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 8th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood city right now is up slightly to 270 from 267 of last week. So far, the peak inventory for single family homes in 2022 is 276. So is 276 gonna be the peak, or are we gonna go through that later in the year? Sometimes in October that can happen. But that’s what we’re watching right now. Last year at this time, that number was 173. In 2020, that number was 200. 2019, that number was 182. And in 2018, 171. And again, here we are at 270. We had 39 homes come on the market. Last week, that number was 53, so smaller number there obviously. And 21 homes went into contract. That’s lower than last week’s 32. Also, the average days on market for the homes that went into contract was 18 1/2 days. And that is actually down from the 20s, mid-20s in previous weeks. And TFT, a new high: 3. I think we beat 1.
Condominiums right now, 180 condominiums on the market. Last week, that number was 180. Last year at this time, that number was 118. In 2020, that number was 152. 2019, that number was 81. And the 2018 number was 57. We had 24 condominiums, townhomes on the market. Last week, that number was 24. And we had 15 condominiums go into contract. Still, mid-teens is good. Last week, that number was 16. Average days on market for the condominiums, townhomes that went into contract, 20 1/2. That’s actually up a little bit. Actually, the more I look at it, that was more in line with what’s going on. We had a few 30s, and a little less. And TFTs for the condominium-townhome market, 0.
And we had 20 homes either expire, cancel or withdraw from the marketplace. And then a new peak, price reductions: 40 price reductions, beating 36. So that’s over a month’s worth of price reductions every week. Lots and lots of price reductions.
So total-total from South San Francisco to Redwood city, single-family homes and condominiums, inventory is 450, up slightly from 447. Last year at this time, that number was 287. In 2020, that number was 352. 2019, that number was 263. And the 2018 number was 225. Again, here we are, 450.
Very normal inventory. Very doable. It’s not a lot. It’s actually low. Right? We would have to see 600, 700 homes total-total on the market for this market to completely flip on its head, and that is not happening. Actually the market, as I continue to say, is acting very normal.
Thanks for listening, have a great day, and I’ll talk to you next week.