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 31st 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 182. That is down from 184 of last week. Last year this time though, that number was 267. 2021, that number was 173. 2020, 195. 2019, 190. And the 2018, number was 160. Here we are at 182. And one of the big story there is we’re under 200, single-family homes for sell, from South San Francisco to Redwood City. We had 34 homes come on the market. Last week that number was 38. And we had 23 go under contract, less than last week’s 36. 36 was one of our best numbers for the year. And the average days on market for the 23 that went into contract was 19 and a half days. That’s actually down from last week’s 24.
Condominiums and townhomes, 120 condominiums townhomes on the market. Up from 119 of last week. Last year this time, 180 on the market. In 2021, 123. In 2020, 148. In 2019, 74. And the 2018 number is 69. With 20 townhomes, ondominiums come on the market. Last week that number was 17. And we had 16 go under contract, beating last week’s 13. High-teens has proven to be a very healthy number in 2023.
The average days on market for those condos and townhomes that went into contract was 38 days, up slightly from last week’s 36.
We also had 9 homes either expire, cancel, withdraw from the marketplace. And 13 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes, and condominiums, inventory is 302. Down one from 303 of last week. Market is…inventory…the big story inventory is tight. Certainly for the single-families and condominiums. But single-family, the inventory is tight. So the buyers that are out there, some homes are showing some competition, other homes are taking a little extra longer to sell than we’re used to. But still, I mean, the national average, if you take our 19 and a half days, compared to other marketplaces, they’re like “What?” So market’s moving very, very efficiently really right now. Inventory’s down. So if you’re thinking of selling your home, supply and demand, we could use your inventory.
Thanks for listening. Have a great day. And I’ll talk to you next week.