Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So you wanna know what’s going on with the housing market on the Mid-Peninsula and San Mateo County? Well, you’ve come to the right place. Welcome to the Monday Morning Market Minute, where I do a weekly housing inventory report for the Mid-Peninsula. Hi, I’m Dan Gilmartin. I’m part of the Gilmartin Group, real estate company in Burlingame, California. And it’s July 15th 2024. And let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 163. That is up from 154 of last week. The high inventory number for 2024 is 184. So here we are, below that, at 163, but we’re way up from last week’s 154. Last year at this time, that number was 193. We had 45 homes come on the market. Last week that number was 17. Again, 17 is a very low number, and that was because of the 4th of July, Independence Day holiday. 45 is a very healthy number of new inventory, and it’s very typical for here, in the middle of July. We had 28 homes go into contract. That is two weeks in a row, 3 weeks in a row I believe, where it’s not the number we like to see. We’re wanting to see at least mid-30s. We like 40. That’s really where we like to be and higher. So 28, a little bit better than last week’s 26 but still, not quite there where we like to see. Out of the 28 homes that went into contract, the average days on market: 43 days. But we had a couple anomalies, one in Burlingame, one in Hillsborough that had really big days on market. When I pull those out of the study, the days on market drops to 27 and a half. Also though, that is a big number because, generally, we’ve been running around 14, 15, 16 days, and it’s, you know, on the Mid-Peninsula, if we’re not selling homes or at least receiving offers within 14 days, the market’s telling us we’re overpriced. So here, we’re at 43. Pull out these other two, 27 and a half days. Now the days on market is a little bit higher, but again, that’s also part of it, where we are with the season here in mid-July.
Condominiums, townhomes, we have 201 on the market. That is up from 185 of last week. 201 represents a new high for inventory for that category. Last year this time, that number was 126. In 2022, 184. In 2021, 136. 2020, 135. 2019, 85. And the 2018 number, 67. Again, here we are at 201. And 201 represents a new high of inventory for the condominium, townhome market, which is very interesting. We had 37 condos, townhomes come on the market. Last week that number was 15. Again, 15’s a very low number, again because of Independence holiday. And we had 13 go into contract. That’s 3 weeks in a row there where that number’s lower than we like to see. You know, we like to see a little bit higher, higher mid-teens is what we like to see. We had, out of the condominiums that went into contract, the days on market for the condominiums that went into contract was 24 days. And the townhomes that went into contract, the days on market there was 25 days.
We also had 11 homes either expire, cancel, and withdraw from the marketplace. And we had 27 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 364. That’s way up from 339 of last week. Last year this time, that number was 319. In 2022, 454. In 2021, 307. 2020, 341. 2019, 280. And the 2018 number, 222. Again, here we are at 364. But it really is because of that peak number for the condo, townhome market. I mean, we really have two stories going on right here. We have a single-family home story where we have 163 on the market. That’s one of the second lowest numbers we’ve seen in 6 years. And then we have the townhome condominium market at 201, which is the highest number we’ve seen in the last 6 years, or more really. So we have two big stories going on right here.
We’re right in the middle of that. In some sense, in the real estate terms, we’re kind of starting to get into the dog days of summer for the real estate market conversation. And this is generally when we do see our peak, peak inventory. As I’ve mentioned in previous shows, are we gonna hit 400 and go beyond? We’re still not quite there. We pull back a little bit. Here we go back at the 364. So that’s what were watching. But the single-family inventory market is, I would say, it’s hot. It’s a hot market. The condominium, townhome market, inventory is big. There are opportunities there.
Thanks for listening. Have a great day. And I’ll talk to you next week.