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Monday Morning Market Minute – August 7th, 2023

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 7 2023, with your Dog Days of summer, Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 178. That is down from 182 of last week. Last year this time that number was 270. 2021, that number was 173. 2020, 200. 2019, 182. Very interesting number here. In 2018, 171. Here we are at 178. Ang again, last year, 270. Wow. We had 38 homes come on the market. That’s a little bit more than last week’s 34. The most…the biggest number for inventory coming on the market in one week was 68. So here we are at 38. And we also had 33 go into contract. For 2023, that’s a very good number. Last week that number was 23. The average days on market for those 33 homes that went into contract was 18 and a half days, versus last week’s 19 and a half days. That’s kind of the big story here. The market’s healthy, but what has changed is the days on the market has expanded to what, you know, what we came out of. But still, 18 and a half days is, in the big scope, relatively very quick.

Condominiums, townhomes, 124 on the market. That’s up slightly from 120 of last week. Last year this time, that number was 180. In 2021, that number was 114. 2020, 152. In 2019, 81. And then 2018, number was 54. That’s the big difference here, 124 today. With 17 condominiums, townhomes come on the market. Last week that number was 20. And we had 9 go on to contract. That’s a low number. Last week, that number was 16.

Here’s another interesting stat. The average days on market for the 9 that did go under contract jumped dramatically to 56 and a half days, versus last week was 38. Could be some opportunities in the condominium, townhome market, is what I think that points out.

We also had 12 homes either expire, cancel, withdraw from the marketplace. And we had 23 price reductions. Those two numbers are very typical for the end of summer, if you will, type of number.

So total-total, from South San Francisco to Redwood City, single-family homes, and condominiums, inventory is 302. Last week, 302. Last year this time, though, that number was 450. In 2021, that number was 287. In 2020, 352. 2019, 263. And the 2018 number, 225. Here we are at 302. What we’re looking for here, are we gonna expand that inventory number, or are we gonna start contracting? Generally we started to contract a little bit here. Couple weeks for here might go up and down. And then the next thing we’re looking for is are we gonna retest these numbers in October. The peak inventory, total-total for 2023 was just a few weeks ago at 319. So here we are at 302.

Buyers, you have a real good opportunity, more opportunity in your townhome, condominium market. Single-family homes inventory is tight. Only 178 homes, in the market. We’re talking about on the market, are you kidding me? That is peak, that is hot, super hot seller market inventory. Very, very, very low. So if you’re thinking of selling your home, you could jump in here at the later stages of the summer, and actually, you know, do everything right, and actually have a very pleasant experience.

Thanks for listening. Have a great day. And I’ll talk to you next week.

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