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 20th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 243. That is up from 225 of last week. The average days on market for the homes, active listings on the market is 33 days. Basically the same as last week. Last week was 32 1/2. Inventory last year at this time was 165. In 2020, that number was 195. 2019, 219. And the 2018 number was 184. Here we are at 243. To be expected here in the later part of June. This is when we typically start seeing our higher inventory. Good for buyers. We had 65 homes come on the market. Last week, that number was 46. And we had 36 homes go into contract. Last week, that number was 35. Almost touching that 40-number we really like to see week in and week out. But still, that’s a healthy number for sales for single-family. The average days on market for the homes that went into contract, very interesting number, is 17. That’s actually up from last week’s 10. So the homes that went into contract, their average days on market was 17. And TFTs, 0.
Condominiums right now, 167 condominiums on the market. That’s up slightly from last week’s 164. The average days on market for the active condominium town home market right now is 37. That’s way up from 15 1/2 of last week. Last year this time, that number was 113. In 2020, that number was 97. 2019, 94. And the 2018 number was 56. And here we are at 167. We had 31 condominiums come on the market. And 16 condominiums go into contract. Last week, that number was 18. And I continue to say, mid- to high-teens is always a healthy number. Also, the average days on market for the condominiums that went into contract was 16 1/2 days. That’s actually down from 19 of last week. And we had 1 TFT in the condominium market.
We also had 16 expired, cancel, withdraws. That’s kind of a high number. And here’s another very high number: 35 price reductions. Last week that number was 27. We’ve just reached a new peak for most home being price-reduced in one week for 2022. Very interesting there.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 410. Up from 389 of last week. We’ve crossed over the 400-marker for the first time in 2022. Again, that’s actually not bad news at all. We had very healthy sales. Little more inventory. Great for buyers. More of a normalizing of a market, right? This is 410, 450, if we happen to go up there.
This is good. Because now buyers have more choice. We have a few more days as many multiple offers. Although we had multiple offers on some homes that we were working on. But here we are getting into a more normalized market. It’s okay for sellers. And it’s okay for buyers. This is actually very exciting.
Thanks for listening, have a great day. And I’ll talk to you next week.