Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what happened to the housing market on the Mid-Peninsula during the Thanksgiving holiday week? Welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report for the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin. I’m part of the Gilmartin Group, real estate company in Burlingame, California. It’s December 2nd 2024. Let’s get started.
Okay, single-family inventory is down to 119. Last year at this time, that number was 137. In 2022, that number was 200. In 2021, 79. In 2020, 161. In 2019, 119. And 2018, 167. Again, here we are at 119 single-family homes on the market. We had 8 homes come on the market, to be expected during a holiday week. And only 3 went into contract. Again, not much was happening during the Thanksgiving week.
Condominiums and townhomes right now, down to 146. Last year this time, that number was 119. We had 4 condominiums come on the market. Very low number. And we only had 7 go into contract.
We also had 25 homes either expire, cancel, withdraw from the marketplace. That’s the 3rd time that’s happened in the last 6 years, to hit that exact same number. And we had 5 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 265. That number is obviously way down. Last year this time, that number was 256. In 2022, 329. In 2020, 180. 2020, 333. 2019, 205. And the 2018 number was 292. Here we are, total-total at 265. A very low number.
119 single-family homes is an extremely low number. And 146 condominiums, townhomes is, you know, much lower than what we’ve seen. We’ve seen that number much lower in the past. Interest rates have definitely were have been affecting that market. So, if you’re thinking of selling your home, like I said last week, great time. Holiday season, house looks great, inventory is very, very low, interest rates are more favorable. Could be a very, very good time.
Thanks for listening. Have a great day. And I’ll talk to you next week.