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 26th, 2020, with your Monday morning market minute.
Single-family inventory from South San Francisco to Redwood City right now is 236. It’s up a little bit from last week’s 233. Last year at this time, the number was 207. And here’s something for reference 2018, which looking back right now, you may have heard me say 2018 was a peak inventory for single family home in 2013 was 241, So today’s 236, I find that very interesting. With 51 homes on the market, that’s a pretty big number. Much bigger than last week’s 40, 45 ish. And last year this time, the number was 22. We also had 42 homes go into contract. That’s a good number. Not as good as last weeks 47 is still a very good number. Last year, that number was 32
Condominiums right now 202 on the market. That’s down slightly. First time in several, several weeks. Last week, that number was 205. Last year at this time, that number was 127. Today, 202, we had 18 condominiums come the market with 15 condominiums going to contract. That’s a good average healthy number. Last year it was 17.
Also 33 price reductions! That’s a huge number. Last year, the number was 22. We also had 11 homes either canceled, withdraw or expire from the marketplace.
So total total from South San Francisco to Redwood City Condominiums and townhomes, single family homes inventory is 438. Last week, the number was 438. So we’re kind of hovering where this could be, the moment when inventory starts going down. That’s all going to be watching, Last year at this time the numbers, 334. Also interest rates just went down some more. Are the banks going to reciprocate that? Not sure yet, but still doing everything to keep this thing going in terms of, you know, keeping interest rates down and inventories out there for buyers. Plenty of opportunity out there right now, especially in the condominium market, to find a great home. Thanks for listening. Have a great day. And I’ll talk to you next week.