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 5th 2020, with your Monday Morning Market Minute.
Single-family inventory from South San Francisco to Redwood City right now is 229. That’s down from 235 of last week. Aha. Last year this time the number was to 18. We had 61 homes come on the market. That’s a huge number. Last year, the number was 43. Last week, that number was 46. I mean, those 46, 61, those very healthy new inventory. And I believe it’s because people there’s this push to you know, we’re behind in terms of the summer was the new spring market. So we’re a little behind in terms of our normal pace. The attitude of the market, the attitude of the health crisis is feeling, I think, more positive, which is causing more people to put their homes on the market. And we had 60 homes go into contract last week. The number was 40, as you know. Forty eight is a great number. 60 is a whopping wonderful number for a week sales last year that that was week , by the way, last year that number was 37.
Condominiums right now, Right now we’ve 193 condominiums on the market, that’s up from 187 of last week. Last year at this time the number is 118. We had 28 homes come on the market last week the number was 41. And with 15 condominiums going to contract, that’s a good average healthy number. Last week, the number was 20. Last year, this time, the number was 10. So with more inventory for condominiums does equal more sales. So I’m seeing that 15 is a healthy number. [00:01:43][27.8]
Also, we had 22 homes. Big number 22 homes either cancel withdrawal or expire from the marketplace. Last year, the number was 6. And then we also had thirty one big number. Another big number, 31 price reductions. Last year, the number was 23.
So total total from South San Francisco to Redwood City Condominiums and townhomes, single family homes. Inventory is 422 to last week, the number was 422. You might recall me saying last week, I think, you know, we might be hitting that peak so far. That shows we might be right there. So what we’re watching now is, are we gonna start going back down? Also, last year at this time, we hit the 2019 peak in inventory, which was 336. So and then it started going back down. Inventory is, you know, single family homes, relatively very low condominium inventory is more, you know, larger than than normal. But that’s still it’s still low in the big, big picture. But it’s better for the buyers. So we’re watching where we’re going to go from here. We’re gonna start going back down? I think so… And with these interest rates where they are, you know, there’s a lot of buying power out there. So that’s what we’re gonna be watching. Thanks for listening. Have a great day. And I’ll talk to you next week!