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 30th 2023, last Monday of January, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 133. That’s up slightly from 129 of last week. Last year at this time, that number was 78. In 2021, that number was 141. In 2020, that number was 87. 2020, in relationship, we’re where the news was just coming in a couple of weeks. We had 26 homes come on the market. Last week, that number was 29. And we had 18 homes go into contract. Last week, that number was 11. The average days on market for the single-family homes that went into contract was 39 1/2 days. That’s up slightly from last week’s 24. But there were a few anomalies in that number that skewed that. Some leftover inventory that had some big days on market. If we took those out, that number, days on market was half of what that 39 is. Don’t let that 39 1/2 fool you right now.
Condominiums right now, 110 condominiums, townhomes on the market. That’s up slightly from 107 of last week. Last year at this time, that number was 67. In 2021, that number was 117. We had 20 condos, townhomes come on the market. Last week, that number was 21. And we had 15 condominiums go into contract. Last week, that number was 8.
We also had 9 homes either expire, cancel or withdraw from the marketplace. And we had 9 price reductions. Very interesting fact here. In 2019, 2020 and 2021, that number was 9. It’s just amazing how when you log numbers and watch numbers, when you find the same type of ebb and flow throughout the years. It’s very, very interesting.
Oh, I almost forgot to mention. The average days on market for the condos, townhomes that went into contract was 57 1/2 days. That’s actually down from 64 of last week. But we were hovering around 22 1/2 there. Also there were, I would say, a handful of anomalies in that number. So again, some leftover inventory is really skewing that days on market also for the townhomes, condos on the market.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 243. Up from the 236 of last week. Last year at this time, that number was 165. 2021, that number was 258. Here we are again at 243.
Hey, this market, as I’ve been saying, is actually hotter than what people think. It’s moving. I mean, I’ve seen some homes go with multiple offers. Last week, we sold a home with multiple offers. I’ve seen a couple of 0 days on market when I was looking at that days on market and some of the data.
Buyers, if you find a home that you like, jump on it now. Before the rest of the competition starts waking up and realizing this market’s moving better, more efficiently than what they were thinking.
Thanks for listening. Have a great day, and I’ll talk to you next week.