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Monday Morning Market Minute – January 22nd, 2024

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 22nd 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 106. That is up from 93, to be expected. Last year this time, that number was 129. We had 38 homes come on the market. Last week, that number’s 28. And we had 19 go into contract. That’s better than last week’s 12. The average days on market for those 19 that went into contract was 25 days.

Condominiums and townhomes right now with 84 on the market. That is actually down from 85 of last week. Last year this time we had a 107 on the market. We had 15 condos, townhomes come on the market. Last week that was 20. And we had 7 go into contract. Last week, that number was 10. The average days on market for the 7 that went into contract was 46 days.

We also had 6 homes either expire, cancel, and withdraw from the marketplace, and two weeks in a row with a high number, we had 19 price reductions.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums and townhomes, inventory is 190. That is up from 178, again as to be expected. And last year this time, that number was 236.

So this market is continuing to build and get going here. I think some buyers are waiting for interest rates to come down, hence maybe the lower sales that we’re seeing, like 19. You know, I think we could see closer to 30 in different markets, in different years when I was doing my research. But that’s the opportunity, buyers. Find that home right now. If there’s a home on the market right now that you love, buy that home. And when interest rates do come down later in the year as projected, you can refinance. And what’s even better about that is you have less competition right now. Cause I’m telling you, this market’s getting ready to get really, really hot.

Thanks for listening. Have a great day. And I’ll talk to you next week.

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