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, November 16th 2020 with your, Oh, my God, one more week till Thanksgiving with your Monday morning market minute.
Okay, single-family inventory from South San Francisco to Redwood City right now it 211, that’s down from last week’s 214. Last year, this time the number was 156 and I got to do it again 2018 That number was two 211. Amazing. We had one excuse me, 38 homes, Come on the market. That’s more than last week’s 30. For last year at this time the number was only 17. We also had 29 homes go into last week. That number was 36 last year at that time. 28. So there will be a little similarity there.
Condominiums right now, 180 condominiums on the market. That’s down from 192 of last week. Last year at this time the number was 100, so 80 more condominiums on the market. Year over year we had 19 condominiums come on the market in 26 go into condominiums going to contract, which is a great number.
And here’s some big numbers. 16 homes either canceled, withdraw or expired from the marketplace. And then here’s a whopping whopping number. 42 homes reduced their price last week. Very interesting.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, the inventory is 391. That’s down from 406 last week to be expected, as I been saying last year, this time the number was 256 and in 2018 that number was 292. Very, very interesting. So we have a 100 more you know, total, total 100 more on the market right now than last year and condominiums that is. And 391 total total. You take away those extra 100 and it gets you right back toward that 2018. Total number was very, very interesting. I think that the inventory is going to continue to shrink as we go to the towards the end of the year here. Interest rates are still great. There is still great homes out there right now. Motivated sellers. 42 price reductions from now is a great time to get out there buyers and find a great home. Thanks for listening. Have a great day and I’ll talk to you next week.