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 3rd, 2023, with your start of the first quarter, Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 168. That is down from 172 of last week. That’s big news. Last year at this time, that number was 129. In 2021, that number was 123. In 2020, that number was 140. Here we are at 168. We had 40 homes come on the market. That’s more than last week’s 36. And we had 35 homes go into contract, beating last week’s year to date high of 26. So now our new year to date high for most sales in one week for 2023 is 35. The average days on market for the homes that went into contract was 40 days. But there were a couple of homes in that research that were carried over. There was 2 of them. We pull those two homes out, the average days on market for the homes that went into contract was 12, which is way better than, obviously, than 40.
Condominiums right now, 103 condominiums on the market, and townhomes. That’s up slightly from last week’s 101. We had 14 condominiums-townhomes come on the market. And we had 9 go into contract. Last week’s that number was 10. We like to see that in the mid-teens. So that number’s a little lower than we like to see. The average days on market for the 9 condominiums, townhomes that went into contract was 33 1/2. That’s actually up. So the condo-townhome market slowed down a little bit last week.
We also had 10 homes homes either expire, cancel, withdraw from the marketplace. And we had 11 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 271. Down from 273 of last week.
Again, that’s big news. Last year at this time, that number was 237. 2021, that number was 255. And in 2020, that number was 188. Here we are at 271. The spring market is on. So if you’re thinking of selling your home, sooner is better than later. And beat the competition that’s coming on the market. Things are looking a lot healthier than what people are walking around thinking.
“How’s the market?” Market’s functioning very, very well. Yes, we’ve seen low inventory. And we’ve seen much higher inventory. Actually, inventory’s still on the light side. We could use more inventory and still have a very healthy market
Thanks for listening. Have a great day. And I’ll talk to you next week.