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 28th 2024, with your Tuesday-slash-Monday Memorial Day Morning Market Minute, something like that. I hope everybody had a great day off yesterday, and as we celebrated Memorial Day.
Okay, single-family inventory from South San Francisco to Redwood City right now is 169. That is down from 175 of last week. Last year this time, that number was 188. Excuse me, 186. In 2022, that number was 198. In 2021, that number was 134. In 2020, 164. In 2019, 190. And 2018 number is 151. 169, again that is exactly two weeks in a row running on that six-year average exactly. We had 46 homes come on the market. Last week, that number was 57. And we had 40 go into contract. Last week, that number was 41. Again, here we are, we love to see 40 week in and week out going into contract. And we did it again. That’s just fabulous news. The average days on market for the 40 that went into contract was 15 days. But, if I take out the 3 Hillsborough home sales, which just took a little longer, the actual days on market drops to 9 days. So the higher-higher is running a little bit slower than the rest of the marketplace on the MidPen.
Condominiums, townhomes right now, 164 on the market. That is down from 174 of last week. We had 16 come on the market. Last week was a big number at 46. And we had 19 go into contract. Last week that number was 18. 19, high-teens is always a great number for sales for the condominium, townhome market. The average days on market for the condominiums that went into contract there was 22 days. And the average days on market for the townhomes that went into contract was 9 and a half days. So, once again, condominiums are showing that there are moving— that market is definitely different than the rest of the marketplace moving a lot slower.
We also had 9 homes either expire, cancel, or withdraw from the marketplace. And we had 17 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 333. That is down from 349 of last week. Last year at this time, that number was 306. In 2022, that number was 334. In 2021, that number was 255. In 2020, that number was — I can’t read my writing there — that is 243. In 2019, 295. And the 2018 number was 208. Again, here we are at 333.
Inventory in the single-family home is low, although we’ve seen it higher. But it’s right there in the six-year average. Fabulous sales. I mean, very healthy sales. It’s really the condominium market right now that’s running a little sluggish. And so if you’re a condominium buyer, first-time home buyer looking into a condominium, I’m telling you right now is a great time to go out and find something great that’s been on the market for a while and try to negotiate and get yourself a great deal. All in all, the market is definitely moving forward. And the market continues to really shock most of us with this low inventory and big sales.
Thanks for listening. Have a great day. And I’ll talk to you next week.