Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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What’s going on with the housing market on the Mid-Peninsula and San Mateo County? Welcome to the Monday Morning Market Minute, where I go over the weekly inventory report for the residential market here on the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. It’s July 29th 2024. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 164. That is down from last week’s 166. Last year this time, that number was 182. We had 33 homes come on the market. Last week that number was 43. And we also had 28 homes go into contract. Last week that number was 35. 35 beat 3 weeks in a row being in the 20s. Here we’re back in the high-20s for that, so that’s not the number we like to see. Although, for late July, that is, you know, very typical type of number. The average days on market for the 28 homes that went into contract was, good news, 15 days.
Condominiums and townhomes right now, 196 on the market. That’s down from last week’s peak of 205. Last year this time, that number was 120. Here we are at 196. We had 20 condominiums and townhomes come on the market. Last week that number was 25. And we had 21 go into contract, beating last week’s dismal 7. 21 is a fabulous number for the condominium, townhome market. The average days on market for the condominiums that went into contract in that list was 42 days. And the average days on market for the townhomes that went into contract was 17 days.
We also had 20 homes either expire, cancel, or withdraw from the marketplace. That’s a high number. And we had 15 price reductions. That’s an average number for this- for late July.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 360. Down from 371 of last week. And last year this time, that number was 302.
The big story there is this huge number, inventory number for the condominium, townhome market. And 164 on the market right now for single-families, that’s a low, low number. So the single-family home market continues to be very, very strong. Although there are some homes out there that are sitting on the market cause they overpriced. But other than that, you price it right, you have the right type of market, there are buyers out there, and they are selling within 15 days. And the condominium market, there are some opportunities there for sure.
Thanks for listening. Have a great day. And I’ll talk to you next week.