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 23rd 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is up to 190. Up from last week’s 168. Last year at this time, that number was 134. In 2020, that number was 164. 2019, that number was 189. In 2018, that number was 172. And that was a peak moment for 2018, just like today, 190 was a new peak for 2020 single-family home inventory. We had 62 homes come on the market. Last week that number was massive at 72. But 62 is still a very large number. And we had 31 homes go into contract. Last week, that number was 31. And again, that’s two weeks in a row we’re staying under 40 which doesn’t cause total concern. But we’re coming off the 50s. And days on market actually — now that we’re tracking that — was 10. Last week that number was 22. So here we are for the sales of single-family homes. Those are lower than I like to see by nine. But days on market fell. Very interesting.
Condominiums right now, 146 condominiums on the market. That’s up from 138 of last week. Last year at this time, that number was 121. In 2020, that number was 79. 2019, was 94. And 2018 was 66. Again, here we are at 146. We have 29 new condominiums came on the market. That’s way down from last week’s 43. Interesting there where interest rates were rising, and here we’re talking about more of an entry level part of the market. And we’re having less inventory come on the market. And we had 18 sales. Better than last week’s 17. Weeks prior to that, the numbers were in the 20s. But like I’ve always said, teens, mid-teens, high-teens, that’s always a good number, healthy number for the condominium townhome market. We also had 11 days on market. That is down from 16.
Also, we had 13 homes either expire, cancel, withdraw from the marketplace. That’s actually a high number for this time of year. Almost double what we normally see this time of year for that number. And price reductions was 12 which was right in line. And the new “transaction following through”, TFT number is 2. Last week, that number was 1. We’ve doubled! Oh my God! Nothing to panic about at all. But certainly very, very interesting.
So, total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 336. A new 2022 peak high number for total inventory. Last week, that number was 306. Last year at this time, the number was 255. In 2020, that number was 243. 2019, that number was 283. And the 2018 number was 238. Here we are at 336.
That’s the new peak number. Last year, we didn’t reach. We got to 309. And so I looked back. What are some of the other peaks in years past. 2020, that peak number was 441. And that in 2019, the total peak for the whole year, 336. Very, very interesting. And here something interesting though, I’ll stop — 2013, total peak number for the year, 336.
And here’s just a real quick contrast: 2010, total peak number, 933. 2011, total peak number, 841. Right, so here we are at 336. So, Dan, how’s the market? Well, yes, inventory is up. Sales are slightly down. Days of markets, down. But, really, the market’s moving. If you want to sell your home, you haven’t missed the boat. And buyers, you want to get in sooner than later, I believe when you talk about the interest rate conversation. So right now, buyers, you’re gonna have a little bit more to choose from. But sellers, now is the time to really choose the right agent for the job is selling your home, so that you can get what you want in the tiny one.
Thanks for listening, have a great day. And I’ll talk to you next week.