Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
——–
Hi! 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 go over the weekly residential inventory report. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City right now is 166. That is up from 163 of last week. Last year at this time, that number was 184. In 2022, 276. 2021, 171. In 2020, 205. 2019, 211. And the 2018 number, 155. Again, here we are at 166. The second lowest number in the last 6 years, trailing just 10 behind or so, behind the 155 of 2018. Very, very low, hot number for this time of year. We had 43 homes come on the market. Last week that number was 45. And, we had 35 go into contract. That’s a good number, beating last week’s 28, and putting an end to the last 3 weeks of not even hitting 30. So that’s a very positive number for single-family home sales.
Condominiums and townhomes, right now 205 on the market, beating last week’s high of 201. So the new high for the condo, townhome market is 205. Last year this time, that number was 119. In 2022, 188. In 2021, 130. 2020, 141. 2019, 90. And the 2018 number, 64. Here we are, 205. Again, breaking last week’s high and the largest number we’ve seen in that category since probably 2010. We had 25 come on the market, lower than last week’s 37. And we only had 7 go into contract. That’s a very low number. Last week, that number was 13. We like to see the mid-teens and higher for that to be a good number.
Also we had 16 homes either expire, cancel, or withdraw from the marketplace. That’s a high number. And we had 26 price reductions. That’s a very high number for price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 371. Up from last week’s 364. Last year this time, that number was 303. In 2022, 464. In 2021, 301. 2020, 346. 2019, 301. And the 2018 number, 219. Again, here we are at 371. The high number for total inventory for 2024 is 37. So here we are at 371. So we’re getting close to that high number.
Again, as what I’ve been saying the last couple of weeks, are we gonna get to 400 or more? Or are we gonna stay under 400? And the tale of two stories is single-family homes at 166, extremely low number. And then we have this story of 205, very high number which is why 371 is where it’s at.
Had several open houses over the weekend. We had a home in San Bruno that had a ton of people, traffic come through the home. We had a home in San Mateo, good news, had very good traffic there. So the market, people are out, definitely looking. Single-family home, it’s a hot market. And in the condominium market, there are opportunities there. And pricing, like always, is a very key factor in making sure you get the people to show up and show interest.
So, thanks for listening. Have a great day. And I’ll talk to you next week.