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 9th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 139. That is up from 132 of last week. Last year at this time, that number was 127. In 2020, that number was 166. 2019, 182. And the 2018 number was 148. Here we are at 139. We had 51 homes come on the market. Last week, that number was 48. Very healthy, big number. And we had 34 homes go into contract. That is a steep decline from last week’s 53. And quite frankly, for the last month, we’ve had really high sales week in and week out. And here we are, a big, big drop to 34. Last week we were in a 2 1/2-week market. This number represents a 4-week market. What does that mean? Take total inventory, divide it by the number of sales, shows you how the pace of the market. So we went from a 2 1/2-week market to a 4-week market. Only time will tell to see where we go with that.
Condominiums right now, 114 condominiums on the market. That is up from 109 of last week. Last year at this time, that number was 120. 2020, that number was 79. 2019 that number was 90. And 2018, that number was 63. Here we are again at 114. We had 37 condominiums come on the market. Last week that number was 30. And we had 28 condominiums go into contract. Now that’s a very healthy number. Last week, that number was 17. Now here we are jumping to 28.
We also had 9 homes either expire, cancel, or withdraw from the marketplace. And 14 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 253. That’s up from 241 of last week. Last week at this time, that number was 247. 2020, that number was 245. In 2019, 272. And the 2018 number was 211. Here we are at 253.
Wow. What a big week we had to the feds raise the rate. Largest raise in the fed rate in 22 years. Markets are down right now. Here we have a drop in sales. Is this a trend? Only time will tell. I’ll tell you, on the big picture though, inventory’s still very, very low in the supply and demand. So is the demand going to stay there? Right now the supply is still way down. So still, there’s a lead and lag to this type of information. So if you’re thinking of selling, sooner is better than later like I’ve been saying. And if you’re a buyer, you wanna buy that great home, well sooner is better if the rates even go up even more. You want to lock in now, obviously.
Hey, thanks for listening, have a great day. And I’ll talk to you next week.