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 6th 2021, with your Labor Day Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 121. That’s down from 131 of last week. And that’s about a month’s worth of inventory continuing to go down in the single-family inventory. We had 28 homes come on the market. Last week, that number was 41. Again, going in to the holiday week is why that number’s probably lower than normal. And we also had 31 homes go into contract. Last week, that number was 51. As a matter of fact, that ends about a month and a half of 40 or more sales week in and week out with 31. Again, that’s because we’re going in to the holiday week.
Condominiums right now, 118 condominiums on the market. That’s up from 110 of last week, and that’s two weeks in a row that the inventory for condominiums, town-homes have creeped up a little bit. But still a low number. We had 28 condominiums come on the market and 18 condominiums go into contract. Last week, that number was 19. Still, in the teens is a good healthy number, but we just still crept up in inventory just a little bit.
So, total-total, from South City to Redwood City, single-family homes and condominiums, inventory is 239. That is down from 241 of last week. Last year at this time, that number was 380. Again, today, 239. In 2019, that number was 237. In 2018, that number was 238. And here we are, 239. Isn’t that amazing how this market is so predictable in so many ways. And that’s why we do the Monday Morning Market Minute — to watch the supply and demand, the inventory going up and down. And when you look back, you can almost start predicting where the inventory is going to be.
So what’s going on right now? Inventory is low as you probably know. Extremely low really. And interest rates are still there. We have plenty of buyers out there. So, again, post-labor day, if you’re thinking of selling your home, we need your inventory. ‘Cause there’s still plenty of buyers looking for a great home.
Thanks for listening, have a great day, have a great holiday, and I’ll talk to you next week.