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 29th 2022, with your Monday Morning Market Minute.
Okay, single-family home inventory from South San Francisco to Redwood City right now is 247. That is down from 253. Last year this time, that number was 131. 2020 that number was 217. 2019 was 162. And the 2018 number was 185. Here we are at 247 down. And the average days on market for the active single-family homes on the market right now is 42 1/2. We had 57 homes come on the market. That’s higher than last week’s 44. And we had 44 homes go into contract. That’s a great number, beating last week’s 33. The averages days on market for the homes that went into contract is 32 1/2. That’s back up. Last week, that number was 17, and weeks before that was in the 30s, high 20s. TFTs, 3. Very interesting, 3 again.
Condominiums right now, 182 condominiums on the market. That’s slightly down from 186 of last week. We had 24 condominiums, townhomes come into market. Last week, that number was 27. And we had 15 condominium, townhomes go into contract. Last week, that number was 19, but still mid-teens is a healthy number. The average days on market for the condominiums, townhomes that went into contract is 33 1/2. Last week that number was 28 1/2. So that number goes up a little bit and we got some more inventory.
We also had 22 homes either expire, cancel or withdraw from the marketplace. That’s a high number, and that’s been the trend — very higher number that normal for several weeks now. And we had another 29 homes reduce their price. Several weeks it has been 35, 35, still, 29 is a high number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 429. That’s down from 439 of last week. Last year at this time, that number was 241. In 2020, that number was 370. The 2019 number was 237. And the 2018 number is 238. Again, here we are at 429. That’s a big difference between the 2018 number and now.
What does it mean? Well like I’ve been saying, this is a more normalized market. Inventory is not big, is not large on a macro conversation. It’s still relatively low. But it’s at a number where, buyers on most homes right now have a little bit more breathing room to go take a look at it and write an offer, versus just have it flying off the shelves. But that’s not to say that the best home, with a great price and marketed perfectly — watch out, that home’s gonna sell fast with multiple offers. So, strategy, agent, processing, procedures, now more than ever means everything.
Thanks for listening, have a great day, and I’ll talk to you next week.