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 6th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 130. That is down from 133 of last week. The last time inventory dropped on this week was 2018. We had 33 homes come on the market. Last week that number was 26. And we had 22 homes go into contract. Last week, that number was 18. The average days on market for the homes that went into contract was 35. But we had a couple of anomalies, like I said last week, we did it again. We pulled out a couple of those anomalies that sold. That days on market for pending were dropped to 20.
Condominiums right now, 110 condominiums on the market. Last week, 110 condominiums were on the market. Last year, that number was 103. In 2021, that number was 11. Very interesting. We had 17 condominium-townhomes come on market. Last week that number was 20. And we had 15 condominiums and townhomes go into contract. Last week, that number was 15. Amazing. The average days on market for those 15 condos, townhomes that went into contract was 36 1/2 days. And again, in that analysis, there were 4 big anomalies. We pulled those 4 out, that days on market dropped to 8. Very, very interesting there.
We had 5 homes either expire, cancel, withdraw from the marketplace. And we had 6 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 240. Down from 243 of last week. Amazing. Last year at this time, that number was 186. 2021, that number was 257. Here we are at 240. In 2020, that number was 160. 2019, 217. And the 2018 number, starts from all the way back, was 112. Again, here we are at 240. And very interesting how we just continue to ride along that 2021 number where it was 257.
The market is definitely moving, as you heard me I’ve been saying last week. I’ve even heard some stories of mega multiple offers in South San Francisco. Like 20+ multiple offers on a particular home. Amazing.
You know, yes this market is a little bit more normal, but hot normal right now. As of right now, I’m gonna call this hot normal. Sellers, if you’re thinking of selling, sooner is better than later. And then buyers right now, there are still some opportunities out there. Homes have been on the market for too long. There are some negotiations there. And the great other new homes on the market. You wanna jump on those before the rest of the competition figures out how smoothly this market is actually operating. Meaning, the sooner you act, well first we have to find you a great house. That you love. Do that. We’re gonna jump on it, so that the rest of the competition doesn’t wake up and start bidding on the home too and start driving these prices back up. Right now, I’m feeling 2023 appreciation is happening. 2 to 4 percent. Let’s call it 3 percent. That’s my crystal ball at the moment.
So again, sellers, sooner is better than later. Buyers, same thing. You know. Interest rates are down-ish. We’re backing off. The market’s very favorable now. Moving very efficiently. Normal. Hot normal.
Thanks for listening. Have a great day, and I’ll talk to you next week.