Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
——–
Hi this is Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. December 11th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is down to 124. Last week that number was 137. Last year this time, that number was 188. In 2021, that number was 74. 2020, 161. 2019, 110. And the 2018 number, 156. We had 13 homes come on the market. Last week that number was 18. And we had 17 go into contract. Last week that number was 15.
For condominiums and townhomes, there is 106 on the market. That’s down from 119 of last week. Last year this time, that number was 123. In 2022, that number — or 21 — that number was 77. In 2020, 168. The 2019 number, 82. And the 2018 number, 74. Again, here we are at 106. We had 7 come on the market. Last week that number was 19. And we had 11 go into contract. Last week that number was 9.
We also had 24 homes either expire, cancel, withdraw from the marketplace. That number’s pretty typical, but on the higher side of that average. And we had 7 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes, condos, townhomes inventory is 230, down from 256 of last week. Last year this time, that number was 311. In 2021, 130 — excuse me — 151. In 2020, 329. In 2019, 192. And the 2018 number was 230. Again, here we are at 230.
Now, remember the peak for 2023 total-total inventory was 351. Here we are at 230. And inventory will continue to decrease as we have more sales, and more price reductions, and more expires, cancel, withdrawn. So, now is a great time, buyers, to go out and find a home that’s been on the market for a while, and negotiate a great offer. If you are thinking of selling your home, this is also a great time because of the low inventory that is out here right now. You would be fresh on the marketplace, your home is probably decorated for the holidays. We have had very successful sales in the past during the holidays.
Thanks for listening. Have a great day. And I’ll talk to you next week.