Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? Welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report for the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. It’s January 13th 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 103. That’s up from last week’s 81. Last year at this time, that number was 93. In 2023, 118. In 2022, that number was 56. In 2021, 135. 2020, 67. And the 2019 number, pre-pandemic — I wanted to look at it — was 99. We had 31 homes come on the market. That’s good, keep trying to get this market going here. Last week, that number was only 11. And we only had 8 go into contract, better than last week’s 7. Eight’s clearly a very, very low number, but inventory was low, and the year’s just still getting going here. The average days on market, though, for those 8 homes that went into contract: 20 days.
Condominiums and townhomes right now: 120 on the market. That’s up from 108 of last week. Last year at this time, that number was 85. In 2023, 98. In 2022, 80. 2021, 152. Very interesting there. The 2020 number, 49. And that 2019 number, just to take a look, 70. We also had 17 come on the market. Last week, that number was 8. And we only had 5 go into contract. Better than last week’s 2. You look at the past years, 5 is actually a pretty normal number for this beginning of the year.
We had 4 homes either expire, cancel, withdraw from the marketplace. And we had 8 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 223. Up from 189 of last week. Last year at this time, that number was 178. In 2023, 216. The 2022 number, 136, again. 2020, 267. 2020 number, 116. And that 2019 number was 169. Here we are again at 223.
Job’s report just came in, and very good jobs report. Although, interest rates are up a little bit from last week. Last week, we’re looking a little more, for a 30 year mortgage, about 6.66. We’re up to — I just looked, it was around 6.8 in change there. So interest rates are up. Jobs reports are good. Market right now — I’m taking a look at the market — Dow’s up. So, again, this market’s still getting going. On the macro level for single-family homes, though. Although 103 on the market, that is a low number. So single-family home inventory is still low. 20 days on market is a little higher than we’re used to. But, again we have some carry over probably from 2024 in some of those sales.
And the condominium market- Oh, I didn’t say. The average days on market for the condominiums that went into contract: 50 days. We’ve seen that, right there for the last month, month and a half. Almost two months now being the average days on market for the condo sales. Townhome average days on market is still hovering around 20. So, the condo market is still got a lot of inventory and opportunity there for negotiation. Townhome market is doing much better than the condo market and with lower inventory.
So, if you’re thinking of selling your home, you know inventory’s- People who are thinking of selling now, they’re getting ready to put their homes on the market. So, you know, more inventory, more competition. So sooner is better than later if you are thinking of selling your home.
Thanks for listening. Have a great day. And I’ll talk to you next week.