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. February 12th 2024, with your Monday Morning Market Minute. Somber morning, 49ers lost the Superbowl yesterday. We had it in our hands, and I’m still bummed out.
Okay, single-family inventory from South San Francisco to Redwood City right now, 110. That is up from 103 of last week. The six-year average on that number is 113. Here we are at 110. We had 28 homes come on the market. Last week, that number was 33. And we had 18 go into contract. That’s a low number. Last week, that number was 27. The average days on market for the 18 that went into contract was 18 days. But, we had one anomaly in San Mateo. I pull that out of the research there, and the days on market for the 17 that went into contract was 15 days. And here we are again at 18 days.
Condominiums, townhomes inventory right now is 100. That is up from 96 of last week. The average since 2018 on that number is 79. Again, here we are at 100. We had 21 condominiums, townhomes come on the market. Last week that was 23. And we had 15 go into contract. That’s a good average number, much better than last week’s very low 8. The average days on market for the 15 that went into contract was 20 days. But, we had one anomaly again in Foster City. I pull that condominium out of the study, and the days on market drops to 12.
We also had 7 homes either expire, cancel, withdraw from the marketplace. And we had 8 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes inventory is 210. That is up from 199, obviously going over the 200 marker. The average since 2018 on that number is 192. Again, here we are at 210.
Market is really very, very strong. Lots of buyers are out this weekend again. As I was showing property, still hearing lots of multiple offers. We do have 25 single-family homes from South City to Redwood City that are on the market, and then carry over from 2023. And out of those 25, 13 of them are priced under 2 million dollars. Ladies and gentlemen, if you’re a buyer, those are where some opportunities are. If you’d like to get that list of what are those 25 homes that have been on the market since 2023. Meaning there’s less competition on those homes. They’ve lost their momentum and they just started at the wrong price, and they should be ready to negotiate on those. I’ll be more than happy to get you that list. Market, as I’m saying, is very, very strong.
Any other fun numbers here? Nothing, that’s it. I mean if you’re thinking of selling a home, now is a great time. Doing it right, right price, getting the home prepared to go into market, doing the right marketing, and we’ll give you opportunities to receive several offers.
Thanks for listening. Have a great day. And I’ll talk to you next week.