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Monday Morning Market Minute – July 3rd, 2023

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 3rd 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City is 172, which is down from last week’s 193. 193 was our new peak of single-family inventory in the market that we’re tracking. Last year at this time, the number was 252. Here again, here we are at 172. In 2021, 128. In 2020, 171. In 2019, 204. In 2018, 160. Again, here we are at 172. Under 200. That’s tight inventory for single-family homes. We had 22 homes come on the market. Last week, that number was 27. And we had 28 homes go into contract. Last week, that number was 32.

Condominiums, we have 112 condominiums on the market. That’s slightly down last week’s 114. We had 15 condominiums, townhomes come on the market. And we had 13 go into contract. It’s a teen. Low-teen, but still a good number.

Here’s a huge number, one of the biggest of the year: 22 expires, cancels or withdraws from the marketplace. That’s a big, big number for this time of year. And we had 13 price reductions, which is pretty average for this time of year.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 284. Down from 307 of last week. The total-total peak inventory, we hit 309. So we got closer there last week at 307. And boom, coming down to 284 total-total.

Last year at this time, that number was 416. In 2021, that number was 232. In 2020, 286. 2019, 296. And the 2018, 222. Again, here we are at 284. That’s low inventory.

Good sales are certainly happening here with low inventory. We’re in the holiday week. Happy 4th of July. Having 4th of July tomorrow Tuesday could disrupt some of the homes coming on the market and potentially some sales from people being on vacation. So those numbers will be interesting to see what that is next week. But right now, inventory, low is the story. Homes are selling. And if they’re not, they’re just taking them off the market.

Thanks for listening. Have a great day. And I’ll talk to you next week.


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