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Monday Morning Market Minute – June 19th, 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. June 19th 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 188. That is down from 190 of last week. Last year at this time, that number was 243. In 2021, that number was 166. In 2020, 200. In 2019, 204. In 2018, 184. Here we are at 188. Just hovering about the 2018 number. Very, very interesting. We had 46 homes come on the market. That’s more than last week’s 39. 46 is a common theme throughout the year too on this week. Very interesting there. And we had 31 homes go into contract. Just like last week’s 31. And in the 30s has proven to be a pretty healthy number in 2023.

Condominiums, townhomes, we have 113 condos, townhomes on the market. That’s down from 116 of last week. Last year, that number was 167. 2021, 113. We had 19 condos, townhomes come on the market. Last week, that number was 18. And we had 15 go into contract. Last week, that number was 14. 15 and teens, again, like I’ve been saying is a very good number.

Average days on market for the condos and townhomes that went into contract was 28. And I passed over that in the single-family homes, the 31 homes that went into contract for single-family homes, that average days on market, 16.

We had 17 homes either expire, cancel, withdraw from the marketplace. And we had 13 price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 301. Down from 306 of last week.

Last year at this time, that number was 410. In 2021, 279. In 2020, 291. 2019, 306. And the 2018 number was 240. Here we are at 301.

Market continues to move forward. Summer starts in a couple of days. Schools are out. Shoppers are still out this week with Father’s Day on yesterday. Still had open houses and plenty of traffic came through. So, market continues to push forward. Inventory is relatively low, which is causing supply and demand, basic economics, causing this market to continue to run super efficiently.

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


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