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 27th, 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 172. That’s up from 163 of last week. We had 36 homes come on the market. That’s less than last week’s 45. And we had 26 homes go into contract. That’s one of our largest numbers for 2023. We did hit 26 the second week of February, and we have a 25. So here we are, matching the highest number of sales in a single week with 26 for 2023. Last week, that number was 18. The average days on market for the homes that went into contract was 12 1/2 days. That’s one of our lowest days on market numbers for 2023.
Condominiums right now, 101 condominiums on the market. That is down from 105 of last week. We had 9 condominiums come on the market. Last week, that number was 16. And we had 10 condominiums, townhomes go into contract. That’s less than last week’s 12. Average days on market though, for those condos, townhomes that went into contract was 20 days. Much better than last week’s crazy number of 58 1/2 days.
We had 7 homes homes expire, cancel or withdraw from the marketplace. And we had 18 price reductions, which is a little bit higher than years past.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 273. That’s up from 268 of last week.
Last year at this time, that number was 220. In 2021, 272. Excuse me, can’t read my own writing here. In 2020, that number was 168. 2019, 231. And 2018, 171. And when I was doing the research on those numbers, I was looking at a note that I made in 2018 that said, “In 2011, the total-total number was 681.” Here we are at 273. Now that shows quite the contrast.
Also, I think that the high number in sales for the single-family homes going through this last couple of weeks, and what’s going on with the banks and the uncertainty there, shows us that hey, this market is very resilient where we are. We compare it to 2011 with 681 homes on the market. Now 273.
The sky is not falling, people. Everyone’s, “Hey, how’s in real estate?” “Well, real estate market’s not doing so.” I’m like, “No, real estate market is actually functioning very, very well.” But like you’ve seen me say in weeks past, your strategy matters. Who you hire matters. Marketing matters. Now more than ever, putting the right systems together makes the main difference.
Thanks for listening. Have a great day. And I’ll talk to you next week.
One Response to “Monday Morning Market Minute – March 27th, 2023”
Thank you, Dan, for your continued posts on the status of the real estate market. We view or read them, and they are appreciated.