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 2nd, 2020, Can you believe that? It’s November already and it’s election week with your Monday morning market minute.
Single-family inventory from South San Francisco to Redwood City right now is 230 that is down from last weeks 236, which is to be expected This time the number was 195. Here’s something that’s interesting, 2018, that number was 227. Today is 230. I’m seeing a little bit of similarities with the 2018 momentum compared to 2020 with 41 homes come on the market. That’s down from last week’s 51. We also had 39 homes going to contract. Last week, that number was 42. Last year, this time the number was 20.
Condominiums right now 193 condominiums on the market. That’s down slightly thats down from 202 or 203 of last week Last year. This time, because I want to continue show the huge contrast. That number was one 121 in 2018. That number was 95. So again, the story continues with the condominium townhome market. How different it is year over, year over year. It’s you know, yeah. It’s way bigger really. A lot more than 195. 193 But in the big picture, still 193 is not, you know, on a macro thinking. No, that’s not a big huge number, but it’s way bigger than 95 in 2018. We had 23 condominiums come on the market. Last week the number was 18, and we also 22 condominiums go into contract. That’s a really healthy number, much better than last week’s 15, and 15 was a good average number.
We also had 24 homes either cancel withdrawal or expire from the marketplace. That is pretty typical for this time of year. Now we’re going into the short ending, maybe go up. We’re going in now. Maybe we’re going into the holidays and some homes are coming off. We also had 38 price reduction. That’s a huge number for right now. Last year this time, the number was 18 in 2008. That number was 30. Very interesting.
So total total from South San Francisco to Redwood City Condominiums and townhomes, single family homes inventory is 423. That’s down from last weeks, 438. And in 2019, that number was 316 in 2018. Since we’re doing the comparison. That number was 322, so 423 now. Again, we’re we’re gonna probably watch this inventory continue to come shrink as we go towards the end of the year here. Very interesting to see what’s gonna happen in the election, how that markets are going to react one way or the other. Interest rates are still way down. Homes to buy here. So this is what we’re watching. What there’s a lot to watch right now. As you all know. So next several weeks, you know, it’s going to let us know how we’re going to go into 2021. Thanks for listening. Have a great day. And I’ll talk to you next week.