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, with your 4th of July Monday Morning Market Minute.
God bless this country. God bless all the men and women who’ve sacrificed the ultimate sacrifice for us to have the freedoms that we have.
Okay, single-family inventory from south San Francisco to Redwood city right now, 252. That is down from 262 of last week. The big news was we’re going to increase now going into a holiday weekend like we are in now. That is actually very typical in years past, the same inventory did drop. The average days on market for the active single-family homes right now is 37 1/2 days. That’s actually up a little bit from 34 of last week. We had 29 homes come on the market. That’s very low, especially compared to last week’s 64. And again, going into a 4th of July holiday weekend, many people don’t put their homes on the market. And we also had 20 homes going to contract. That is low, much lower than last week’s 27. Is that trend going to continue? The average days on market for the single-family homes that went into contract was 21 1/2, which is actually down from 25 and a half days. And we had two home transactions fall through, TFT. We had two there.
Condominiums right now, 164 condos on market. That’s down from 172 of last week. The average days on market for the active condominium-townhome market is 39 1/2 days. That’s up slightly from 35 1/2 of last week. We had 18 condominium come on the market. Last week. That number was 30. Again, a low number going into a 4th of July holiday weekend. And we had 14 condominiums go into contract on the low side, still in the teens. Last week, that number was 15. And the average days on market for the condominium-townhomes that went into contract was 27 1/2, which is actually way up from 15 1/2 of last week in. We also had 2 TFTs in the condominium-townhome market.
We also had 12 homes either expire, cancel or withdraw from the marketplace. And 17 price reductions, which is way, way down from previous weeks’ numbers.
So total-total from South San Francisco to Redwood city, single-family homes and condominiums, inventory is 416. Down from 434 of last week. Last year, this time that number was 232. In 2020. That number was 286. In 2019, that number was 296. And the 2018 number was 244. Here we are at 416.
So the big question is, are we gonna come back after the holiday? Is inventory gonna continue to rise or is 434, last week’s number, the peak for 2022?
I’m gonna say no, we’re probably gonna go through the 434. We may still go down a couple weeks here and then, we always do or not always, but in years past, we do see October where we do hit that peak, but are we gonna, from here, from now until October, are we gonna continue to rise? — is what we’re gonna be watching as long as we have continued good sales interest rates today are actually pretty darn good. They’ve come down even a little bit more. The 10-year note came down on last Monday. So that was very, very interesting.
So right now, hey, the market is, you know, a lot of what people are wondering what’s going on with the market. The market is actually moving. It is not stalling. Homes are selling, but when you have to have that right strategy now more than ever.
Have a wonderful holiday, I hope you’re all relaxing. And thank you for listening and I’ll talk to you next week.