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 22nd 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 192. That’s up from 178 of last week. Last year at this time, that number was 190. 2021, that number was 134. 2020, 164. The 2019, 189. In 2018, 172. Here we are at 192. And interesting enough, last year was 190. We had 68 homes come on the market. Last week, that number was 50. And we had 36 homes go into contract. Last week, that number was 35. 35 was the the second highest number for most sales in a single week for 2023. Now we have 36. 40 is the most sales we’ve had in 2023 in a single week.
Condominiums, right now, we have 117 condominiums on the market. That’s up from 107 of last week. We had 24 condominiums, townhomes come on the market. And we had 11 condominiums go into contract. Last week, that’s 19. That ends three weeks, four weeks in a row of teen number for the sales for the condominiums. At least it’s double digits.
We had 10 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 309. Up from 285 of last week.
Last year at this time, that number was 336. In 2021, that number was 255. 2020, 243. 2019, that was 283. And the 2018 number was 238. Again, here we are at 309. And last year was 336.
309 represents the highest amount of inventory we’ve had, the peak if you will, so far, year to date, 2023 have the highest number of inventory we’ve had.
So hey, spring market is still on. As we push into June and July. Typically in years past, June and July is when we see our highest peak of inventory. So where are we gonna go from here from 309? Are we gonna continue to rise and maybe scratch the 400 number? Only time will tell. But as of today, the market is certainly moving very, very good, with 36 home sales. Yes, it’s only 11 condominium sales, but we did actually have a listing last week.
A condominium that went into market, sold in 7 days with multiple offers. So, again that proves the right strategy, which includes the right price. Getting home prepared to go on the market. Timing and all that, goes right into there.
So if you’re thinking of selling your home, there’s still plenty of time to take advantage of this market that’s really moving very efficiently.
Thanks for listening. Have a great day. And I’ll talk to you next week.