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, September 13th 2021, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 149. That is up from 121 of last week. Lots of new inventory coming on the market after labor day. Right on schedule. Last year at this time, that number was 210. Again, today 149. We had 61 homes come on the market. Last week that number was low at 28. This year, the most homes we’ve had come on the market in a single week was 72, but today is 61. A very, very large number. Last year at this time, that number was 46. But in 2019, that number was 68. And in 2018, that number was 74, which was a peak of inventory, or the most inventory that came on the market in one week. In 2018, that number was 74. We had 30 homes go into contract. Next week, that number’s gonna be completely different with all this new inventory. Last week that number was 31.
Condominiums right now, 130 condominiums on the market. That’s way up from 110 of last week. Last year at this time, that number was 173. In 2019, that number was 74. In 2018, that number was 79. And here we are, 130. So condominium market is definitely moving, but at more of a buyers pace, if you will. We had 38 condominiums come on the market, very large number. Last week, that number was 26. And we had 24 condominiums go into contract. Now that is a very, very good number.
We also had 6 homes either expire, cancel, withdraw from the marketplace, and 15 price reductions. Very typical for this time of year to have 15 price reductions.
So, total-total, from South San Francisco City to Redwood City, single-family homes and condominiums, inventory is 279. The peak for 2021 was 307. So, here we are at 279. Last week, that number was 239. Last year that number was 383. Again, here we are at 279. 2019, that number was 290. And in 2018, that number was 303. Again, 279 in the big picture, in the macro picture from South San Francisco to Redwood City, that’s really low inventory. There’s 90,000+ homes from South City to Redwood City, and here we are with 279 on the market. So the market is still very, very hot for sellers. Interest rates continue to stay very fare able. So if you’re thinking of selling your home, now is still a great time with plenty of buyers out there. We’d love to help you with that.
Thanks for listening, have a great day, and we’ll talk to you next week.