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 8th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 132. That is down from 134 of last week. We had 46 homes come on the market. That’s a very healthy number, beating last week’s 33. But we also had 42 homes go into contract. Last week, that number was 40. Two weeks ago, that number was 18. I got a little bit nervous there, but here we are, two weeks in a row in the 40’s. Market is definitely moving forward and very, very strong.
Condominiums right now, 118 condominiums on the market. That’s down from 126 of last week. We had 19 condominiums come on the market, and another 28 condominiums go into contract. Now, that’s a really, really healthy number. Last week, that number was 26 — another great number.
We also had 12 homes either expire, cancel, or withdraw from the marketplace, and 18 price reductions.
So, total-total from South San Francisco City to Redwood City, single-family homes and condominiums, inventory is 250. That is down from 260 of last week. This market is amazing. How low this inventory is, if you’re thinking of selling your home, you can actually take advantage of the holiday season, holiday decorations. Low inventory. Great interest rates still. And you’d be very, very happy and excited that you did that.
Thanks for listening, have a great day, and I’ll talk to you next week.