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, December 12th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 188. That is down from 200 of last week. Last year this time, that number was 79. 2020, 161. 2019, 110. And the 2018 number was 156. Here we are at 188. We had 23 homes come on the market. Last week, that number was 27. And we had 18 homes go into contract. Last week, that number was at 17. Although, when you look back, year over year, that’s a lower number than we like to see.
Condominiums right now, 123 condominiums on the market. That’s down from 129 of last week. We had 8 condominiums come on the market. Last week, that number was 9. And we had 12 condominiums go into contract.
We also had 23 expires, cancels, withdraws from the marketplace, which is kinda in-line with this time of year. And we also had 18 price reductions, which is also in-line with previous years on this particular week in December.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 311. That is down from 329 of last week, as to be expected. Last year this time, the number was 180. 2020, 329. 2019, that number was 192. And the 2018 number was 230. Here we are at 311.
Buyers season continues. Interest rates have somewhat leveled off. Buyers are out there looking around. We’re seeing transactions happen. We’re seeing price reductions happening. And when that right price comes down, we’re seeing multiple offers. And therefore, we’re also seeing some buyers trying to over-negotiate and missing out.
Meaning, now is the time when you get a professional to go out and get that home you’re loving and make sure you get it, and get that nice, good rate, new rate that we can get you. We can figure out how to get your interest rate even lower. And get you and win you that negotiation, as prices come down. I think we’ve leveled off. But some are still a little high. And when they do come down to the new price, we’re seeing multiple offers. So you gotta win that one.
Thanks for listening, have a great day and I’ll talk to you next week.