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 16th 2023, with your Martin Luther King Monday Morning Market Minute.
Okay, single-family home inventory from South San Francisco to Redwood City right now is 118. That’s down from 120 of last week. I told you I felt this market feeling a little hot last week. We had 19 homes come on the market. The week before, 19. Interesting. And we had 18 homes go into contract. Last week, that number was 8. And the average days on market for the homes that went into contract was 52. 52 days on the market, that’s the higher end of that number that we’re watching there. And I think the reason why that number is a little bit higher is some of the spillover inventory. Sellers who didn’t take off the market towards the end of the year, during the holidays stayed on. And those homes were getting sold. Therefore the days on market there’s a little higher. I think we’re gonna start seeing that number start heading back down. Only time will tell, but that’s my feeling at the moment.
Condominiums right now, 98 condominiums on the market. That’s up slightly from last week’s 91. We had 11 condominiums, townhomes come on the marketplace. Last week, that number was 16. And we had 7 condominiums, townhomes go into contract. Last week, that number was 4. The average days on market for the condominiums, townhomes that went into the market was 22 1/2 days. That number is actually down.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 216. That’s up slightly from the 211 of last week. Last year at this time, that number was 136. In 2021, that number was 267. And 2020, that number was 147. 2019, that number was 170. And 2018, that number was 102.
Now, the reason why I did all of that, ’cause I find it very interesting when you look at the 2021 number and the 2020 number, the average of those two years is almost right in line with our 216 today. So, it’s very, very interesting data point. The market is definitely functioning right now. And like I said, it’s feeling hot. Or not hot, but it’s feeling alive. How’s that for that? It’s feeling alive.
Interest rates came down this last week. Week over week, they’re down a little bit. That’s favorable. So, if you’re thinking of selling your home, sooner’s better than later, like I said in previous weeks. And if there’s homes on the market more that 20 days, buyers, there’s an opportunity for you to negotiate. Also with interest rates coming down, I know we’ve all been hearing this, it’s a meme. Marry the house, date the rate. But it’s a real deal, especially right now when we’re just seeing week over week how interest rates are coming down a little bit. So that’s very favorable.
Okay, so thanks for listening. Have a wonderful holiday, and I’ll talk to you next week.