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, and Burlingame, California. August 28th, 2023, with your back to school Monday Morning Market Minute.
Okay, Single family inventory from South San Francisco to Redwood City right now is 187. That is down from last week’s 194, which is a new peak of single family inventory for 2023. We had well and last year this time, I do want to mention that number was 247. In 2021, the number was 131. 2020, 214, 2019, 184, and the 2018 number was 185. Again, here we are at 187. Very, very interesting there how that right in that 2019, 2018 number we had 37 homes come on the market. Last week that number was 48 large number and we had 32 homes go into contract last week that number was 25. 32 is an excellent number for this year. The most sales we’ve had in a single week for 2023 is 40 and we’ve had a few 32’s and some 35. So, you know, thirties right now for 2023 represents a good number.
Condominiums right now, 123 condominiums on the market. That’s down from 129 of last week. We had 26 come on market in 18 going to contract, high teen number for condo townhome sales is a very, very good number. Last week the number is 8.
We also had a big number here, 16 expired, cancel, withdraws and 27 price reductions.
So total-total from south San Francisco to Redwood City, single family homes and condominiums, inventory is 310. That’s down from 323 of last week. 323 was a new 2023 peak of total inventory. So we tested a new peak and came down to 310 last year. This time the number of 429 in 2021 number was 241. In 2020, that number was 378. 2019, 268 and the 2018 number, was 230 again, here we are at 310.
So as we were, you know, this push for the second half of the year now, is the inventory going to continue to rise or we are condensing, you know, condensing some more. I think the inventory is going to start getting a little tighter. You know, interesting question is how are interest rates affecting the market days on market is up, but 32 sales with single family homes and 18 sales in condominiums tells me that, you know, the market is definitely functioning where there’s sales. So the buyers that are out there right now are able to, you know, work with the new interest rate that we have going on right now. And the inventory is still staying very, very tight.
Thanks for listening. Have a great day and I’ll talk to you next week.