Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Hi, I’m Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, March 20th, 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 163. That is up from 148, and as to be expected, of last week. Last year at this time though, that number was 105. 2021, that number was 139. 2020, 160. And 2019, 170. We had 45 homes come on the market. Last week, that number was 31. And we had 18 homes go into contract. Last week, that number was 22. Again, I even said last week, 22 is not quite the number we like to see week in and week out. And going down there, going down from that number, clearly shows that the sales decelerated last week. The average days on market for the homes that did go into contract was 25 days. That’s up from last week’s 21.
Condominiums, townhomes right now, 105 condominiums on the market. That’s slightly up from 103 of last week. Last year at this time that number was 94. 2021, 116. 2020, that number was 71. Again, here we are at 105. We had 16 condominiums, townhomes come on the market. More than last week’s 3. And we had 12 condominiums, townhomes go into contract. Lower than last week’s 15. The average days on market, big number here. Biggest I’ve seen in a long time. For the condominiums and towns that did go into contract was 58 1/2 days. Way, way, way up from last week’s 18.
We had 7 homes homes expire, cancel or withdraw from the marketplace. And we had 7 price reductions. Actually, those two numbers are low for this time of year. Or really, any time of year. That’s generally a low number.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums and townhomes, inventory is 268. Up from 251 of last week.
Last year at this time, that number was 193. 2021, 255. In 2020, 231. 2019, 233. I’mma go back to 2018, 167. Again, here we are, total-total number 268.
If you look in years past, beyond 2018. That’s a higher number than we normally see. We’ve flirted with that type of number in years past beyond 2018. But 268 is a high number. I think I would have to go back to 2010, when inventory was huge, probably see that difference, wasn’t able to do that.
Market, definitely sales, as we see here, have decelerated. Some homes and townhomes, days on market were big. Some are actually short. Quick. So tells me either you’re hot or you’re not. And that’s a strategy. And it depends on your marketing. Depends on getting home prepared to go into market. Depends on the strategy. Very, very important right now.
So, if you wanna be hot, give me a call.
Thanks for listening. Have a great day. And I’ll talk to you next week.