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Monday Morning Market Minute – June 3rd, 2024

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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The Monday Morning Market Minute, June 3rd 2024, for the Mid-Peninsula. Hi, I’m Dan Gilmartin, part of the Gilmartin Group Real Estate here in Burlingame, California.

Okay, single-family inventory from South San Francisco to Redwood City right now is 165. That is down from 169 of last week. Last year at this time, that number was 191. In 2022, that number was 218. In 2021, that number was 127. 2020, 171. 2019, 202. And 2018, 174. Again, here we are at 165. We had 40 homes come on the market. Last week, that number was 46. And we had 38 go into contract. Last week, that number is 40. 38 is close to 40, obviously. But we like to see 40 week in and week out. It’s the first time we’ve missed that 40-marker now in a few weeks. The average days on market for those 38 homes that went into contract was 12 days.

The condominium, townhome market right now, 177 on the market. That is up from 164 of last week, and does represent a new peak number for the condo, townhome market at 177. The last peak was 174. We had 28 condos, townhomes come on the market. Last week that number was 16. Big, healthy, new batch of inventory there. And we had 11 go into contract. That’s not a number we like to see. Last week that number was 19. We haven’t seen that number in the teens for several, several weeks.

We also had 11 homes either expire, cancel, withdraw from the marketplace, which is an average for this time of year. But we had a little bit of a higher number with price reductions at 17.

So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 342. That is up from 333 of last week. And, does represent a- no, it doesn’t. Excuse me. The peak for 2024 is 349. We’re here at 342. I was thinking maybe we got there. Last year though, at this time, that number was 308. In 2022, that number was 374. In 2021, that number was 250. 2020, 262. 2019, that number was 311. And the 2018 number was 232. So here we are, 342. That’s a pretty- That’s a high number for this time of year, June.

Coming into that, when inventory tends to be at its peak or starts to build. June and July. And here we are at 342, just under the 349 peak. And really, when you look back these six years, that’s the second highest number we’ve had on this day. The 2022 number was 374. So again, here we are at 342.

Hey, single-family inventory goes down. 38 sales, not 40, but still. In the beginning of the week and all last year, 38 would’ve been a fabulous number for us to report. And the condominium market is just taking a long time. The condominiums that went into contract — actually only one of them did — was on the market for 110 days. Excuse me, we had 7 condominiums go into contract, and the days on market was 110 days. Couple anomalies in there. But we had one townhome that went into contract, and that days on market was only 5 days. So condominium market continues to grow, and be the slowest part of the marketplace. Townhomes are definitely selling. And those single-family homes are also, as you can see, selling. So the market is still hot. Graduations are ending, getting ready for the new school year. Now is the time if you’re thinking of selling your home. Let’s do this now.

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

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