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 15th, middle of the second quarter for 2023, Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 178. That’s up from last week’s 171. Last year at this time, that number was 168. 2021, that number was 134. 2020, 170. The 2019, 177. Again, here we are at 178. We had 59 homes come on the market. Last week, that number was 49. And we had 35 homes go into contract. Last week, that number was 32. 35 represents the second largest number of sales we’ve had in a single week in 2023. That’s the second time that’s happened. And the average days on market for those homes that went into contract was 22 days. That’s down from last week’s 27.
Condominiums, townhomes right now, 107 condominiums on the market. 105 last week. Last year at this time, that number was 138. In 2021, 128. In 2020, 84. 2019, 91. 2018, 58. Here we are at 107. Underneath the 2022 and 2021 number at 107. We had 21 condominiums, townhomes come on the market. Last week that number was 22. And we had 19 condominiums go into contract, beating last week’s 18. Again, a very healthy number there. The condominium-townhome market really is bouncing back. The average days on market for those condominiums and townhomes that went into contract was 30 days, which is actually up from last week’s 22.
We had 11 homes either expire, cancel, or withdraw from the marketplace. And, we had 15 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 285. That’s up from last week’s 276.
Last year at this time, that number was 306. In 2021, that number was 272. In 2020, that number was 254. In 2019, that was 248. And in 2018, that number was 208. So again, where are we? We’re at 285, under last year and 2021 numbers.
The market is definitely moving. And when I tell people that, when the ask me, “Hey, how’s the market?” I tell them these numbers and how things are moving. They’re like, “Wow, really?” Yeah, really. You put the right price on it. You market the property properly. Buyers are out there. 6% has become the new norm with amongst a lot of the buyers. There are still some other cash buyers out there as well. So, hey, if you’re thinking of selling your home, this market is definitely moving forward.
Thanks for listening. Have a great day. And I’ll talk to you next week.