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. January 15th 2024, with your Martin Luther King Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 93. That’s up from last week’s 78. Last year this time, that number was 118. We had 27 homes come on the market. Last week, that number’s 15. That’s kind of a high number as we typically see lower number when we go into a holiday weekend, being, you know, three-day weekend. We also had 12 homes go into contract. Last week that number was 7. 12 still is a lower number than we like to see, but then again this market is just getting going, and inventory is very, very low. So less inventory generally means less sales.
Condominiums and townhomes right now: 86 condominiums on the market. Last week, that number was 80. Last year this time, 98. We had 20 condo-townhomes come on the market. Last week that was 15. And we had 9 go into contract. Last week, that number was 6.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, total inventory is 178. That’s up from 158, to be expected but still very, very low. Last year this time, that number was 216.
So inventory is still very, very low. Market is still getting ready to get going here. We do have a lot of buyers out looking around. Open houses over the weekend that were on actually did have a good number even though we’re on a holiday weekend. So, right now market is still setting up to be a very, very good market for sellers. And like I said last week, buyers, right now would be a great time to write an offer before it really shows that the market is about to take off and be leaning more towards a seller’s market. And especially if interest rates continue to pull back. We’re not sure after last week if it’s gonna happen in March, but certainly the prognosis is later in the year. And if that is the case, as we were saying last year, find that great home now, and then when interest rates do come down, you can refinance, and at the end of the day, you had less competition to get into that home, and you got the home you wanted.
Thanks for listening. Have a great day. And I’ll talk to you next week.