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Monday Morning Market Minute – August 14th, 2023

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. August 14 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 182. That is up from 178 of last week. Last year this time that number was 262. In 2021, that number was 156. 2020, 204. In 2019, 194. And the 2018 number was 171. Again here we are at 182. That is a very low number, especially for this time of year. We had…excuse me, 37 homes come on the market. Last week that number was 38. And we had 23 homes go into contract. Last week that number was 33. You know, mid-thirties and upper-thirties is what we’re liking to see. 23 is a lower number. The average days on market for those homes that went into contract, those 23, was 39 days. That’s a massive jump in days on market for single-family homes. Last week that number was 18 and a half. Huge jump in with 39 days on market for those single-family homes that went into contract.

Condominiums and townhomes. 125 condos and townhomes on the market. That’s up slightly from 124 of last week. Last year this time, that number was 188. In 2021, 113. 2020, 117. 2019, 72. And then 2018, number was 57. Again, here we are at 125. We had 17 come on the market. Last week that number was 17. And we had 12 go into contract. We like to see mid-teens, high-teens or higher for a real good number, but it’s certainly a lot better than last week’s 9.

Here’s some big news, though. Average days on market for those condos, townhomes that went into contract, 71 and a half days. That’s up from last week’s large number of 56 and a half days. Big, big number there. So here we are, single-family homes days on market went to 39 days, and the townhomes, condos went to 71 and a half days. Those are big numbers. We kinda relate that to what we’re gonna call the “Summer Slide”. You know, inventory’s very low, especially on the single-family home, but days on market is higher. You know, it’s taking longer to get homes sold. Interest rates could be certainly a part of that, and also sellers starting too high on their price, and having to capitulate and reduce their price.

We had 16 homes either expire, cancel, withdraw. And we did have 15 homes reduce their price.

Total-total, from South San Francisco to Redwood City, single-family homes, and condominiums, inventory is 307. Up slightly from 302. And again, the peak number for 2023 is 319, which is about a month ago we hit. Here we are today at 307. Last year this time, that number was 450. I mean, that is a massive difference. In 2021, 268. In 2020, 361. 2019, 216…no, excuse me, 266. And in 2018, it was 228. Here we are at 307. Relatively a small, low number.

And we’re watching out. Are we gonna go over that 319 number here on the next coming weeks? And or are we gonna test that in October, is what we’re looking for. All in all, inventory is low but things are taking longer to sell. If you are selling and you’ve been on the market, you do need to look at your price. If you’re thinking of coming on the market, having that right marketing price and getting prepared to go on the market is absolutely crucial.

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

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