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Monday Morning Market Minute – July 17th, 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, a real estate company in Burlingame, California. July 17th 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 193. That is up from 186 of last week. That is a new peak of single-family inventory for 2023. Last year this time though, 275, which was a peak in 2022. In 2021, that number was 171. 2020, 206. Since I’m doing it, 2019, 196. And in 2018, 161. Again, here we are at 193. Under 200, and like I said last year was 275, with 44 homeowners come on the market. That’s lower than last week’s 46. And we had 27 homes go under contract. Better than last week’s 19. Certainly not even, uh you know, we love to see 40 week in, week out. We haven’t seen that this year. And the good number right now for this year on sales for single-family has been in the 30s, so we got close there. And again, maybe we’re not hitting that big number because inventory’s tight. Less homes on the market means less sales.

Condominiums right now, 126 condominiums on the market. That’s up from 115 of last week, and 126 does represent a new peak of inventory for the townhome, condominium market. Last year this time, that number was 184. In 2021, 136. 2020, 135. In 2019, 85. In 2018, 62. Again here we are at 126, well below last year’s 184. We had 25 condominiums, townhomes come on the market. Last week, that number was 20. And we had 10 townhomes, condominiums go into contract. Last week that’s 11. Two weeks in a row we he haven’t hit that some-teen number there. So that’s a little bit lower than we would like to see.

We also had 10 homes either expire, cancel, withdraw from the marketplace, which is an below average number at this time of year. And we had 19 price reductions, which is a little bit below years’ past average for price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 319. Up from 301 of last week. tying 319 is a peak number. We only hit that number one other time.

Last year this time though, that number was 459. In 2021, that number was 307. In 2020, 341. In 2019, 281. 2018, 223. So here we are at 319. Just over again the 300 marker, well below the 400 marker for total-total.

So what I’m getting at is inventory, although is up, is still tight. And it’s right in that scenario I keep talking about. In this year is like, pricing so matters. The right price to get the right days on market. And then getting the whole prepared on the market the right way. And doing the right types of marketing to get the buyers that are out there. Yes we’re getting multiple offers. We’re not getting 10 but we are getting more than one offer when done properly.

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

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