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 29th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 78. That is down from 91 of last week. Last year at this time, that number was 161. In 2019, that number was 135. And in 2018, that number was 188. Here we are at 78 homes, single-family homes on the market. That is extremely low. We had 12 homes come on the market, and we had 21 homes go into contract. Last week, that number was great at 46. Again, going into the Thanksgiving week tends to have less sales. So, that’s why we have the 21 there, not the 40-number that we normally like to see week in and week out.
Condominiums right now, 101 condominiums on the market. That’s down from 106 of last week. And we had 8 condominiums come on the market, and 8 condominiums go into contract. Last week, that number was 21. Again, less sales because of the holiday week.
We also had 4 homes either expire, cancel, or withdraw from the marketplace, and 9 homes reducing their price.
So, total-total from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 179. That is down from 197. Oh my goodness. Last year at this time, that number was 433. 2019, that number was 226. 2018, that number was 261. Today, 179 total-total homes from South San Francisco to Redwood City. Oh my goodness. Sellers hot market. This is the final push for the year. If you wanna buy your home now and close this year, we only have about another week’s worth of time, or we’re gonna move into the new year.
Anyway, this is the final push, thanks for listening, have a great day, and we’ll talk to you next week.