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Monday Morning Market Minute – July 1st, 2024

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? Well, you found yourself in the right spot. Welcome to the Monday Morning Market Minute, where I go over the weekly inventory for here, right here on the Peninsula. Hi, my name is Dan Gilmartin. I’m part of the Gilmartin Group, real estate company in Burlingame, California. And it’s July 1st 2024.

Okay, here we go. Single-family inventory from South San Francisco to Redwood City right now is 167. That’s great news, cause that is down from last week’s 184. Last year this time, that number was 172. In 2022, that number was 252. In 2021, 128. 2020, 171. And the 2019 number was 204. And the 2018 number, 168. Here we are at 167, right on top of that 2018 number. 2018 was certainly a very good sellers market. It’s definitely, some people think that was a peak, our last peak. We had 29 homes come on the market. That number is low, but to be expected. Certainly people think about putting their homes on the market. Last week, we’re thinking this would not be the best week to put your home on the market because of Independence Day, 4th of July this Thursday. Last week that number was 54. Here’s some great news, though. 36 homes go into contract. Much better than last week’s 28. 28 was not a good number last week. We like to see it’s close to 40 or more in sales there. Here we are, back to 36. So that’s great news for the sales for single-family homes.

Condominiums and townhomes inventory: 190. Down slightly from 192 of last week. Last year this time, that number was 112. In 2022, that number was 164. 2021, 104. The 2020, 115. The 2019 number, 92. And the 2018 number, 54. Again, here we are at 190. And really, the big chunk of that 190 is condominiums. They’re really going- selling a lot slower. And townhouses are doing better, but the condominium market is really ballooning the inventory number, and that’s why that’s at 190. We had 21 condominiums, townhomes come on the market. That number’s a little higher than I thought, being we were going into this holiday week. Last week that number was 27. And here’s not such a good number: 12. We had 12 go into contract. Last week that was 12. So that’s two weeks in a row with a weak sales number. We wanna be in the teens, mid-teens, or obviously higher.

Expireds, cancel, withdrawns, we have 21 homes. That’s expire, cancel, withdraw from the marketplace. And we had 21 homes reduce their price. Those two numbers are big numbers for this time of year, especially for the type of inventory that we have going in the single-family home.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 357. That is down from 376 of last week. Last year at this time, that number was 284. In 2022, that number was 416. In 2021, 232. In 2020, 286. In 2019, 296. And the 2018 number was 222. Again, here we are at 357.

And it’s really, like I mentioned, is the condominium number that’s really bumping that total number up, because single-family inventory is down. Here we were watching if we’re gonna go, start moving our way towards the 400 total-total number and maybe go over. And we did just the opposite of that. So that is very good news for the marketplace. Single-family homes, like I continue to say, is definitely moving forward. And so, market is definitely gonna take a little bit of a breather here, I think, on total inventory because of the holiday weekend. Next week also will show some low inventory going there. But certainly if you’re thinking of buying a condominium, you’re definitely more of a buyers market. Sellers, inventory’s still very low. Market is moving very, very well there.

Thanks for listening. Have a great day. And I’ll talk to you next week. And if you’re on Youtube or wherever you’re at, make sure to subscribe and be notified as soon as the Monday Morning Market Minute comes out. And also, you can DM me or there’s probably a button somewhere, depending on what platform you’re on, to get our new 2024 Summer Home Buyer Guide and Seller Guide, free. Some great information there.

Again, thanks for listening. And I’ll talk to you next week.

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