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Monday Morning Market Minute – May 20th, 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 20th 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 175. Last week, that number was, 175. The peak for that number for 2024 was 182. So we’re below the peak for single-family home at 175. Last year this time, that number was 192. In 2022, that number was 190. In 2021, 144. In 2020, 170. 2019, 184. And 2018, 172. What’s interesting about this 175 number that we’re at today, that’s exactly the six year average there, number. We had 57 homes come on the market. Last week, that number was 52. That’s a big, healthy number. And we also had 41 homes go into contract. That’s a great number. We like to see 40 week in, week out. Last week was really big news at 51. But still, 41 sales in a single-week is great news. The average days on market for those single-family homes that went into contract was 11 and a half days.

Condominiums, townhomes right now, 174 on the market. That is a new peak for condominium, townhome inventory. Last week, that number was 163. Last year this time, that number was 117. In 2022, that number was 146. In 2021, 128. In 2020, 87. 2019, 94. In 2018, 66. And again, here we are at 174. That’s a very large number. Just like last week’s 163 was a very large number. We haven’t seen inventory like that for that part of the market since 2010, 2011. We had 46 condominiums, townhomes come on the market. Last week, that number was 27, so that’s a big number. Big, huge, healthy number. And we had 18 go into contract. Now that’s great number. Last week, that number was 11. High-teens is always a wonderful number to see in that category. For those 18 homes that went into contract, actually I broke out the condominium sales and the townhome sales. This is interesting. The condominium sales, average days on market was 29 days. The townhome sales in that 18, average days on market: 17 days. Condominiums are really going slow. It’s a completely different market compared to the single-family homes, and for that matter, the townhome.

We also had 9 homes either expire, cancel, withdraw from the marketplace. Normal number. And we had 18 price reductions. That’s kinda on a high number, but we have seen that type of number in years past. But still, that is a higher number than other years that I’ve seen where that number was very, very low.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 349. That’s up from 338 of last week. 349 is a new peak of inventory for the total-total number. Again, of course that’s because of the condo, townhome inventory. Last year, that number was 309. In 2022, that number was 336. In 2021, 272. In 2020, 254. 2019, 283. And the 2018 number was 230. Again, here we are at 349.

Lot of great sales. Market is definitely moving very strong. Still for the single-family home, more inventory is coming on the market. If you’re in the condominium, townhome market, there’s some great opportunities there right now to negotiate for sure. And I think that we’re gonna see the inventory rise some more. We typically do in June and July. So the question is: are we gonna get into 400? Or are we gonna hover around this 350? That’s what we’re watching.

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

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