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 19th, 2020, with your Monday morning market minute.
Single-family inventory from South San Francisco to Redwood City right now is 233. That’s down from last week’s 241, which if that trend continues, we’ll prove that 41 was the 2020 single family inventory peak. No. Only time will tell. Last year at this time, the number was 211. So not too far off there. We had 45 homes come on the market. Pretty good number last week. That number was 53 last year at this time 30. We also. Forty seven homes going to contract. That’s better than last week’s forty two. And as you know, I like to see at least 40 homes going to contract week in and week out. Last year this time the number was 35.
Condominiums right now condominium up 205 on the market. And that is up slightly again from 200 of last week. So several weeks in a row where the condominium inventory continues to grow. Last year, this time, that number was 117. What a difference a year makes for that product. We had 38 condominiums come on the market and with 17 condominiums going to contract as a little bit better than last week’s 14.
So total total from South San Francisco to Redwood City Condominiums and townhomes, single family homes. Inventory is 438. That is down from 441 of last week. Last year this time than it was 328. The big difference obviously is, is the is the condominium difference. So market still is moving. We have 47 single family homes, 17 condominiums. I mean, people are out there looking. We’re on lots of appointments. I think that that push, that final push is still we’re still kind of feeling that. But it will be very interesting to see if 441 is the peak of inventory for single family homes. Again, only time will tell. Interest rates are still really, really good. So that’s what we’re watching. Thanks for listening. Have a great day. And I’ll talk to you next week.