Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what’s going on with the real estate 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. I’m part of the Gilmartin Group, real estate company in Burlingame, California. It’s January 20th 2025, Martin Luther King Day, Inauguration Day for the 47th President of the United States, and the College Football’s National Championship Game Day. So let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 114. That’s up from 103 of last week. Last year at this time, that number was 106. In 2023, that number was 129. In 2022, that number was 68. In 2021, 148. And the 2020 number was 83. We had 32 homes come on the market. Last week, that number was 31. And we had 12 homes go into contract, better than last week’s 8. And the average days on market for those 12 homes that went into contract: 9 days. Last week, that number was 20.
For the condominiums and townhomes right now: 132 on the market. That’s up from 120 of last week. Last year at this time, that number was 84. In 2023, that number was 107. In 2022, that number was 79. And the 2021 number, 128. And 2020 number was 56. We had 31 come on the market. That’s amazing, we had 31 condominiums, townhomes come on the market, and 32 single-family homes come on the market. And last week, that number was 17. So that doubled there. More than doubled there. We had 11 go into contract. That’s a better number than last week’s 5. The average days on market for the condominiums that went into contract, here’s a better number than what we’ve seen: 28. And the average days on market for the townhomes that went into contract was 10.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 246. Up from 223 of last week. Last year at this time, that number was 190. In 2023, that number was 236. In 2022, 147. The 2021 number, 276. And the 2020 number was 139. Again, here we are at 246.
Market’s really- We’re just kinda getting off the holidays. I think the last of the college kids are going back to school. High school’s obviously back to school. The winter break is over. Market’s starting to wake up with more inventory coming on. Homes are getting ready to sell. Interest rates actually took a little, like a feather of a percent down, or not even a tenth of a percent down. So hey, things are setting up. If you’re thinking of selling your home, right now, first quarter is proving still. Right now, things are looking to be a very good time.
If you’re thinking of buying, right now the condominium market still opportunities there. Townhomes operating, you know, more efficiently than the condominiums right now. So, if you are thinking of selling, now is a great time with low inventory. Buyers or sellers are opportunities out there for you.
Thanks for listening. Have a wonderful day. And I’ll talk to you next week.