Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, November 15th 2021, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 115. That is down from 132 of last week. Only 115 single-family homes available out of 60,000+ single-family homes — there’s 60,000 in that area and we only have 115. Last year at this time, that number was 211. In 2019, that number was 156. In 2018, that number was 211. Again, today, 115. Oh my goodness. We had 34 homes come on the market and 43 homes go into contract. Last week, that number was 42. So, low inventory, big sales, big news there.

Condominiums right now, 124 condominiums on the market. That’s up slightly from last week’s 118. Last year at this time, that number was 180. In 2019, that number was 100. And in 2018, that number was 81. Again, today, 124 condominiums, townhomes on the market. We had 21 condominiums come on the market, and 15 condominiums go into contract. That’s still a good, average, healthy number. Last week though, that number was much better at 28. That’s a very big number.

We also had 7 homes either expire, cancel, withdraw from the marketplace, and we had 15 homes reduce their price. Last year at this time, we had 42 homes reduce their price this last week, which was a big, big number.

So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 239. That is down from 250 of last week. As I mentioned, the inventory is gonna continue to shrink here. And as we continue to do that and get to the end of the year, it’s gonna start a really, really, really hot 2022. Last year at this time, that number was 391. In 2019, that number was 256. In 2018, the total-total number was 292. Again, here we are at 239. So the market is certainly red hot for sellers.

On a different note, it’s a sad day here at the Gilmartin Group. We lost our cousin Shaun. So if you noticed my energy is down a little bit, that’s why. And a lot of love to the Mahoney’s and my cousin Shaun.

Talk to you next week.