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 4th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 159. That’s up slightly from last week’s 157. Last year at this time, 229 homes on the market. In 2019, 218 homes on the market. And in 2018, 242 homes, single-family homes on the market. Again, 159. This 2021 market is unbelievably strong and continues to stay strong. And as this continues, and I think it will, is only going to setup 2022 as being another hot, hot seller market start. We had 48 homes come on to the market. That’s down from last week’s 60 which was a huge number. 48’s a healthy number. And we had 50 homes go into contract. That’ over the 40-number that we like to see week in and week out. Last week, that number was 60. Last year at this time, very interesting, 60. And in 2019, 43. In 2018, now it’s interesting, 37. And here we are today, 50 single-family homes going into contract.
We have 129 condominiums on the market. That’s up from 123, very interesting. Last year at this time, 193 condominiums on the market. Again, today, 129. In 2018, that number was 89. We had 32 condominiums come on the market. That’s up from last week’s 28 — good there for buyers. And we had 28 condominiums go into contract. That’s a really nice number. Last week, that number was 18. Teens are the average kind of numbers that we like to see. Last year at this time, that number was 15. And in 2019, that number was 10. In 2018, that number was 18. Very interesting. Again, today, this last week was 28.
We also had 22 homes either expire, cancel, withdraw from the marketplace. Very interesting there. “Why does that happen in such a hot market?” you may be asking. Well, we have certain sellers who are seeing how hot the market is. And they’re trying to do this make me move price. Even in a hot market, you have to be realistic, even though prices are going up. There is a threshold of being realistic. And here, we clearly have some sellers who are just reaching for the moon and market didn’t go there.
We also had 22 price reductions. Big number. Last year that number was 23. 22, that’s three weeks in a row with a very large number in price reductions. So that’s also very interesting. So some of those make me move that prices have come down. Those are more serious sellers.
So, total-total, from South San Francisco City to Redwood City, single-family homes and condominiums, inventory is 288. That’s up slightly from last week’s 280. Last year at this time, that number was 422. And what’s interesting about that 422, it was a 2020 peak, ?? peak in 2022. And in 2019, that number was 336. And that was a 2019 ?? peak. And in 2018, that number was 331.
Again, here we are, 288. Super low inventory. Super strong market. More inventory for the condominiums. More new fresh inventory coming on from the single-family homes. Interest rates are still very favorable. If you’re thinking you want to sell you home, you can do that right now. If you’ve been out looking for home, hey, we got some more inventory, some fresh inventory for you.
So, thanks for listening, have a great day, and I’ll talk to you next week.