Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
——–
Hi this is Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. February 26th 2024, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 128. That’s up from 119 of last week. Last year at this time, that number was 139. And the average since 2018 is 133. Again, here we are at 128. We had 38 homes come on the market. Last week, 38 homes came on the market, so that’s two weeks in a row. And we had 25 go into contract, beating last week’s 22. The most sales we’ve had in a single week for single-family home in 2024 is 27. So here we are, 25, getting closer to our highest number for the year. Out of the 25, the average days on market is 20 days. But, we had a home in Millbrae that was on the market for 83 days. If I pull that home out — that was in Millbrae — the days on market drops to 14 and a half days. And I must say, there were a handful of homes that actually sold 9 days or less. So there was a lot of activity, and days on market was— Actually, I was surprised to see it at 14 and a half. I thought it would be a little low. Although 14 and a half days — Two weeks? Homes are selling like that.
Condominiums, townhomes, we have 109 on the market. Last week that number was 102. Last year this time, here’s an interesting point, 109 on the market. The average since 2018 is 80. Again, here we are at 109. We had 20 condominiums, townhomes come on the market. Last week, that number was 23. And we had 9 go into contract. Last week, that number was 9. And the average days on market for those 9 was 52 and a half days. But, we had a condominium in Foster City, a condominium that was on the market for 77 days. We had a condominium in San Mateo that was on the market for 101 days. And we had a condominium in San Bruno that was on the market for 70 days. So if I take those 3 out of the study, the days on market drops to 13 and a half days.
Expires, cancels, withdrawns, we had 10 of those. And price reductions, 9. Those two numbers, very average for this time of year.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes inventory is 237. That’s up from 221 of last week. Last year this time, that number was 248. And, the average since 2018 was 212. So last year, the number was 248, here we are at 237. And the average since 2018 is 212. Although, 237 total homes on the market? When you count single-family homes, condominiums, townhomes, we’re at 90 thousand plus units. So out of 90 thousand plus, we have 237 on the market.
Market is still showing great strength. I mean, just an evidence of lows day on market. And here we have homes and condominiums that were on the market since last year finally selling. Probably part of a price reduction, or finally capitulating to a more fair market value. So again, sellers now is a great time to put your home on the market. Inventory is still relatively low. Market’s still strong. Yes, interest rates kinda paused there, even ticked up a little bit over the weekend. And yet, we’re still having a very healthy sale market with buyers.
Thanks for listening. Have a great day. And I’ll talk to you next week.