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 22nd 2022, with most everybody back to school, Monday Morning Market Minute.
Okay, single-family home inventory from South San Francisco to Redwood City right now is 253. That is down from 262 of last week. Last year at this time, that number was 145. 2020, that number was 208. 2019, that number was 184. And the 2018 number was 180. And again, recall, the peak for single-family inventory for 2022 is 275. Again, here we are at 253. And the trend is going down last couple of weeks, very, very interesting. We had 44 homes come on the market. Last week, that number was 46. And we had 33 homes go into contract. Not as good as last week’s 44, but 33. The average days on market for the homes that did go into contract, 17 days. That’s way down from the last few weeks’ average of 33 1/2. And TFTs for single family homes, 3, which kind of ties the peak so far. That’s the most we’ve seen TFTs in a single week. That’s the second time we’ve seen that.
Condominiums right now, 186 condominiums on the market. That’s down from 188 of last week. We had 27 condominiums come on the market. Last week, that number was 22. And we had 19 condominiums, townhomes go into contract. Much better. Double last week’s 8. 8 was one of the lowest numbers we’ve seen in a long time. So here we are, back to 19, right there in the mid-, high-teens which I always say is a good number. The average days on market for the condominiums, townhomes that went into contract was 28 1/2. That’s actually down from 33 of last week. And TFTs, 0 again.
We also had 23 homes either expire, cancel or withdraw from the marketplace. And again, 35 homes reduced their price.
So from South San Francisco to Redwood City, single-family homes and condominiums, total inventory is 439. That is down from 450 of last week. Last year at this time, that number was 252. In 2020, that number was 358. In 2019, that number was 268. In 2018, that number was 243. Again, here we are at 439. And the peak total-total inventory for 2022 is stil standing at 464.
So, if this continues like I said last week, this inventory continues to shrink as we finish out the year, that just bodes well for another hot, hot 2023. Jobs are a big part of the conversation. Interest rates of course are a big part of the conversation. And the global landscape is also a big part of the conversation.
So all that is always out in play, but right now, inventory at 439 total-total, again, very normal. Great sales. Both single-family homes and condominiums, so the market is moving is what I’m getting at. So if you’re thinking of selling your home, it’s still a good time. You just have to pick the right agent and have the right process.
Thanks for listening, have a great day, and I’ll talk to you next week.