Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? Well, welcome to the Monday Morning Market Minute, where I go over the weekly inventory for the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. It’s August 12th 2024, and here’s your report for week 32.
Okay, single-family inventory from South San Francisco to Redwood City right now is 176. That is up from 166 of last week. Last year this time, that number was 182. We had 43 homes come on the market. Last week that number was 39. And we only had 26 go into contract. Last week, that number was 29. The average days on market for the 26 homes that went into contract was 28 days. That’s actually double the days on market that we’ve seen in weeks past. So that number’s way up.
For condominiums right now, we have 184 on the market. That is down from 194 of last week. The high watermark, or the high number for the condo, townhome inventory number is 205. So here we’re coming down, we’re at 184. And, that is the 3rd week in a row that the inventory number for condominiums and townhomes has come down. We had 21 condominiums, townhomes come on the market. And we had 16 go into contract. Better than last week’s 14. We like to see that mid-teen number, and so it’s good to see that happening there. The average days on market for the condominiums, though, that went into contract, big number: 59 days. And then the average days on market for the townhomes that went into contract, another really big number: 49 and a half days.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 360. Last week, that number was 360. The week before that, 360. That’s 3 weeks in a row that the total-total inventory number was 360. Last year at this time, that number was 302.
So, right now, we’re dog days of summer August. School’s getting ready to come out. People are getting those last minute vacations in. If you are thinking of buying a home, if you’re out buying, looking at houses, now is buyer season, where inventory is up, interest rates are easing, competition might be on vacation. Now is the time to write your offer and negotiate.
Thanks for listening. Have a great day. And I’ll talk to you next week.