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 31st 2022, with your Tuesday, Monday Morning Market Minute.
We hope everybody had a wonderful Memorial Day as we celebrate the men and women who gave their ultimate sacrifice for us in this wonderful country.
Okay, single family inventory from South San Francisco to Redwood city right now was 188. That’s down from 190. We had 43 homes come on the market. Last week, that number was 62. And we had 37 homes go into contract last week, that number was 31. And that’s four weeks in a row where we had less than 40 homes go into contract. Again, going into a holiday weekend, we do tend to see that number. Less in time, so I’m not too worried about that. But that is four weeks in a row where we had less than 40 homes go into contract.
Condominiums right now 146 condominiums the market. Last week, that number was 146. We had 24 condominiums come on the market. Last week, that number was 29. And we had 14 condominiums going to contract last week that number was 18, 14 is one of the lower numbers we’ve seen for the condominium town home market in several several weeks.
We also had 17 homes either expire, cancelled withdrawal from the marketplace. That’s a high number for right now. And we had 16 price reductions, also a high number.
So total total from South San Francisco to Redwood City, single family homes and condominiums inventory is 334, down from 336 of last week. So is 336 going to be the peak for 2022. Only time will tell if it does turn out to be that very interesting is what we’re really watching, see if we’re gonna go over that and get into the 400 of 500. So that would be a real change in this marketplace. Right now, not not seeing that last year this time that number was 235 in 2020. The total number was 262. 2019 the number was 311. And the 2018 number total total number was 208. Here we’re at 334. So market in terms of the macro inventory is still way down, but a little bit more than than we’ve seen in passive buyers. We still have some things for you to look at sellers this market still in your favor.
Thanks for listening. Have a great day and we’ll talk to you next week.