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 27, 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 139. That’s up from 122 of last week. Last year at this time, that number was 122. Very interesting. And in 2021, that number was 152. We had 38 homes come on the market. Last week, that number was 20. To be expected with now the inventory generally starts to come on more and more as the weeks go on. And only 17 homes went into contract. Last week, that number was 22. 17 is a low number when you look back years past, that is actually a lower number. There’s a little bit of uncertainty last week, in terms of the markets. And interest rates did creep up a little bit.
Although, that being said, we had a listing here last week that had multiple offers. I know a couple of other stories with multiple offers. The average days on market for the homes that did go into contract was 26 1/2 days, beating last week’s 32 days. And again, same story, pull out some of the homes that went into contract like those 17, they’re actually carry over from 2022. When you pull those numbers out, that days on market goes down.
Condominiums, townhomes right now, 109 of those on the market. That’s down from 116 of last week. That is interesting news. We had 17 condominiums, townhomes come on the market. And 15 condominiums, townhomes that go into contract. Beating last week’s 8. Great news. Especially when you compare that with the conversation of interest rates. Coming up, you’d think that the lower priced homes. The lower the entry level, if you will. It would be more impacting. And here we are having great sale number for the townhome, condominium market.
We had 12 homes either expire, cancel, withdraw from the marketplace. And we had 11 price reduction. That’s actually quite typical for this time of the year, when you look past in years past.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 248, up from 238. Again, to be expected, this time of year for inventory to start rising. But when you look at the macro conversation of our market here, that’s a low number, but a healthy number. Meaning strategy certainly, certainly matters. Last year at this time, that number was 220. In 2021, that number was 192. In 2020, 192. Again, here we are at 248. So, like I was just saying strategy, marketing and placing yourself in the market place, and the best light is what you have to do as a seller. If not, stay on the market long, and then you’re going to have to negotiate down. We wanna negotiate up. And we know how to do that.
Thanks for listening. Have a great day. And I’ll talk to you next week.