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 11th 2020 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now it 214, that’s down from 230 of last week. Last year at this time, that number was 174. And last week — I was mentioning 2018 — I wanna do that again. In 2018, that number was 233. This year 214, very interesting. We had 34 homes come on the market, that’s down. Last week, that number was 41. We also had 36 homes go into contract, that’s less than last week’s 39. Obviously, it’s not quite the 40-number that we like to see week in and week out, but for this time of year, that’s pretty good, pretty average.
Condominiums right now, 192 condominiums, that’s down from 193 of last week. We had 24 condominiums come on the market, and we had 12 condominiums go into contract. That’s not as good as last week’s whopping 22, which was a really good number. 12, you know, we’d like to see more of the 15-number there. But still, 12 for November 11 is a pretty good number.
We also had a big number here: expires, cancels, withdrawns — 20 homes either expired, cancelled or withdrew. Last year that number was only 9. We also had 19 homes reduce their price.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, the inventory is 406. That’s down from 423 of last week. And last year at this time, that number was 286.
So inventory is down, as to be expected here, you know, somewhat mid-November. And typically the inventory is going to continue to shrink as less sellers put their homes on the market. Interest rates are great. Market at the moment is feeling very healthy, post — I won’t say. Last time I said a particular word, and Facebook didn’t allow us to market the Monday Morning Market Minute.
So anyway, thanks for listening, have a great day, and I’ll talk to you next week.