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 5th 2024, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 103. That is down from 109 of last week. Six-year average on the single-family home is 116, well below here at 103. Last year this time, number was 130. We had 33 homes come on the market. Last week, that number was 26. And we had 27 go into contract, beating last week’s 18. 27 is a very healthy number right now, and is the most number of sales in a single week for 2024. The average days on market for the 27 homes that went into contract was 16 days. But, we had one anomaly in San Mateo that was on the market for 125 days. I pull that out of the study and the average days on market drops to 11.
Condos, townhome inventory right now, 96. Last week that number was 83. Six-year average on that number was 83. Here we are at 96. Last year this time, that number was 110. Again, here we are at 96. We had 23 condominiums, townhomes come on the market. Last week that was 16. And we had 8 go into contract. Last week, that number was 13. 8 is a very low number at the moment.
We also had 6 homes either expire, cancel, withdraw from the marketplace. And we had 8 price reductions. Those two numbers are average.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes inventory is 199. That is up from 192 of last week. The six-year average on the total-total number is 198. Here we are at 199. Last year this time, that number was 240.
So, market is definitely cooking here. Sellers market, we have low inventory. Homes are selling. Low days on market. We’re still flushing out maybe a few more homes that carried over from 2023. Those are where some of the opportunities are right now. They’re far and few in between at the moment. But, definitely market is marching forward and showing signs of being hot.
Thanks for listening. Have a great day. And I’ll talk to you next week.