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 5th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 191. That’s up from 186 of last week. Last year at this time, that number was 218. In 2021, that number was 127. In 2020, that number was 171. 2019, 202. And I went back to 2018, 174. Under 200 I think is the story here at 191 here on the first Monday of June. We had 50 homes come on the market. Last week, that number was 41. And we had 32 homes go into contract. We like to see 40 week in and week out. But we’re not really seeing that happen. Last week was 37. That was the second highest number for 2023 in a single week. 32 is a good number really. Especially when we look at the low inventory. Things are really selling fast. And yet, 32 is not 40. But is a good, healthy, healthy number.
Condominiums right now, 117 condominiums on the market. That’s up from 115 of last week. Last year at this time, big difference here: 156 last year. In 2021, 123. In 2020, 91. In 2020, 109. So 117 here. Last year, 156. Massive difference in the condo-townhome market. We had 21 condos come on the market. Last week, that was 16. And we had 16 go into contract. Tie-teens. Definitely a healthy number.
We also had 13 homes either expire, cancel, or withdraw from the marketplace. Normal number there. And 11 price reductions. Also a normal number there.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 308. Up from 301 of last week.
Last year at this time, that number was 374. In 2021, that number was 250. 262 in 2020. In 2018, my goodness gracious I must slow down. In 2019, that number was 311. And the 2018 number, since I’ve gone this far, was 232.
So here we are at 308. Last year, 374. Just a big difference there.
Homes are selling fast. The ones that are priced right, like I’ve said in the past, and packaged right, literally selling within days. Maybe even a little too fast. Inventory’s low. On our macro conversation, it is a low number. And the homes that are coming on the market are selling literally within days. Multiple offers. Maybe not as many multiple offers in the past. But still multiple offers and selling fast.
So if you’re thinking of selling your home, I’d jump in sooner than later. That’s my advice.
Thanks for listening. Have a great day. And I’ll talk to you next week.