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Monday Morning Market Minute – March 13th, 2023

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 13th, 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 148. That is actually down from 150 of last week. Last year at this time, that number was 117. 2021, that number was 135. 2020, 156. Here we are at 148. We had 31 homes come on the market. Last week, that number was 36. And we had 22 homes go into contract. Last week, that number was 25. 22 is not quite the number we like to see week in and week out, but still relatively healthy. I mean, I’d rather really see double that. So let’s just call that a low number. The average days on market for those homes that went into contract was 21 days. Good news here is that it’s down from 31 days of last week.

Condominiums right now, 103 condominiums on the market. That’s down from 114 of last week. Last year at this time that number was 95. 2021, 105. In 2020, that number was 70. Again, here we are at 103. We had 3 condos, townhomes come on the market. That’s like nothing. Might as well be a zero. Last week, that number was 21. And we had 15 condominiums and townhomes go into contract. Last week, that number was 15, and the week before that was 15. Wow. Average days on market for those condominiums, townhomes tha went into contract was 18 days. Another piece of good news there is that’s down from last week’s 24 1/2 days.

We had 6 homes either expire, cancel, withdraw from the marketplace. And another pretty high number, 2 weeks in a row, 18 price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 251. That’s down from 264 of last week.

Now, we had a lot of uncertainty last week, especially on Friday with Silicon Valley Bank story, and First Republic Bank story. So there’s some uncertainty there. And yet here, we are showing some very good resilience.

Last year at this time, that number was 212. In 2021, that number was 240. 2020, 226. Here we are again at 251.

So, the pace the market is more normal than normal, more normal than usual, at about 6 1/2 weeks. We’re about a 6 1/2 week market. Meaning, if you take all the inventory, divide it by their sales, we get about 6 1/2 weeks. That’s more stable, more normal than we’re used to. Like I’ve said in the past here, our market is more like just a few days. Called at least 14 days, running so fast. So here at 6 1/2 weeks, pace market is a stable, normal market.

Interest rates have actually pulled back a little bit. That’s great news for the buyers. Sellers, again, homes are selling. Strategy matters. And who you choose matters, naturally.

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

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