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 15th 2022, with your Monday Morning Market Minute.
Okay, single-family home inventory from South San Francisco to Redwood City right now is 262. That is down from 270 of last week. 275 is the peak number for 2022. So we sort of flirt with that 270 last week. We’re down here now to 262. Last year at this time, that number was 156. The average days on market for the current single-family homes on the market right now is 43 days. And that’s kind of holding right there. We’ve been in that number last several weeks. We had 46 homes come on the market. And 44 homes go into contract. That’s the first time we’ve hit that 40-number we like to see week in and week out, in several weeks. That’s really, really great. The average days on market for the homes that went into contract, those 44, was 33 1/2, and that’s up actually. We’re more in the mid-20s. So the average days on market for the homes that just went into contract, the number is up for those. TFTs, 1.
Condominiums right now, 188 condominiums on the market. That’s actually up from 180 of last week. Last year at this time, that number was 118. The average days on market for the condominium, townhomes that are currently on the market right now is 44 1/2 days. That’s actually up. We had 22 condominiums come on the market. And 8, only 8, condominiums go into contract. That’s a low number. We’ve been in the mid-teens, high-teens for several, or, over a month now. 8 is a low number. The average days on market for those 8 that went into contract is 86. Now the reason we have that there is one anomaly. There’s a new project over at San Mateo, over at Waters Park. And one of those new townhomes that they built over there had been on the market for 305 days. Wow. So if we took that out of the numbers, the average days on market for the other ones were 31 days, which is kind of a little higher too. And TFTs for the condominium-townhome market: 0.
And we also had 19 homes either expire, cancel or withdraw from the marketplace. And then again, 35 homes reduced their price. That’s two months worth of very big number of price reductions week in and week out.
Right now so, condominiums, townhomes, single-family homes, total inventory from South San Francisco to Redwood City right now is 450. Last week, that number was 450. The peak inventory for 2022 for single-family homes, condominiums, townhomes is 464. So we tested 464. We are down to 450. We keep this up — if inventory continues to shrink, this is going to bode well as we move into the new year of 2023.
Last year at this time, the total-total number was 268. 2020, that number was 261. In 2019, that number was 270. And in 2018, that number was 220. So again, here we are at 450, below the peak of 464. As I’ve been saying last several weeks, the market is very normal. We have some homes that are selling right away because they’re packaged well, priced well. And other homes that are just missing the mark. So it’s a normalized market. Now more than ever is the time to pick the right agent with the right process.
Thanks for listening, have a great day, and I’ll talk to you next week.