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Monday Morning Market Minute – June 17th, 2024

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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Your Monday Morning Market Minute for the Mid-Peninsula, June 17th 2024. Hi, I’m Dan Gilmartin, for the Gilmartin Group, real estate company in Burlingame, California.

Single-family inventory from South San Francisco to Redwood City right now is 167. That is down from 168 of last year— of last week. Last year, that number was 188. In 2022, 243. In 2021, interesting, 166. In 2020, 200. 2019, 204. And that 2018 number was 184. Again, here we are at 167, right on top of the 2021 number of 166. We had 41 homes come on the market. Last week, that number was 47. And we had 37 go into contract, almost making that 40. Number we like to see week in and week out. Last week, that number is 31. The average days on market, though, for those 37 homes that went into contract: 11 and a half days. Market’s moving fast in the single-family market, home market.

The condominium, townhome market right now, we have 180 on the market. That is up from 173 of last week. Last year this time, that number was 113. In 2022, 167. In 2021, 113. Isn’t that amazing? The 2023 and the 2021 number exactly the same at 113. Amazing. The 2020 number was 191. And the 2019 number was 102. And the 2018 number was 56. Big difference. That’s the interest rate conversation right there. We had 29 condominiums, townhomes come on the market. Last week that number was 26. And we had 15 go into contract, right in the middle there with the teens we like to see. Last week, that number was 13. Average days on market for the condominiums that went into contract: 25 days. Pulled out the townhome sales, average days on market for the townhome sales, way up 29 days.

We also had 9 homes either expire, cancel, withdraw from the marketplace. Kind of a low number there. And we had 17 price reductions. So that’s right in the plus-minus on the average for that number.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 347. Up slightly from 341 of last week. Last year this time though, that number was 301. In 2022, 410. In 2021, 279. 2019, 293— or excuse me, that was the 2020 number. The 2019 number, 306. And the 2018 number, 240. Again, here we are at 347. The peak total-total inventory for 2024 — a lot of numbers there — is 389. Excuse me, 349. So here we are at 347. So we’re kind of flirting with that peak number.

But really, the number right there for the condominium, townhome is really what’s making the difference on that higher number because with only 167 homes, single-family homes on the market, that’s actually a very low number. Especially when we look back on these 6 years, that’s a very low number. So the single-family home market continues to move very, very efficiently. 11 and a half days in the market. Big, big opportunities in the condominium market. And we had some capitulation with the townhome sales as well. So if you’re thinking of selling, single-family home right now, great, great time. If you’re a condominium, townhome seller right now, now more than ever you gotta pick a really, really attractive price to get that sale within the first 14, 21 days.

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


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