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 18th 2024, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 125. That’s way up from last week’s 109. Last year this time, that number was 163. Again, here we are at 125. In 2018, that number was 123. Almost identical to our 125. We had 48 homes come on the market. Last week, that number was 29. 48 is the most single-family homes that’s come on the market in a single week in 2024. In 2018, that number was 51. We also had 31 go into contract. Last week, that number was 37, which was the most sales we’ve had in a single week. But 31 this week, still a good number. In 2018, that number was 32. Why do I keep saying 2018? Right now, the single-family home market is almost identically trailing what was happening in 2018, and I find that very interesting. Because 2018 was a red hot market and, one could argue, a peak market, in terms of we came back down after 2018.
Condominiums, townhomes right now, we have 141 on the market. That’s up from 133 of last week. Last year this time, that number was 105. Big difference, the condominium, townhome market inventory is much higher than what we normally have seen in the past. Matter of fact, as I look at the years past, like 2018, that number was 54. Here we are at 141. We had 25 come on the market. Last week, that number was 28. And we had 11 go into contract. We like to see that number, the teens. Last week, that number was 15.
We also had 6 homes either expire, cancel, or withdraw from the marketplace. And we had 13 price reductions. The six expires, very common. The 13 price reductions, that actually is a little higher than what we normally see in this time of year.
To see the 48 homes come on the market, the single-family homes, I didn’t wanna say that’s right in line in the beginning of the spring market. You know, the spring market is alive and very, very active.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes inventory is 266. That’s up from 242 of last week. Last year this time, that number was 268. So that’s very interesting, very, you know, practically the same number. The big difference here, in all these numbers is the condominium, townhome market, inventory being so high. In 2018, the total-total inventory was 127. Again, here we are at 266.
So, spring market is alive and kicking. We had an open house in Burlingame yesterday. I think we had over 140 people show up. The weather was nice, and the inventory is extremely low with single-family inventory. Buyers are out, plenty of activity. So if you’re thinking of selling your home, I’m telling you, now is a fabulous time. Get in, involved in the spring market. The condominium, townhome market is moving. But again, it’s moving slower than what we like to see. So, if you’re a first-time homebuyer, or if you’re in that market, there are some opportunities in that market for sure. Days on market’s a little higher than we like to see there, as well.
So thanks for listening. Have a great day. And I’ll talk to you next week.