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Monday Morning Market Minute – April 15th, 2024

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 15th 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 148. That is up from 142 of last week. Last year this time, that number was 170. We had 40 homes come on the market. Last week that was 52. We had 32 homes go into contract. Last week that number was 19. 32 is a very healthy number for 2024 in sales.

Condominiums and townhomes right now, we have 146 on the market. That’s up from 136 of last week. We had 29 condominiums, townhomes come on the market. And we had 13 go into contract. Last week, that number was 15.

We also had 8 homes either 13 expire, cancel, withdraw from the marketplace. And we had 14 price reductions.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 294. That is up from 278 of last week. Last year this time, that number was 278. In 2022, that number was 247. In 2021, 272. In 2020, 210. 2019, 228. And the 2018 number was 198. Again, here we are at 294.

Very, very low single-family home inventory. The condominium and townhome market is where we have more inventory, which is bumping up the total-total number. Market is really on fire. Days on market is down. Even with interest rates where they are today, the buyers are out and homes are definitely selling. So if you’re thinking of selling your home, right now is a great time.

Thanks for listening. Have a great day. And I’ll talk to you next week.

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