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Monday Morning Market Minute – February 20th, 2023

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, right now in San Francisco at Fort Funston. With Tara and Cooper, Happy President’s Day.

Okay, single-family inventory from South San Francisco to Redwood City right now is 124. That is up from 121 of last week. We had 28 homes come on the market. Last week that number was 22. And we had 20 homes go into contract. Last week, that number was 26. Out of the homes that went into contract, the average days on market was 32. But that’s a lot of carry over listings. If we pull all of those out, the average days on market for the new listings, 14 days. Very interesting.

Condominiums right now, 116 condominiums on the market. That’s up slightly from 111 of last week. We had 23 condominiums come on the market. And we had 8 go into contract. Much lower than last week’s 17. Out of the condominiums, townhomes that went into contract, the average days on market is 23. But again, if you pull out the carry over inventory, the average days on market for the new condo, townhomes, new listings for the year, 14 days. Very interesting.

Okay, so we also had… so for total-total actually. I don’t have my expires. I was looking for my expires. I actually don’t have that out here on the ocean.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 240. That’s up from 232 of last week. And that ends two weeks in a row of inventory going down, which is very unusual in the beginning of the season, to have inventory go down. So, inventory went up to 240, which is exactly what we were two weeks ago. Last year at this time, that number was 175. 2021, that number was 263. And here we are at 240.

I was out yesterday at open houses. We had open houses in San Mateo. There were hundreds of people. I’m serious, hundreds of people going to open houses. Last two, I say it was more hot and normal. I’m telling you, right now, this market is a lot hotter than what people are thinking. Especially when you’re a buyer, you know this.

So if you’re thinking of selling your home, I’m telling you, right now is a great time. Buyers, the sooner you can act, the better you’re gonna beat the competition before the rest of them also figure out, hey, this market’s going hot.

Thanks for listening. Again, have a wonderful day. And I’ll talk to you next week.


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