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Monday Morning Market Minute – July 8th, 2024

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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So you wanna know what’s going on with the housing market in San Mateo County on the Mid-Peninsula? Well, you’ve come to the right spot. Welcome to the Monday Morning Market Minute, where I go over the residential inventory numbers, right here for San Mateo County, Mid=Peninsula. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. And it’s July 8th 2024.

Okay, single-family inventory from South San Francisco to Redwood City right now is 154. That is down from 167 of last week. Last year this time, that number was 186. In 2022, 262. In 2021, 164. 2020, 187. 2019, 180. And the 2018 number, 155. Again, here we are at 154. And that 2018 number was 155. That is very interesting. We had 17 homes come on the market. That’s a low number, but to be expected cause we went into the 4th of July Independence Day week holiday. Last week that number was 29, and that was also a low number. We had 26 homes still go into contract. Last week that number was 36. We like to be, you know, in 2024, especially in 2023 we were liking to see mid-30s or up to 40 or more to be a really good number. But I think for a holiday week, 26 is a pretty good number. The average days on market for those 26 homes that went into contract: 18 days.

Okay, condominiums and townhomes right now, 185 on the market. That’s actually down from 190 of last week. Last year this time, that number was 115. In 2022, 183. In 2021, 128. 2020, 124. And the 2019 number was 79. And the 2018 number was 67. Again, here we are at 185. That’s a big number, although it’s good to see that those numbers are down. We had 15 come on the market. Last week that number was 21. Again, 15’s a very low number because of the holiday week. And we had 12 go into contract. Last week that was 12. We like to see mid-teens or higher to be a good number, but for a holiday week, I think that’s pretty good. The condominiums that went into contract out of those 12, the average days on market was 23 and a half days. And here’s a number that’s bumped up. The townhomes that went into contract, days on market: 31 days.

We also had 13 homes either cancel, withdrawn or expire from the marketplace. And we had 15 price reductions.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 339. That is down from 357 of last week. Last year this time, that number was 301. Big difference there though is the, obviously, the condominium and townhome inventory. In 2022, 445. In 2021, 292. 2020, 316. The 2019 number, 259. And the 2018 number was 222. Again, here we are at 339.

Single-family homes continue to sell, whereas the condominium market and now the townhome market has really slowed down. Interest rates did go back up a little bit. Last week, closer to that 7%, so that could be the big reason why the more introductory level home purchasing market is expanding with inventory. But the single-family home inventory is still very, very low. What’s also interesting is in 2022, in May is when the interest rates started going up. And here the numbers are much higher in 2022 than this day, on this week. So, basically the interest rate conversation has been baked into the minds of the buyers. And we’re showing great resiliency with the single-family home purchasing power in the homes that are being sold.

So, if you’re thinking of selling your home, like always, the right price matters and the right marketing matters. But the buyers are out there, and they are looking for great homes.

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

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