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Monday Morning Market Minute – June 10th, 2024

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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The Monday Morning Market Minute for the Mid-Peninsula, June 10th 2024, Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company here in Burlingame, California.

Single-family inventory from South San Francisco to Redwood City right now is 168. That’s up slightly from last week’s 165. Last year at this time, that number was 190. In 2022, 225, so big difference there. We had 47 homes come on the market. Last week, that number was 40. And we had 31 homes go into contract. That’s two weeks in a row we haven’t hit the 40 plus number for sales. Last week, that number is 38. For the 31 homes that went into contract, the average days on market: 20 days. Versus last week, that number was 12. So, days on market went up. We had a few homes in Foster City and one in San Carlos that actually had longer days on market that really moved that number higher than normal. If I took those out, that number would be much smaller.

Condominiums and townhomes right now, 173 on the market. That’s actually down from last week’s 177. Last year this time, that number was 116. In 2022, that number was 164. In 2021, 118. We had 26 condominiums, townhomes come on the market. Last week that number was 28. And we had 13 go into contract, beating last week’s 11. Just made it into the teens, I like to say. We have wanted to have to see at least somewhere in the teens or higher for that number. Last week’s 11 was a disappointing number. But it’s good to see that we had 13. The average days on market — actually, we had 7 condominiums go into contract out of that 13. Average days on market for those 7 was 52 days. And the 6 townhomes that went into contract, average days on market: 38 days. Both those numbers are up as well for days on market.

We also had 21 homes either expire, cancel, withdraw from the marketplace, That’s a higher number. And we had 26 price reductions. Actually, that turned out to be a pretty average number for this time in June.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 341. Dowm from 342 of last week. Last year at this time, that number was 306. In 2022, 389. In 2021, 284. In 2020, 279. In 2019, 306. And in 2018, 240. Again, here we are at 341.

Right now, market’s definitely selling. I mean we’re seeing homes still getting more than one offer. We just have a few anomalies that just priced themselves too high, and cause them to have days on market to be longer than normal. So, like normal, pricing a home properly, having that right market price is extremely important right now. And, it’s good to see that the condominium, townhome market did shrink a little bit there. Although days on market there much higher. Which means, that there was some capitulation on some of those negotiations. But if you’re thinking of selling a home, all in all, 341 total-total is a lower number. I don’t think we’re gonna hit 400, or go over 400 this year. Although that is what we’re wacthing. Are we gonna stay right around this 340 to 400? Or are we gonna shorten- inventory going down from there. That’s really what we’re looking at right now.

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


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