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 23rd 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 129. That’s up from 118 of last week. Last year at this time, that number was 68. In 2021, that number was 148. In 2020, that number was 87. We had 29 homes come on the market. Last week, that number was 19. And we had 11 homes go into contract. That’s below last week’s 18. The Martin Luther King holiday could be a factor there. People went on maybe. You know, the weather certainly. We have snow. So that could be some skiing going on, some vacations. That could be what’s going on. The average days on market for the 11 homes that went into contract was 24, which is way down from week before which was 52. That’s really promising news.
Condominiums right now, 107 condominiums, townhomes on the market. That’s up from 98 of last week. We had 21 condos and townhomes total come on the market. And we had 8 go into contract. Better than last week’s 7. Although 8, when you look in years past, that’s a low number. Again, that could be because of the holiday weekend. The average days on market though for those 8 that went into contract, huge number: 64. Probably the biggest, highest days on market I’ve seen in a long, long time. Last week, that number was 22 1/2. A couple of anomalies were in those 8 that sold. But still, 64 on the average. That’s a big, big number.
We also had 7 homes either expire, cancel, withdraw from the marketplace. That’s right in line with this time of year. But, a high number, we had 12 price reductions. That’s a little higher than we normally see at this time of the year.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 236. That’s up from the 216 of last week. Last year at this time, that number was 147. In 2021, that number was 276. Again, here we are at 236. 2020, that number was 137.
So, I’m finding it interesting to the comparison with the 2021 number how we’re lower than that and how that kinda relates on the street. Busy weekend. Phone was ringing. I’m feeling. This thing is really feeling like the market’s starting to wake up, which is typical, right? We’re getting over the hangover, if you will, of the beginning of the year. Thing’s are starting to happening. And I am physically feeling it and seeing it and answering calls, showing property. So, I’m feeling very optimistic, I guess is the word I’m looking for, for where we’re at right now.
What’s going on with the media? The media wants to tell you that the real estate market is dying. And really, in our market here, which is special and specific, it’s more normal and things are happening.
So again, if you are thinking of selling your home, don’t be afraid. It’s a good time. And buyers, there are opportunities out there for the sellers that don’t get it.
Thanks for listening. Have a great day, and I’ll talk to you next week.