Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So you wanna know what’s going on with the housing market on the Peninsula? Welcome to the Monday Morning Market Minute, where I go over the weekly inventory report for the residential market here on the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. It’s August 5th 2024, and let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 166. That’s up slightly from last week’s 164. The high number for 2024 is 184, so we’re off the peak number for 2024. Last year, that number was 178. We had 39 homes come on the market. Last week that number was 33. We also had 29 go into contract. Better than last week’s 28. The average days on market for those 29 homes that went into contract was 14 days.
Condominiums and townhomes, 194 on the market. That is down from 196 of last week. Last year at this time, that number was 124. Big difference still. Year over year, it’s really the condominium inventory there that’s really ballooned, and it’s caused- it brought that number all up to the 194. We had 26 condominiums, townhomes come on the market. Last week that number was 20. And we had 14 go into contract. Last week, we had a fabulous number at 21. 14 still is in the teens. We do like to see that. But boy, we were super excited last week when we saw that number 21. We had- The condominiums that went into contract, out of the 14, days on market: 40 days. And we had 1 townhome that went into contract, the average days on market on that sale was 5 days.
We also had 19 homes either expire, cancel, or 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 360. Last week, that number was 360. And last year this time, that number was 302.
Still, two stories going on in the marketplace right now. Single-family home inventory at 166, it’s one of the lowest numbers we’ve seen on this time of year in the last 6 years easily. And yet, here we are with the townhomes and condos inventory just ballooned up to 194. Interest rates have come down in the last week. That’s big news. Could even possibly come down some more in September. Currently right now, the stock market is selling off. What does this mean? If you were thinking of buying a home, I’m telling you right now is buyer season. There’s a lot of confusion right now. There’s people on vacation who aren’t maybe watching the marketplace. That right home comes on the market right now. Now is a great time to start negotiating and finding that great home for your family with less competition, and the horizon of interest rates coming down, and all the confusion in the marketplace. I’m telling you right now is the time.
Give us a call, and let’s talk and start our, what we call our “Buyer Strategy Session”. It’s imperative now, we have new rules coming in. In just a week, you’re going to need to hire a professional real estate agent just to go look at homes. It’s the new law. So we have created our Buyer Strategy Session, where we go over all the new rules, and then we go out and take a look at homes, and start negotiating for you.
Thanks for listening. Have a great day. And we’ll talk to you next week.