Skip To Content

Monday Morning Market Minute – March 4th, 2024

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

See your home value right now: http://www.thegilmartins.com/home-valuation/

——–

Hi this is Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. March 4th 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 119. That is down from 128 of last week. Last year at this time, that number was 150. The average- the six-year average is 136. Here we are at 119. We had 30 homes come on the market. Last week, that number was 38. And here’s a great number: we had 35 go into contract. Last week, that number was 25. The most home sales we’ve had in one week for 2024 is 27. But now, we have 35. A new year, a new high for single-family homes sales. The average days on market for those 35 homes that went into contract is 16 and a half days. But, we had a home in San Bruno that was on the market for 114 days. If I take that home out, the days on market drops to 14.

Condominiums, townhome inventory right now is 124. That’s up from 109 of last week. Last year this time, that number was 114. The six-year average on that number is 81. So, here we are at 124. That’s a higher number than we’re used to seeing this time of year for the condominium, townhome market. We had 34 come on the market. Last week, that number was 30. And we had 10 go into contract. Last week, that number was 9. The average days on market for the 10 that went into contract was 34 days. But, we had a home or — excuse me — we had a condominium in Burlingame, that was on the market for 103 days. If I pull that out of the study, the days on market drops to 27 and a half days from 34.

We also had 14 homes either expire, cancel, or withdraw from the marketplace. And we had 18 price reductions. Those two numbers are also on the high side for this time of year.

So, total-total, from South San Francisco to Redwood City, single-family homes, and condominiums inventory is 243. That is up from 237 of last week. Last year this time, that number was 264. And, the average since 2018, the six-year average for that total-total number is 218. Again, here we are at 243.

In terms of the market, single-family home market right now seems like on a tear, with 35 sales in a single week, which is a big number. The best number like I mentioned for 2024. We had 30 more homes come on the market. Open houses were flooded, even during the rain. All of our open houses had 20+ groups at the open house. So the single-family home market is moving really, really good. The condominium, townhome market, interest-rate sensitive market is showing that sign here at 124 on the market. That’s a higher number than, you know, we’re used to seeing. But with 10 sales. So, all in all, market’s very, very strong. If you’re thinking of selling your home, now is a great time because we’re basically in the spring market. And everyone who’s thinking of selling their home is getting ready to come on the market right now. So whoever comes on first, will enjoy the fact that they have less competition. Naturally, that makes sense.

Have a wonderful day. And I’ll talk to you next week.

Trackback from your site.

Leave a Reply

*
*

About our blog

Our agents write often to give you the latest insights on owning a home or property in the local area.