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 6th 2022, with your first Monday of June, Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 218. That is up from 188 of last week, and represents a new peak for 2022. Last year at this time, that number was 127. In 2020, that number was 187. In 2019, that number was 202. And the 2018 number was 174. Here we are at 218 homes on the market. We had 55 homes come to the market. That’s a high number. Last week the number was 43. And we had 21 homes go onto contract. That’s a low number. And also again, that could be a little spill-over from the Memorial Day holiday. That’s possibly why that number’s down. But still, that’s five weeks in a row that we’re under the 40-number that we do like to see week in and week out.
Condominiums right now, 156 condominiums on the market. That’s up from 146 of last week, and also represents a new 2022 peak inventory for the condominium-town-home market. We had 28 condominiums come on the market. And last week, that number was 24. And we had 14 condominiums go into contract. Last week, that number was 14.
Oh, I gotta backup. I’m doing the days on market and TFTs. The days on market for single-family inventory, the average for last week, for the homes that went into contract last week, the average days on market was 12 1/2. That’s actually down from the last time I gave that number. I forgot to give you that number last week. I apologize. And the TFTs for the single-family home were 3. And last time I did that report, I believe that was 1. The condominium-town-home days on market average was 13 1/2. Still a pretty good number. Nothing alarming. Actually, around the country, that’s lightning fast. And 1 TFT. We had 11 homes either expire, cancel, withdraw from the marketplace. And we had 18 homes reduce their price. Actually, when you look back, year over year, that’s very, very average.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 374. That’s up from 334 of last week. And of course, that represents a new 2022 peak in inventory for single-family homes and condominiums. Last year at this time, that number was 250. 2020, that number was 274. 2019, 306. And 2018, 232. So here we are at 374. Still in the big picture, that number is still low, and very much expected. June and July is when we typically see our highest watermark in inventory. And then sometimes we have a bump in October. So we’ll talk about that in October if that happens again.
So right now, if you’re asking me, “Dan, how’s the inventory? Anything alarming?” The actual number for inventory is not alarming. It’s right in there. A little higher than past. But still, still low. The pendings though being down, if we continue this, then that is — shows a little bit alarming.
But hey, buyers, a little bit more homes for you to look at. If you’re thinking of buying you home, let’s get in now. Because if these interest rates continues to go up, there’s also talk about — appreciation could still happen on that right home. So buyers, great time to be a buyer right now in terms of more inventory and maybe, a little bit more breathing room in terms of days on market or having to act. Just a little bit more room.
But sellers, now more than ever, is the time when you start thinking about the real strategy. The right strategy. Because you can still sell your home today for over your ask price. Some homes aren’t doing that. And there’s a strategy and a right way to do that.
Thanks for listening, have a great day. And I’ll talk to you next week.