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 1st 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood city right now is 267. That is down from 276 of last week. We had 53 homes come on the market. Last week that number was 47. And we had 32 homes go into contract. Getting close to that 40 number we like to see week in and week out. Last week, that was 27.
Condominiums right now, 180 condominiums on the market. That’s down as well from 188 of last week. We had 24 condominiums come on the market, and 16 condominiums go to contract. As you’ve heard me say in the past: teens, high-teens, that’s always a good number.
And we also had 21 homes either expire, cancel, withdraw from the marketplace. And another big number, again, 35 price reductions.
So total-total from South San Francisco to Redwood city, single-family homes and condominiums, inventory is 447. That is down from 464. This is big news, because typically, June and July is when we see our peak inventory.
Now if this trend continues and the inventory continues to shrink for the rest of the year, what does that mean? That sets up for another strong 2023. So, that’s what we’re doing right now. We’re watching the inventory. We’re having sales. Homes are coming on the market. More of a normalized market. Homes are coming on. They’re selling. This is good news. More of a normal market.
Thanks for listening, have a great day, and I’ll talk to you next week.