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Monday Morning Market Minute – December 4th, 2023

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/

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Hi this is Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. December 4th 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 137. That is down from 152 of last week. Last year this time, that number was 200. In 2021, that number was 79. In 2020, 161. The 2019 number, 119. And the 2018 number, 167. Here we are at 137. Relatively, when you look at all those years, this is on the lower side of the average for sure. We had 18 homes come on the market, more than last week’s 8. Very interesting there. And we had 15 homes go into contract. Nowhere near the number we like to see, which was at least in the 30s this year. But with the lower inventory, and heading towards the end of the year, that is to be expected. The average days on market, though, for those 15 homes was 76 days. But, there were 2 homes in those 15 that were anomalies in terms of one was for sale for 195 days, and one was for sale for 315 days. When I pull those two homes out of the average, and we drop to 38. But that definitely reflects what I’ve been talking about in the last few weeks, how we’re in buying season. There are some great homes out there. They just started at the wrong price. Now is the time to start negotiating. So the people who negotiated on the home that was on the market for 315 days and the home for 195 days — I looked at both those homes: one in Saint Carlos, one at Hillsborough — great job! You did a great job in negotiating, and getting probably yourself a good deal.

For condominiums and townhomes, we have 119 on the market. This is interesting: that’s up from 114 of last week. Last year this time, though, that number was 129. In 2021, 101. In 2020, 172. 2019, 86. And the 2018 number, 75. Again, here we are at 119. We had 9 go into contract, better than last week’s 3, but nowhere near the teens you like to see. But again, it’s that time of year. The average days on market, though, for the 9 condo, townhomes that went into contract was 31 days. That number’s up as well.

Also we had 25 homes either expire, cancel, withdraw from the marketplace, typical. And we had 14 price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes, condos, and townhomes inventory is 256, down from 266 of last week. That’s to be expected. Last year this time, that number was 329. In 2021, 180. In 2020, 333. In 2019, 205. And the 2018 number’s 242. Again, here we are at 252, and decreasing. I think we’re gonna lose another hundred homes, either through cancels, expires, withdrawns, and/or sales. And when we roll into 2024, we’re gonna be around that 130, 150 number. That’s a really low number for starting off the new year. That’s low inventory, there’s gonna be demand. Interest rates have pulled back even a little more last week. If that continues, the sentiment right now is that the market is, the soft landing is formulating, depending on who you’re listening to.

So, right now, there’s still some deals out there. Homes that are on the market, they wanna sell. They’re on the market today, they want to sell, buyers. So let’s do that. If you are thinking of selling your home, there’s buyers out here. There is a strategy to take advantage right now of this low inventory now. And homes decorated for the holidays looks fabulous. We’ll close next year, but we can create that activity. We can create that urgency if you do wanna come on right now.

Thanks for listening. Have a great day. And I’ll talk to you next week.

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