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 25th 2024, with your last Monday Morning Market Minute of the 1st quarter.
Okay, single-family inventory from South San Francisco to Redwood City right now is 133. Last week at this time, that number was 125. Last year this time, big difference, that number was 172. And in 2018, that number was 123. Again, as I was saying last week, the 2024 single-family home market is mirroring the 2018 market. So I just wanted to continue monitoring that. The six-year average, going back to 2018, for inventory on the single-family homes is 143. So again, here we are at 133, under the six-year average. We had 44 homes come on the market. Last week, that number was 48. And we had 32 homes go into contract. Last week, that number was 31. The most we’ve had in one week for single-family homes is 35. So, close to the peak there, good number. In 2018, 32 sales. So again, here we are just seemingly mirroring the 2018 market in the single-family home marketplace.
Condominiums, townhomes right now, we have 140 on the market. That’s down from 141 of last week. Last year this time, that number was 101. The six-year average on that, on the condominium, townhome market is 80. Again, here we are at 140. I think that’s really showing the difference between the interest rates between last year, year over year interest rates in the condominium, townhome market. We had 20 condo, townhomes come on the market. Last week, that number was 25. And we had 17 go into contract. Great number, beating last week’s 11. 17 does represent the most sales for the condominium, townhome category for 2024.
We had 3 homes either expire, cancel, withdraw from the marketplace. Here’s a really big number, biggest number I’ve seen in many, many, many years. And that is 21 price reductions. Hey, the market’s hot, and homes are selling within 4, 5, 9 days. So, if you’re not selling, these 21’s clearly are noticing how fast the market is really going. And if you haven’t received an offer within at least 14 days, they’re realizing that something’s wrong and it’s gotta be their price, so they’re reducing their price. So there’s where some opportunities are. Buyers, single-family home buyers, right there is finding those homes that reduce their price. Condomiunium, townhome market certainly has good opportunity for that marketplace since the inventory’s much higher than we’ve seen there in many, many years.
So, total-total, from South San Francisco to Redwood City, single-family homes, and condominiums, inventory is 273. That’s up from 266 of last week, and represents the peak of inventory, a new peak inventory for 2024 for total-total. Last year this time, that number was, crazy number, 273. And in 2018, that number was 177. The big difference there is the condominium, townhome number. But here we are at 273. 133 for single-family homes, that is a really small, low number. So the market really is just hot as a pistol in the single-family home market. Townhomes and condominium, 140 and a little bit more breathing room.
Thanks for listening. Have a great day. And I’ll talk to you next week.