say, hey that’s a good average number, but we have been running — last week was 31. The week before that was in the high 20s. So sales have come down a little bit. But still, 17 is typically a good average healthy number.
We also had 5 homes either expire, cancel, or withdraw from the marketplace. And, two weeks in a row, here’s a big number: 14 price reductions. Last week that number was 15. Again, that’s about double what it normally is for this time of year. So we have high sales and high price reductions. Very interesting point there.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 241. Up slightly from 239 of last week. Last year at this time, that number was 259. In 2020, that number was 227. In 2019, that number was 239. And the 2018 number was 207. Again, here we are at 241.
I’ve mentioned in the past, we are very attached to the stock market here. And right at the moment, markets are struggling a little bit. Last month was a down month. I’m looking at it right now and we’re down slightly. And interest rates are going up, and yet we have great, healthy sales. So if you’re thinking of selling your home, now is better than later.
Thanks for listening, have a great day. And I’ll talk to you next week.