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 24th, 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 167. That is down from 170 of last week. Last year at this time, that number was 137. In 2021, that number was 132. In 2020, 155. Imma keep going. 2019, 147. In 2018, 162. Here we are at 167. Very, very interesting. We had 42 homes come on the market. That’s less than last week’s 50. And big, big news. 40 homes go into contract. That’s the number we like to see week in and week out. It is the highest number of sales in a single week for 2023. Again, last week, that number was 22. Last year at this time, that number was 51. In 2021, that number was 21. And in 2020, the sale number was 26. The average days on market for those homes that went into contract was 30 1/2 days. But we had 1 anomaly in Hillsborough that was a carry over from 2022. We pulled that number out, and the average days on market was 17.
Condominiums and townhomes on the market right now, 106. Up slightly from last week’s 108. Last year at this time, that number was 102. In 2021, that number was 129. In 2020, that number was 69. 2019, 73. In 2018, 43. Again, here we are at 106. And again, slightly down from last week’s 108. We had 25 townhomes, condominiums come on the market. Last week, the number was 24. And, we had 13 go into contract. Last week’s number was 18. That was a really, really good number. Again, like I’ve been saying, teens, mid-teens, those are healthy, healthy numbers. The average days on market for the townhomes that did go into contract, 9 days.
So with really 17 days on the market for single-family, and 9 days on the market for condos and townhomes, that’s like hot spring time data right there.
We had 17 homes either expire, cancel, or withdraw from the marketplace. With all those great sales going on, that’s a high number at 17. And we had 18 price reductions. Again for this time of year, in the start of the spring market, 18 price reductions in a high number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 273. Down slightly from last week’s 278.
Last year at this time, that number was 239. In 2021, that number was 261. In 2020, that number was 224. In 2019, that number was 220. 2018, I might as well keep going here, 205. Here we are at 273.
In the macro conversation of the market that I’m talking about, 273 is a relatively low number. We’ve clearly seen it lower. But that’s a low number. It just shows that the basic supply and demand conversation is well on its way here on the spring market.
For buyers, that’s the good news. There’s a little bit more inventory than we’ve seen in the past. Like I’m saying, in the macro picture, that’s a low number. Hence why you’re seeing inventory dropping slightly, and big sales here in the spring market.
So in you’re thinking of selling your home, there’s still plenty of time to get in on that.
Thanks for listening. Have a great day. And I’ll talk to you next week.