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, October 18th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 167. That’s down a little bit from last week’s 169. Last year at this time, that number was 233. And 2019, that number was 211. And in 2018, the super, super hot sellers market peak, that number was 242. Here we are at 167. 2021 is the super sellers hot market peak. We had 56 homes come on the market. Last week that number was 55. Very healthy there. And 48 homes go into contract. Last week, that number was 47. Again, over 40s is what we like to see, or at 40 or more is always a good number.
Condominiums right now, 142 condominiums on the market. That’s actually up from 138 of last week. Last year at this time, that number was 205. In 2019, that number was 117. And in 2018, here’s the big difference: 91 condominiums, townhomes were on the market. And here we are at 142. We had 26 condominiums come on the market, and 20 condominiums go into contract. That’s a healthy number.
And also, we had 7 homes either expire, cancel, withdraw from the marketplace. That’s actually a lower number for this time of the year, October. And 10 price reductions, also a lower-than-normal number for this time of year. So here we have with low price reductions, low home inventory expire-cancel-withdraw, and good sales, adds up to really, a very, very healthy marketplace.
So, total-total number from South San Francisco City to Redwood City, single-family homes and condominiums, is 309, over last week’s 307. 307 was the 2021 peak. So now, 309 is the new 2021 total-total inventory peak number. But in the big picture, the big, macro picture of our mid-peninsula, that is an extremely low number. Last year, that number was 438. In 2019, that number was 328. And in 2018, that number was 343. Here we are at 309. And really, the big bulk or the big portion of the inventory is the condominium-townhome market. And yet, that seems to be, every day or every week seems to be a little stronger and a little stronger.
So the market is still moving very, very efficiently. If you’re thinking of selling your home, there’s still time. We still have buyers. Interest rates are still favorable. So, now is still a great time.
Thanks for listening, have a great day, and I’ll talk to you next week.