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Monday Morning Market Minute – April 10th, 2023

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, April 10th, 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 157. That is down from 168 of last week. That’s really very great news. And what’s interesting is, last year at this time, that number was 153. In 2021, 156. 2020, 156. 2019, 140. 2018, 117. But here we are, four years in a row, we’re at 157. Basically, four years in a row, at the exact same number. That makes it fun to watch these numbers like that. We had 25 homes come on the market. Last week, that number was 40. But that’s to be expected as we went into the holiday weekend with Easter and Passover. And we only had 27 sales. Last week, that number was 35. Which was the best sale number so far year to day, 2023. So back down at 27 again, that could be due to the holiday season. But certainly, we do like to see 40 week in and week out. We have not reached that yet this year.

In terms of condominiums and townhomes, 103 condominiums on the market. Guess what? Last week, 103. Last year at this time, 102. 2021, 116. 2020, 59. We had 15 condominiums come on the market. That’s a pretty healthy number. Last week, that number was 14. And we had 13 go into contract. Better than last week’s 9. Again, in the teens, that’s a healthy number.

We had 5 homes either expire, cancel, or withdraw from the marketplace. And we had 18 price reductions. That’s on the high side for that number for this time of year.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 260. Down from 271 of last week.

Last year at this time, that number was 255. In 2021, that number was 272. In 2020, that number was 210. Here we are at 260.

In one sense, that’s a low, healthy low number. We’ve seen lower. But we’ve certainly in the way, way in the past, seen much, much higher.

So the market this last week actually, again, functioned very, very well. Days on market were down on both levels, in good numbers.

So here, spring market is sprung, like I mentioned. Now is a great time to get out there and buy. Sellers, get your homes on the market. Let’s get this whole process started.

Spring has sprung. Talk to you next week.

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