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Monday Morning Market Minute – July 10th, 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. July 10th 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 186. That is up from 172 of last week. Last year at this time, that number was 262. In 2021, that number was 168. In 2020, 187. 2019, 180. And in 2018, 155. Again, here we are at 186. We had 46 homes come on the market. Last week, that number was 22. And again, remember we were going into the 4th of July holiday weekend. So, post-4th of July, more listings came on the market. And we had 19 go into contract. Much lower than last week’s 28. And again, buyers are probably on vacation. Seeing very low number of 19, to be expected.

Condominiums right now, 115 condominiums on the market. That’s up slightly from 112 of last week. Last year at this time, that number was 183. And again, here we are at 115. In 2021, 128. 2020, 129. In 2019, 79. And in 2018, 67. Here we are at 115. We had 20 condominiums, townhomes come on the market. Last week, that number was 15. And we had 11 go into contract. Been a while since we haven’t had a teen number there. Last week, that number was 13. 11, low. Again, because of the 4th of July holiday.

We also had 17 homes expire, cancel or withdraw from the marketplace. And we had 13 homes reduce their price.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 301. Up from last week’s 284.

Last year at this time, that number was 445. In 2021, that number was 292. And in 2020, 316. 2019, 259. And 2018, 222. Again, here we are at 301. The peak for total-total inventory for 2023 is 309.

So we crossed back over the 300-marker. It’d be very interesting to see how we go from here. Are we gonna have a hot summer buying market? Or are we gonna level off? Only time will tell at the moment. But, people were out on open houses last Sunday. People were out. So, my predictions, things are gonna be pretty good, pretty steady for the summer market.

Thanks for listening. Have a great day. And I’ll talk to you next week.

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