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Monday Morning Market Minute – April 1st, 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 1st 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 119. That is way down from last week’s 133. Last year this time, that number was 168. Here we are at 119. That’s an extremely low number. We had 25 homes come on the market. Last week, that number was 44. 25 is a low number for new inventory. And we had 36 homes go into contract. Last week’s number was 32. 36 is the most sales in one week for single-family homes. You know, we like to see 40 week in, week out. We haven’t reached 40 in a while. 36 is a fantastic number with low inventory coming on and big sales. The average days on market for those 36 sales was 11 days. Homes are coming on the market and flying right off the shelf.

Condominiums, townhome inventory is 135. That’s down from 140 of last week. We had 19 condominiums, townhomes come on the market. Last week, that number was 20. And we had 20 condominiums, townhomes go into contract. That’s a big number. And the most- the biggest number for 2024. A new high in sales for the condominium, townhome market.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums inventory is 254. That is down from 273 of last week. Last year this time, that number was 271. In 2022, that number was 237. In 2021, 255. 2020, 188. This was the second week, by the way, when we we in shelter in place back in 2020. In 2019, 214. And the 2018 number’s 139. Here we are at 254.

Extremely low inventory. Spring market is really in effect right now. If you’re thinking of selling your home, sooner is better than later to take advantage of this low inventory.

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


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