Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? 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 9th 2024. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 120. That’s up by 1 of last week’s 119. Very interesting. Last year at this time, that number was 124. Six-year average is around 135 when we look at that number. We had 20 new listings come on the market. Last week, that number was 9. That number was low because of the thanksgiving holiday. And we had 14 go into contract. A low number, but certainly better than last week’s 3. The average days on market for those 14 homes that went into contract was 18 days.
For the condominium, townhome market right now: 134 on the market. That’s down from 146 of last week. Last year this time, that number was 106. In 2022, that number was 123. In 2021, that number was 77. In 2020, 168. Interesting, that’s 2020 year. And then we had 82 in ’19. And we had 74 in 2018. Again, here we are at 134, lower than last week’s 146. We had 8 condos, townhomes come on the market. And we had 13 go into contract. Last week, that number was 7. Average days on market for the condominiums that went into contract out of that 13 was 70 days. And we had a few townhomes go into contract. Average days on market on those townhomes was 43 days.
We also had 20 homes either expire, cancel, withdraw from the marketplace. Very typical for this time of year. And we had 10 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 254. Down from 265 of last week. Last year this time, that number was 230. In 2022, 311. In 2021, 151. In 2020, 329. In 2019, 192. And the 2018 number was 250. Again, here we are at 254. Very interesting how we’re kinda following that 2018 trend.
Single-family home inventory still very, very low. Interest rates still coming down a little bit. So more favorable. Good time to put your home on the market right now, with the holiday season coming in. Very low inventory. Had a few open houses over the weekend. There was a lot of people out there. And we’re probably gonna have another good batch of sales in next week’s report. Condominium, townhome market. Condominium certainly is some opportunity there.
Thanks for listening. Have a great day. And I’ll talk to you next week.