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 25th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is down at 145. Last week, that number was 167. Last year at this time, that number was 236. In 2019, that number was 207. And in 2018, that number was 249. Again, here we are today at 145. That’s extremely low number. We had 47 homes come on the market. And only 18 homes go into contract. Last week, that number was at 48. Actually, that’s the third lowest sales in a week-period of all 2021. That’s a very interesting — not quite sure what happened there. No holiday to look back at. So, next week is gonna be very important to see if that number continues to stay down or bouncing back up to that 40+ number that we like to see week in and week out.
Condominiums right now, 137 condominiums on the market. That’s down from 142 of last week. Last year at this time, that number was 202. In 2019, that number was 127. And in 2018, 95. Again, here we are today at 137. We had 21 condominiums come on the market, and 18 condominiums go into contract. That’s a little bit lower than last week’s 20, but still, 18, high teens like I’ve mentioned, are a very healthy, healthy number.
We also had 8 homes either expire, cancel, withdraw from the marketplace. Last year, that number was 11. But more interesting is we had 10 price reductions. Last year at this time, completely different atmosphere in the world, 33 price reductions. Hence, that’s probably why we had more sales last year at this time in that week period.
So, total-total number from South San Francisco City to Redwood City, single-family homes and condominiums, inventory is 296. That’s down from 309 of last week. And if you may recall, if you saw last week’s show, 309 was the new 2021 peak total-total inventory, beating the 307 number. So we tested a new high, and came down to 296. Last year at this time, that number was 438. In 2019, that number was 334. And in 2018, that number was 344. Look how interesting that is: 2018 and 2019, basically 10 homes apart. Here we are again, today in 2021, 296 homes total-total on the market. That’s very, very, very low.
We have a few more week here left before the holiday starts ramping up. So if you’re thinking of selling your home, now is a great time to catch those buyers that are still looking for a great home and to be able to close escrow, move into their new home by, for the holidays.
Thanks for listening, have a great day, and I’ll talk to you next week.