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Monday Morning Market Minute – February 19th, 2024

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 19th 2024, with your Presidents’ Day, Monday Morning Market Minute. Sorry about the sound. My microphone just wore out. Time to get a new one.

Okay, single-family inventory from South San Francisco to Redwood City right now is 117. That’s up from 110 of last week. Last year this time, that number was 124. And the six-year average, since 2018, is 120. So below the average since 2018. We had 38 homes come on the market. That’s better than last week’s 28. 38 is a very good number for 2024. And we had 21 go into contract. Better than last week’s 18. And 21 is the most homes that went into contract — single-family — in 2024. The average days on market for those 21 homes that went into contract is 43 days. But, we had a home in San Carlos that was on the market for 263 days. So if I pull that home out of the study, the days on market drops dramatically to 12.

Condominiums, townhomes right now, we have 103 on the market. That’s up slightly from last week’s 100. Last year this time, that number was 116. The average since 2018 is 83. So we’re a little above that average at 103. We had 23 condominiums, townhomes come on the market. Last week, that number was 21. And we had 9 go into contract. Last week, that number was better at 15. 15 is also- Last week’s 15 is better- It was the most condominium, townhome sales we had in one week for 2024.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes inventory is 220. That’s up from 210 of last week. Last year this time, that number was 240. Again, here we are at 220. The average since 2018 on that number is 203.

So, market right now, still very strong for sellers. Buyers are out looking for homes. We need inventory. So if you’re thinking of selling your home, now is a great time because the market is starving for more inventory.

Thanks for listening. Hope you have the day off. And I’ll talk to you next week.

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