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 9th 2023, with your Monday Morning Market Minute.
Okay, here we go. From South San Francisco to Redwood City, single-family home inventory is 120. Last week that number was 110. Market’s just starting to get going here. Last year at this time, that number was 45. In 2021, that number was 136. So here we are at 120. We had 19 homes come on the market. Last week, again, that number was 0. And we had 8 homes go ito contract. Last week, that number was 7 actually.
Condominiums right now, we have 91 condominiums on the market. That’s up slightly from 88 of last week. We had 16 condominiums, townhomes come on to the market. And we had 4 go into contract.
And we also had 8 homes either expire, cancel, withdraw from the marketplace. And here’s kind of a large number for the second week of the year: 17 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 211. That is up from the 199 of last week. Last year at this time, that number was 102. In 2021, that number was 263. Again, here we are at 211.
So, I had an open house yesterday. First open house for 2023. And I was flooded with potential buyers. I was pleasantly surprised. The market right now is feeling kinda hot actually. Inventory on the macro level from South City to Redwood City being macro. For our little part of the world here is low. It feels like the market’s really gonna be normal, like I’ve been saying. Meaning, if a home hasn’t sold in 20 days, the market’s clearly not agreeing with its price. But that is also saying, homes are also selling right away if it’s priced right, packaged right and marketed properly.
So here’s a opportunity for sellers and buyers. And that’s where the art of real estate does come in. So if you’re thinking of selling your home, or if you’re thinking of buying, naturally we’re here to help.
Thanks for listening, have a great day, and I’ll talk to you next week.