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 report for the housing market on the Mid-Peninsula and San Mateo County. It’s August 19th 2024, your report for week 33.
Single-family inventory from South San Francisco to Redwood City right now is 173. That is down from 176 of last week. Last year at this time, that number was 194. We had 42 homes come on the market. Last week that number was 44. And here’s a nice, good number: 36 homes go into contract. Closer to that 40 that we like to see week in and week out. Last week, that number was 28. For the 36 homes that went into contract, average days on market: 38 days. There’s actually a couple of sales in Hillsborough that had a very high days on market number. If I pull those out, that number almost cuts in half.
Condominiums and townhomes, 201 on the market. That’s up from 184 of last week. The high number for 2024 for the townhome, condominium market is 205. So here we are at 201. Last year this time, that number was 129. We had 36 come on the market. Last week that number was 21. And, a very low number: 9 go into contract. Last week that number was good at 16. The average days on market for the condominiums that went into contract was 29 days. And the average days on market for the townhomes that went into contract was 11 days.
And we also had 11 homes that either expire, cancel, withdraw from the marketplace. And we had 22 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 374. That is up from 360 of last week. Last year at this time, that number was 323.
Single-family homes continue to sell. Hot, hot market. Multiple offers on the homes we were selling last week. And I was talking to some other agents, every home that sold last week practically had a multiple offer situation. And then with the condominium, townhome market, certainly the condominiums inventory is still ballooned up and there are opportunities there. The townhome market is definitely strengthening.
Thanks for listening. Have a great day. And I’ll talk to you next week.