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Monday Morning Market Minute – March 11th, 2024

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. March 11th 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 109. That is down from 119 of last week. Last year at this time, we had 148. So here we are at 109. In 2018, very interesting number, that was when inventory was really, really tight, the number was 107. Here we are at 109. The similarity there is very, very interesting. We had 29 homes come on the market. Last week, that number was 30. And, 37 comes go into contract, representing a new high for single-family home sales in one week. Last week, that number was 35. That was the highest, so we just beat it by 2 there.

Condominiums, townhomes right now, 133 on the market. That number’s up from 124 of last week. Last year this time, that number was 103. I think the difference there is the interest rate conversation, where that’s more interest rate sensitive. In 2018, that number was 60. Again, here we are at 133. Again, don’t get me wrong, 133 is still a relatively low number. Macro number for single-family- or for condominiums and townhomes here on what we’re talking about. But still, you know, up from last week. We had 28 come on the market. And we had 15 go into contract. Now that’s great news. Last week, that number was 10. You know, teens, mid-teens, high-teens, or higher’s a very good number. So 15 for right now, that is a great, healthy- I should say healthy sale number for the townhome, condominium market.

We had 3 homes expire, cancel, or withdraw from the marketplace. And we had 12 homes reduce their price. Those two numbers are also typical for this time of year.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes inventory is 242. Down from 243 of last week. Last year this time, that number was 251.

So market continues to, you know, very hot. I mean the open houses this weekend, again, were filled with people. We had great sales, at 37 for the single-family homes. So the market continues to show how strong it really is. And inventory really is very, very low. So again, sellers, if you’re thinking of selling, sooner is better than later right now cause the inventory is so low. Competition is low. And there’s a lot of buyers out there.

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

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