Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

See your home value right now: http://www.thegilmartins.com/home-valuation/

Video Transcript

Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, September 27th 2021, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 157. That’s down from 158 of last week. Last year at this time, that number was 235. We had 60 homes come on the market. That’s a really good number. Last week, that was a good number at 51. Last year at this time, that number was 46. We also had 60 homes go into contract, smashing the last two weeks that was under 40 last couple of weeks. Last week was 34. And the week before that was in the 30s as well. I knew it was coming and thank God I was right. 60 homes going into contract. Last year at this time, that number was 48.

Condominiums right now, 123 condominiums on the market. That’s up from 122 of last week. Last year at this time, that number was 187. In 2019, that number was 112. In 2018, that number was 83. Again, today we’re at 123. We’re not quite at that 2018 level yet on the condominium side, but very, very positive outlook for the condominium / town home market right now. We had 28 condominiums come on the market, and 18 condominiums go into contract. That’s a healthy number; it’s in the teens. Last week was better than that, 26. Last year at this time, which was a very, very happy number to hear and see last year at this time, was 20. And in 2019, that number was 15.

So, we also had 4 homes either expire, cancel, withdraw from the marketplace. Low number, good. But here’s a very intriguing number and surprising in one sense: we had 17 homes reduce their price. That’s a pretty big number. Usually, the week before we had that same type of number, but we usually flush that out. So here we had two weeks in a row of lowering our prices on a pretty big number.

So, total-total, from South San Francisco City to Redwood City, single-family homes and condominiums, inventory is 280. Last week, the number was 280, if you don’t remember. Last year at this time, that number was 422. What a difference a year makes. In 2019, that number was 330. And in 2018, that number was 307. Here we are again at 280. Just showing you that the real good number is that single-family number at only 157 homes on the market. As a little recap, I’ve said in the past, there’s roughly 60,000 single-family homes, dwellings, single-family home dwellings from South San Francisco to Redwood City, and today, there’s only 157 homes on the market. Hot, hot, hot.

So, if you’re thinking of selling your home, we have one more moment here for the rest of 2021 that’s really a good time to sell your home, and what I’m talking about is before Thanksgiving. So let’s get your home on the market. Let’s get it sold before Thanksgiving.

Thanks for listening, have a great day, and I’ll talk to you next week.