Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Hi, this is Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, June 13th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 225. That is up from 218 of last week. Last year at this time, that number was 136. 2020, that number was 200. 2019, 204. And the 2018 number was 176. Here we are at 225. To be expected here in June. Also, the average days on market for all the homes that are active — single-family homes that are active — right now is 32 1/2 days. I happened to look at that number last week. That number was 35. So the average days on market for the active listings, single-family homes, has actually come down a few. We had 46 homes come on the market. That’s lower than last week’s 55. And we had 35 homes go into contract. Not quite that 40-number that we like to see, but much better than last week’s 21, and getting closer to that 40-number. That’s good news. The average days on market for that homes that went into contract was 10 days. That’s actually down from last week’s 12 1/2. So that’s good news in terms of the momentum. More good news I guess on the seller’s side of the situation. Transactions fallen through, TFT, 1. So no alarming TFTs. Deals aren’t falling apart. And we had a good amount of sales.
Condominiums right now, 164 condominiums on the market. That’s up from 156 of last week. Last year at this time, that number was 118. 2020, that number was 91. 2019, 102. And the 2018 number, 64. Here we are at 164. The average days on market of all the condominiums that are all on the market right now, the average days on market for them is 15 1/2 days. We had 36 condominiums come on the market. That’s more than last week’s 28. And we had 18 condominiums go into contract. That’s a good number, high-teens. Better than last week’s 14. The average days on market for those homes that went into contract was 19, which is actually up from last week’s 13 1/2. And for TFTs, transactions fallen through, 0.
We had 19 homes either expire, cancel, withdraw from the marketplace. That’s kind of a high number. And here’s a high number for 2022: we had 27 price reductions. That’s the highest amount of price reductions in one week for 2022. That beats 18. So that tells me here that with good sales — we have sales out there that we have levelled of for 2022, I think we can all say that. The market’s acting very normal. And if you’re not getting, as I said, what you want, the best thing you could do is re-adjust your price. Here we have 27 homeowners re-adjusting their price, and sales go up. Very good news.
So, total-total, from South San Francisco to Redwood City, condominiums and single-family homes, inventory is 389. That’s up from 374 of last week. Last year at this time, that number was 254. In 2020, that number was 291. 2019, 306. In 2018, 240. Again, here we are at 389. The peak, peak number for 2020 — the last time we saw this much inventory was in 2020. And that number was 441, which was in October.
So inventory’s up. But again, in the macro-level of things, from South San Francisco to Redwood City, over 90 thousand units, there’s 389 on the market. So actually, inventory on the big picture is still small. And again, in that marketplace, it’s my feeling that we’d have to reach 600+ homes to go to a full-scale buyers market. Here at 389, even if we get up to the 440s, and maybe 500 this year, which we haven’t seen in a long time. But that’s more of a normal market. Normal for everybody. Normal for sellers. Normal for buyers. A marketplace that I love is where I can represent sellers and get over asking. And represent buyers and get under asking, when the scenarios are right. It’s like, it’s the type of market, meaning strategy, systems and procedures, really start to come into play right now.
Thanks for listening, have a great day. And I’ll talk to you next week.