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 1st 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 165. That is down from last week’s 167. Last year at this time, that number was 132. In 2021, that number was 139. Here we are at 165. We had 40 homes come on the market. Last week, that number was 42. And we had 31 homes go into contract. Last week, we hit that 40-number. That was really exciting. Before we hit that 40-number, that highest number of sales for the year in a single week was 35. So here we are at 31.
Oh, here’s something very interesting. Almost went over this. The homes that went into contract, their average days on market was 9 days. Wow. Maybe some of these buyers missed out on last week with those 40 sales and just jumped on these listings here, of the 31 that went into contract.
Condominiums townhomes, right now, 100 condominiums on the market. That’s down from 106 of last week. Last year at this time, that number was 109. In 2021, that number was 120. Here we are at 100. We had 21 condominiums, townhomes come on the market. That’s less than last week’s 25. And we had 25 condominiums, townhomes go into contract. Now that is the most, highest sales number in a single week for the condo-townhome category. Last week, that number was 13. The average days on market for those 25 that went into the contract was 21 days. We have been hovering right around there, the 20 days on market.
We had 12 homes either expire, cancel, or withdraw from the marketplace. And, we had 16 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 265. That is down from last week’s 273, causing the market to get a little hotter than it was. Inventory’s that’s low.
Last year at this time, that number was 241. In 2021, that number was 259. In 2020, that number was 227. Here we are at 265.
This market is really humming along right now. But put the right price on there, put the right marketing on there, we’re selling homes within 9 days, right here in the heat of the spring market.
Thanks for listening. Have a great day. And I’ll talk to you next week.