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 18th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood city right now, 275. That’s up from 262 of last week, and a new high for 2022. Last year at this time, that number was 171. In 2020, that number was 206. 2019, 196. And that 2018 number was 165. Here we are at 275. We had 66 homes come on the market. Last week, that number was 59. And 32 homes went into contract. Last week, that number was 27. So that’s good news that we’re getting past the 4th of July holiday weekend. And sales are bouncing back. The average days on market for the homes that went into contract was 21. Last week, that number was 23 1/2. So days on market shrunk on those homes that went into contract. Also, TFTs, 1.
Now we’ve been hearing on the news last week throughout the country that the TFTs was a humongous number. But here we are in the mid-peninsula, only 1.
Condominiums right now, 184 condominiums on that market. That’s up from 183 of last week. Last year at this time, that number was 136. 2020, that number was 135. 2019, 85. And the 2018 number, 62. Again, here we are at 184, and that is also a new 2022 high inventory for condominiums and town homes. We had 19 condominiums come on the market, and 15 condominiums go into contract. Last week, that number was 5. So it’s good, here we are back in the teens, mid-teens, a healthy number.
Also, 20 homes either expire, withdraw or cancel from the marketplace. That is a high number. And another high number, two weeks in a row, 38 price reductions. Last week, that number was 38.
So total-total from South San Francisco to Redwood city, single-family homes and condominiums, inventory is 459. That is up from 445 of last week. Last year at this time, that number was 307. 2020, that number was 301. 2019, that number was 281. And the 2018 number was 123. Here we are at 459.
Again, obviously that’s a new 2022 high peak of inventory. The last time we had 459 homes on that market was in 2011. And the peak inventory for 2011 was 841. So we have a long ways to go to reach that number. We here towards the mid July. Very expected to see our high inventory watermark at this time.
So, all in all, sales are bouncing back. More inventory came on the market. The market is moving. So if you’re a buyer, you have more options. Sellers, if you do the right thing, you can get your home sold. We sold one last week in Burlingame, multiple offers, over asking. So with the right price, the right strategy, systems and procedures, this market is actually very normal and efficient when you do it right.
Thanks for listening, have a great day, and I’ll talk to you next week.