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Monday Morning Market Minute – April 8th, 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 8th 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 142. That is way up from last week’s 119. Last year this time, that number was 157. In 2022, that number was 153. In 2021, that number was 156. In 2020, that number was 156. In 2019, 140. And the 2018 number was 117. Again, here we are at 142. Last few years, we were running around the 150 marker, so we’re well below that. We had 52 homes come on the market. That’s a big number, beating last week’s 45. And we only had 19 go into contract. Last week we had a record for the year, or a peak I should say, with 36 homes go into contract. 19, I think Spring Break is probably a factor there with a lower number.

Condominiums, townhomes right now, we have 136 on the market. That’s up by 1 from last week’s 135. Last year this time, that number was 103. We had 20 condominiums, townhomes come on the market. Last week, that number was 19. And we had 15 go into contract. Last week, that number was 20. 20 was also a peak in terms of sales in one week for the condominium, townhome market. 15 still is a good number.

Here’s a high number: 13 expired, cancel, withdraws. That’s a high number for this time of year in the heat of the Spring Market, when things are going well. We also had 14 price reductions. That’s also on the higher side of that number for this time of year.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 278. Up from 254 of last week. Last year this time, that number was 260. Here we are at 278. The Spring Market is, as I’ve been saying, is in full effect. Buyers are out. Weather was nice over the weekend. Homes are definitely being looked at. Disclosure packages are being downloaded, and offers are being made. So if you’re thinking of selling your home, right now is a great time to get in the market.

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

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