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 30th 2020 with your, Last Monday of November morning market minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is down to 161 from 181. We had 17 homes come on the market. That’s lower than last week’s twenty six. We also had thirty three homes going to contract last week. That number was forty one last year. This time that number was 17. So double the sales year over year for single family homes kind of measure.
Condominiums right now, 172 condominiums on the market. That’s down from 182 of last week again to be expected. Also, we have 7 condominiums come the market last year. This time we had 9 condominiums come in the market. Also, we had 10 condominiums going to contract. That is down from last week, 14 last year. At this time, the number is actually 16.
Here’s something interesting. We had 20 homes either expire, cancel, withdraw from the marketplace last year. This time the number was only 10 or so. We had 7 homes reduced their price last year. At this time, the number was 13. Very interesting. The way this market is moving, I tell you, it’s very, very healthy.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, the inventory is 333. That’s down from 363 last year. This time that number was 126. And again, the the continued story, the big the big difference is the condominium market is double practically year over year than last year. Interest rates are still really low. There are a lot of buyers out there. And you know what? They want to buy a home for the holidays. They want to buy a home for the new year. So if you’re thinking of selling your home inventories, low interest rates are low and there’s lots of buyers out there that spells a good time to sell your home. It’s it’s amazing. Usually things slow down. This time it’s not slowing down at all. Thanks for listening. Have a great day and I’ll talk to you next week.