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Monday Morning Market Minute – June 13th, 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. It’s Tuesday, June 13th 2023, doing the Monday Morning Market Minute.

Yesterday, we had a pretty rough day here at the office, and at the family. As you all probably know, this is a family business. And we lost a great yesterday in the family. My Aunt Melinda Horowitz, who is my father’s little sister, Gilmartin, passed away yesterday. Certainly want to put out our prayers to my cousins and my uncle Mike. It’s certainly really rough.

So, single-family inventory from South San Francisco to Redwood City right now, as of yesterday, is 190. Down one click of last week, was 191. Last year at this time, that number was 225. 2021, that number was 136. 2020, 187. 2019, 202. And the 2018 number, 176. Here we are at 190. Matching up with the 2019 number and little bit higher than basically the 2020 number. So just showing the tight inventory continues. We had 39 homes come on the market. That’s less than last week’s 50. And we had 31 homes go into contract. Last week that number was 32. Seeming we haven’t hit that 40-number yet this year. But these 30s, lower 30s, mids and high 30s, is turning out to be a good number with what’s going on.

Condominiums, townhomes right now, 116 condominiums on the market. That’s down 1 by last week’s 117. We had 18 condominiums, townhomes come on the market. Last week, that number was 21. And we had 14 condominiums, townhomes go into contract. Last week, that number was 16. But again, still hovering over the teens, as I’ve been saying week in and week out. That’s a healthy number.

We had 11 homes either expire, withdraw or cancel from the marketplace. And we had 21 price reductions. Looking back to 2019, so inventory for single-family homes, 2019, 202. Today, 190. And here, very interesting, in 2019, there was 10 expired, cancels, and withdraws from the marketplace. Again, today, this week was 11. And we had in 2019, 26 price reductions. And last week, there was 21. Just find it very interesting how we kinda bumping along the 2019 number.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 306. That is down from 308 of last week.

Last year at this time, that number was 389. What a difference a year makes there. In 2021, that number was 259. In 2020, 279. 2019, 306. See why I was checking out the 2019 number. Crazy. And then in 2018, that number was 240.

I was out showing property over the weekend, some of the homes I was showing, we would bump into open-houses that were going on. A handful actually, and there were a ton of people helped this weekend, going to open houses. Real buyers. Inventory low. Buyers are out. The market is certainly moving.

So again, like I’ve said last week, if you’re thinking of selling your home, you certainly haven’t missed the boat. And now would be a good time to get on the market. Cause there are certainly buyers out there, looking for the right home.

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


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