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 25th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood city right now, 276. That’s up 1 from last week’s 275. Last year at this time, that number was 171. 2020, that number was 205. 2019, 211. And the 2018 number was 155. The average days on market for the homes right now is 42 days. Last week, that number was 40. We had 47 homes come on the market. Last week, that number was 66. So that’s interesting to see that we might be seeing a slowing down of inventory coming on to the marketplace. Therefore the conversation as ‘where’s the peak going to be for total inventory,’ we may be working our way towards there. Only time will tell. We also had 27 homes go into contract. Last week, that number was 32. Not quite the great number that we like to see at 40 — but still getting sales. Average days on market for the homes that went into contract, 22 1/2 days. Last week, that number was 21.
Condominiums right now, 188 condominiums on the market. Last week it was 184. We had 38 condominiums come on to the market. Last week, that number was 19, so that’s different there, a bit more of a push of inventory or new inventory for the condo-townhome market. And 21 condominiums went into contract. Last week that number was 15.
And we also had 20 homes either expire, cancel or withdraw from the marketplace. And again, another big number, 31, not 38 like last week and the week before, but 31 price reductions.
So total-total from South San Francisco to Redwood city, single-family homes and condominiums, inventory is 464. Up slightly from the 459 of last week. Last year at this time, that number was 301. In 2020, that number was 346. 2019 number was 301. And in 2018, that number was 218.
So hey, more inventory on the market. Days on market is more. But we’re getting sales. What this all looks like to me is a more normal market. Things aren’t just selling in one day or seven days. It’s taking 3 weeks, 3 1/2 weeks, to get a sale. That’s not to say that’s not for all homes. I got a handful of stories of last week where homes sold within 7 days, in all different price ranges — in the 5, 6 7 million and even down.
So hey, strategy, procedure, all that still matters. Marketing, all is now more than ever, that really makes the big difference. And here we are in a more normal market. Great for buyers, great for sellers. Great for real estate agents.
Thanks for listening, have a great day, and I’ll talk to you next week.