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 27th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 262. That’s up from 243 of last week and represents a new peak of inventory for single-family homes, 262. Last year at this time, that number was 163. In 2020, that number was 181. 2019, 219. And that 2018 number, was 185. And here we are at 262. With 64 homes come on the market. Last week, that number was 65. And we had 27 homes go into contract. That’s lower than last week’s 36. We were hoping we’re gonna start getting closer to that 40-number that we like to see week in and week out. But lower than expected here at 27. The average days on market for the homes that went into contract was 25 1/2 days. That’s up from last week’s 17. And there was 1 TFT. Last week, the number was 0.
Condominiums right now, 172 condominiums on the market. That’s up from 167 of last week. And a new 2022 peak inventory for the condominium-townhomes market. We had 30 condominiums come on the market. Last week, that number was 31. And we had 15 condominiums go into contract. Last week, that number was 16. The average days on market for the condominiums and townhouses that went into contract was 15 1/2 days. Last week, that number was 16 1/2 days, so that actually got more efficient. One less day.
We also had 16 homes either expire, cancel, withdraw from the marketplace. And a huge number again, three weeks in a row: 34 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 434. Up from 410 of last week, and a new 2022 total-total peak in inventory. And, quite frankly, right on schedule. 2018, that same week had a peak. In 2020, that same week had a peak. And in 2019, we had a peak at the exact same. So right on schedule there. Last year at this time, that number was 282. In 2020, that number was 288. 2019, 313. And the 2018 number, that number was 244. Again, here we are at 434.
All in all, in the big picture, like I said last week, on the macro conversation of inventory, inventory is still very low. Interest rates have gone up, and come back down a little bit. There are some great products out there. You can get yourself in the fours and under 5%. A little bit more inventory, that’s great for the buyers. And, sellers, there are buyers out there. Especially the low inventory things are happening.
Thanks for listening, have a great day. And I’ll talk to you next week.