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Monday Morning Market Minute – January 2nd, 2023

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 2nd 2023, with your first Monday Morning Market Minute of the year.

I hope everyone had a wonderful and safe New Years. We had a 100-year flood. Or rainstorm. I hope everyone’s okay there. I know there’s a lot of construction going on around. Our crew’s out. Our property management company’s all over the place. Cleaning up mud and things. I hope everything at the end of the day, every one’s safe and is okay.

Alright, single-family inventory from South San Francisco to Redwood City right now is 111. We had 0 single-family homes come on the market in the last week. And we had 6 homes go into contract, which is very typical for right in the middle of the holiday weeks.

Condominiums right now, 88 condominiums on the market. 0 condominium-townhomes came on the last week. And we had 2 go into contract.

And we also had 25 homes either expire, cancel, withdraw from the marketplace, which is pretty typical. Although in 2021, that number was 50.

So from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 199.

You know, I made a prediction. Two predictions. My first prediction was I thought the first Monday inventory would be low 200s. And then a few weeks ago, I said at this particular pace that we are at, I thought maybe the mid-200s. And here we are, under 200, which means it’s a lot tighter than I thought. Which really bodes to a pretty tight market. Although, still more of a normalized market.

We’ve started the years with 67. 80. Even well under a hundred. And those were some the hottest, hottest starts. But here, at 199 total-total inventory out of 90,000 homes. Single-family homes. Condominiums. Townhomes. From South City to Redwood City, that’s 90,000+. Out of 90,000, we have 199. And we have at least 1200 agents trying to make a living and sell homes between South San Francisco and Redwood City.

So when you put it in that perspective. The market’s pretty hot right now. So now is a good time to start thinking about putting a home on the market, if that’s something you want to do this year. And I must say, the sellers that put their home on the market first will win big.

Hey, thanks for listening, have a great day. Have a great year, and I’ll talk to you next week.


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