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 1st 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 134. That’s down from 145 of last week. Last year at this time, that number was 230. 2019, that number was 195. And in 2018, that number was 227. Again, here we are, 134. That is extremely, extremely low inventory. We had 33 homes come on the market. And we had 40 homes go into contract. Last week, that number was 18. I was nervous. I didn’t know why — such a low number on last week’s sales, why it was so low. Maybe it was the weather? And if this week was gonna have another low number, I would be talking about some type of adjustment that’s happening in front of our eyes. But nope, we have 40 sales, which is right in line with what we like to see week in and week out.
We had 126 condominiums on the market. That’s down from 137 of last week. Last year, there was 193 condominiums on the market at this time. We had 21 condominiums come on the market, and 26 condominiums go into contract. That’s a very healthy number.
We also had 10 homes either expire, cancel, withdraw from the marketplace. And a very big number: 21 price reductions. Last year at this time, we had 38 price reductions. In 2019, we had 18 price reductions. And in 2018, 30 price reductions. 21 today, that’s a big number.
So, total-total from South San Francisco City to Redwood City, single-family homes and condominiums, inventory is 260. That is down from 282 of last week. Last year at this time, that number was 423. In 2019, that number was 316. And in 2018, that number was 322. Here we are at 260 homes on the market, single-family homes, condominiums and townhomes. That is it. This market is not slowing down. A few people have asked me, it seems like the market’s changing. It’s changing. It’s getting hotter. Good sales. Extremely low inventory. Interest rates are still very favorable. We’re gonna go right through the end of this year and start 2022 at this pace really, really hot.
Thanks for listening, have a great day, and I’ll talk to you next week.