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 5th 2022, your first Monday of 2022 December, Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 200. That is down from 212 of last week. Last year this time, that number was 78. 2020, that number was 161. 2019, 119. That 2018 number was 167. Again, here we are at 200. We had 27 homes come on the market. And 17 homes go into contract. Last week, that number was at 22. That’s kind of a low number, but with such a low inventory — out of 212 homes, 17 of them sold.
Condominiums right now, 129 condominiums. That’s down from 133 of last week. Last year this time, that number was 101. 2020, 172. 2019, 86. And the 2018 number, 75. Again, here are, 129 condominium-townhomes on the market. We had 9 condominiums come on the market. And 10 went into contract. Last week, that number was 8.
In terms of days on market for the condominiums that went into contract, 39 1/2 days. That’s actually down from 42. And the days on market for the single-family homes, I skipped over that, 36 1/2. Last week, that was a really big number at 50. So that fell down, which is good news. TFTs, no TFTs. That’s very, very good news.
We had 18 homes expire, cancel, withdraw from the marketplace. And 27 price reductions. That’s probably right in line with this time of year for the homes that are on the market, they’re not getting sold. Price reductions, price adjustments, that’s probably pretty average right over there.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 329. That’s down from 345 of last week, as to be expected. Last year this time, the number was 179. 2020, 333. 2020’s really interesting. We’re really following along that supply. The inventory’s very close to the 2020 number. The 2019 number, 205. 2018, 242. Again, here we are at 329.
As to be expected, inventory is continuing to contract. And it’s going to continue to happen. I say that January, first Monday of January 2023 is probably gonna be a low 200. So here we are at 329. I’m kinda seeing how we’re gonna be about low-200s total-total, which is not a lot of inventory. Actually it’s like none, which means we’re setting up to have another very strong start of 2023.
Now is a good time to be that buyer. If you’re gonna get a loan, you wanna close this year. This is your last few days, last week really, to get into contract, if you wanna close before the end of the year. And if you’re paying cash, well of course, that’s a different story.
Thanks for listening, have a great day and I’ll talk to you next week.