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Monday Morning Market Minute – May 13th, 2024

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. May 13th 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 175. That is down from 182 of last week. Last year this time, that number was 178. In 2022, 168. In 2021, 127. In 2020, 166. 2019, 177. And in 2018, 149. Again, here we are at 175. We had 52 homes come on the market. Last week, that number was 57. And, drumroll please, 51 homes go into contract. Last week that number was 35. We haven’t seen 51 sales since 2021. That is the most sales in a single week for single-family home in 2024, and that is huge news.

Condominiums and townhomes right now, we have 163 on the market. That’s up from 152 of last week. Last year this time, that number was 157. In 2022, 138. In 2021, 120. See a pattern here? In 2020, 99. 2019, 91. 2018, 59. Here we are again at 163. That is a big number. It’s the most- it’s the largest number we’ve seen in many, many years. I think if I go back to like 2011 – I have to confirm that – but it’s like a 2011 number. We had 27 condominiums, townhomes come on the market. Last week, that number was 22. And we only had 11 go into contract. Last week, that number was 13. That’s the first time we haven’t had the sale number in the teens in quite some time. Not the best news.

Also, again, let me back up. The 51 homes that went into contract, the days on market: 14 and a half days. And the 11 condominium, townhomes that went into contract, that number is 36 and a half days. So, the days on market for single-family home actually dropped a couple of days. And the days on market for the condominium, townhome market actually rose a few days.

Also, here’s two high numbers that just makes all this conversation very interesting. The expired, cancel, withdraw number is 16. That is high. And price reductions, 16. So, here we have a lot of sales, inventory drops in the single-family home, and at the same time, we have a higher number than normal in expireds, and a higher number than normal in price reductions.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 338. Up slightly from 334. And the big story there, like I just mentioned, is the townhome, condominium market that’s really raising that inventory. Last week was a super week in sales for the single-family home, which means obviously the market is on fire for single-family homes still.

While that being said, there is some talk amongst the agents around the watercooler, if you will, that we were feeling maybe a little air coming out of the balloon. A little buyer fatigue. We’re all walking around with a lot of good buyers, and well, there’s just not a lot of homes for sale. So therefore, a lot of buyers are writing offers and not getting their offers accepted. And we feel a little buyer fatigue there. But, doing the research for today’s Monday, shocked to see 51 sales. Super healthy number.

Thanks for listening. Have a great day. And I’ll talk to you next week.


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