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 24th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 184. That is down from last week’s 193. Last year this time though, that number was 216. 2021, 171. In 2020, 205. In 2019, 211. In 2018, 155. Again, here we are at 184, inventory came down. We had 32 homes come on the market. Last week that number was 44. Hence maybe why we got, we had some good sales, because we had 36 sales, beating last week’s 27. 36 represents the 3rd highest number of sales in single-family homes in 2023. The high numeber is, the number we like to see, 40.
Condominiums, townhouses right now, 119 condominiums on the market. That’s down from 126 of last week. Last year this time that number was 188. In 2021, that number was 130. 2020, 141. 2019, 90. In 2018, 64. Again here we are at 119. With 17 condominiums, townhomes come on the market, that’s a lot lower than last week’s 25. But that 25 resulted in 15 condominium, townhome sales, which is better than last week’s 10. And that beats, you know, 2 weeks in a row we didn’t hit the teens. Here we go, mid-teens with 15.
Also I skipped over, I wanna back up. The average days on market for the single-family homes that went into contract. That’s 36 homes that went into contract. The average days on market on those homes was 24 days. And the average days on market for the condos, townhomes, the 15 that went into contract, 36 days.
We have 13 homes that either expire, cancel, withdraw from the marketplace. We had 19 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes, condominiums, townhomes, inventory is 303. That is down from 319 of last week. Last year this time that number was 464. In 2021, 301. In 2020, 346. In 2019, 301. And in 2018, 219. Here we are at 303.
So I wanted to take a look at the years 2019 and 2021 to see, since our inventory’s so close, right, both of them being at 301 and today we’re at 303? And for the next couple weeks, if we track what 2019 and 2021 did, inventory’s gonna, get even, yo know, come down even more. I think that’s that push, those final summer deals. Let’s get, you know, let’s find the great home, let’s get it closed, and move in before school starts! So that’s probably what’s really going on here. And then inventory did grow up a little bit, you know, expand a little bit. In those two years, in October we found a new peak. So that’ll be interesting to watch as we move forward. But right now, the market, inventory is low, and we’ve got buyers out there. Open houses were very busy, and people, buyers are probably wanting to buy that home, get that, you know, summer deal done.
Thanks for listening. Have a great day. And I’ll talk to you next week.