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 29th 2024, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 109. That is up from 106 of last week. Last year this time, that number was 133. The six-year average is 107, so here we are hovering just a little bit above the six-year average at 109. We had 26 homes come on the market. Last week, that number was 28. And we had 18 go into contract. Last week, that number was 19. The average days on market for those 18 that went into contract was 25 days. But, we had one home in Hillsborough that was onto their 2nd listing agent. And with their 2nd listing agent, they accepted an offer on the 115th day. If I pull that sale out of the study, the average days on market for the 17 that went into contract drops dramatically to 11 and a half days.
Condominiums, townhomes, 83 on the market. Last week that number was 84. Last year this time, 110. Six-year average on that number is 79, so we’re hovering a little bit above the six-year average at 83. We had 16 come on the market. Last week that was 15. And we had 13 go into contract. Last week, that number was 7. So that’s a much better number. The average days on market for the 13 that went into contract was 18 and a half days.
Here’s two very low numbers. Expires, cancels, withdrawns, only 6. And, breaking a two-week streak for price reductions at a high number drops dramatically to 3 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums inventory is 192. Last year this time, that number was 243. The six-year average on total-total inventory was 186. So here we are a little bit above the six-year average at 192.
Let me tell you, the market is taking off. If you ask me, “How’s the market?”, it is taking off. We wrote some offers last week, multiple offers across the board. Went to showing homes on Saturday and Sunday at open houses and pre-open house, there’s people at every single listing we went to. The market has begun.
Thanks for listening. Have a great day. And I’ll talk to you next week.