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 19th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 171. That is down from 188 of last week. Last year this time, that number was 74. In 2020, that number was 140. 2019, 87. And the 2018 number was 97. The average days on market for the current single-family homes on the market is 66 1/2 days. That number is up. We had 11 homes come on the market. And we had 14 homes go into contract. Last week, that number was 18. The average days on market for the single-family homes that went into contract last week was 40 1/2 days. That’s kinda where we’ve been hovering a little bit. We were a little higher couple of weeks ago, coming back down there which is a good sign. TFTs for single-family homes, zero.
Condominiums right now, 116 condominiums on the market. That’s down from 123 of last week. We had 4 condominiums, townhomes come on the market. Last week, that number was 8. And we had 6 go into contract. Last week, that number was 12. Average days on market for the condominiums and townhomes that went into contract is 32. That’s kinda in-line. TFTs for the condominium-townhome market, zero.
We also had 19 homes either expire, cancel, withdraw from the marketplace. And 13 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 287. That is down from 311 of last week. The peak for 2022 was 464.
We started 2022 with the first Monday, that number was 87. So that went from 87 all the way up to 464. Now we’re down to 287.
I was thinking that we were gonna start the 2023 year in the low 200s. Right now, the way the pace is going, it going to be more like 250 to 260. What does that spell for 2023? It sets up for more of a normalized market.
Homes will have multiple offers when they’re packaged right, marketed right. Priced right. And other homes, when they don’t take the proper steps and the right steps, they’ll be sitting on the market. So, days on market will be up. Meaning that will bring more normality to the marketplace.
And yet again, the best home, like in any market, on the best street, priced well, it’s gonna fly off the shelves.
Hey, thanks for listening, have a wonderful holiday season. And I will talk to you next year.