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 17th, 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 170. That is up from 157 of last week. Last year this time, that number was 137. 2021, that number was 137. 2020, was 157 again. Here we are at 170. We had 15 homes come on the market. That’s a big jump. Much better than last week’s 25. But again, that’s probably because of the holiday season there. And we had 22 go into contract. Not the number we like to see week in and week out. Last week, that number was 27. But hey, things are definitely selling.
Condominiums right now, 108 condominiums on the market. That’s up slightly from 103 of last week. Last year at this time, that number was 110. And a year before that was 95. We had 24 condominiums, townhomes come on the market. That’s a higher number that last week’s 15. And we had 18 condominiums, townhomes go into contract. that’s a very good number. Better than last week’s 13.
We had 7 homes either expire, cancel, withdraw from the marketplace. That is normal. But 17 price reductions. That’s a higher number than we normally see at this time of year. Especially in the beginning of the spring market.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 278. Up from 260 of last week.
Last year at this time, that was 247. In 2021, that number was 252. In 2020, that number was 224. Again, here we are at 278.
The spring market is definitely going. Open houses that we had this weekend, we had lots and lots of activity. Interest rates have eased up a little bit too. That’s good for the buyers. So full swing spring market.
If you’re thinking of selling your home, it is a good time right now. And buyers, with the interest rates leveling off right now, also a good time.
Thanks for listening. Have a great day, and I’ll talk to you next week.