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 29th 2024, 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 164 of last week, and is about two months ahead of schedule than when we normally see that kind of number. Last year this time, that number was 165. And in 2022, that number was 152. Here we are again, we’re at 170. We had 56 homes come on the market. Last week that was 57. Those are high numbers, healthy numbers for new inventory. And, first time in 12 months, 42 sales. Last week that number was 32. We haven’t seen 40 sales in a single week since, literally, 12 months ago.
Condominium, townhome market right now, we have 145 on the market. Last week, 145. Last year this time, that number was 100. In 2022, that was 109. Here we are at 145. We had 30 condominium, townhomes come on the market. Last week, that number was 32. And we had 17 go into contract. Last week, that number was 19. Again, teens, high-teens is always a very good number of sales for the condominium, townhome market.
Oh, I should revert back. Interesting data. Single-family home, the 42 that went into contract. Average days on market for those 42 sales was 12. And, the 17 condominiums, townhomes that went into contract, average days on market, 20.
Expires, cancels, and withdraws from the marketplace, 14. Normal number. And price reductions, 12.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 315. Up from 309 of last week. 315 is, again, couple of months ahead of schedule than we would normally see that number. But we’re having still, with that being said, very healthy sales. Interest rates have not come down like we thought they were. And we’re watching to see if that’s gonna affect the purchasing power of the buyers. Clearly it’s not at the moment. And yet, inventory. There’s still new fresh. inventory. If you’re thinking of selling your home, this inventory is gonna grow some more as my feeling now. Again, sooner is better than later. Naturally, less competition on your home.
Thanks for listening. Have a great day. And I’ll talk to you next week.