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Monday Morning Market Minute – May 31st, 2023

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 31st 2023, with your first ever Wednesday Monday Morning Market Minute. So obviously Monday was Memorial Day. Tuesday got away from us here at the Gilmartin Group. So here I am with the first Wednesday Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 186. That is down from 192 of last week. Last year at this time, that number was 188. And again, here we are at 186. We had 41 homes come on the market. Last week, that number was 68. And we had 37 homes go into contract. Last week, that number was 36. 37 now represents the second highest number of sales in a single week for 2023. Last year at this time, 37 sales in that same week. Wow.

Okay, condominiums, right now, 115 condominiums on the market. That’s down from 117 of last week. Last year at this time, that number was 146. Condominium-townhome market has really rebounded here year over year. We had 16 condominiums come to the market. That’s less than last week’s 24. And we had 13 condominiums, townhomes go into contract. Better than last week’s 11. Teens, as I say, is always a good number. Last year at this time, that number was 14.

We also had 6 homes either expire, cancel, or withdraw from the marketplace. And we had 10 price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 301. Down from 309 of last week.

Last year at this time, that number was 334.

Now last year was a good year, and here we are with less inventory, and hence, I think we’re seeing good sales here. Really, like a final push towards the end of that spring market. Now we’re going into the summer market. Typically, June and July is when we start to build a little bit more inventory. So if you’re a buyer, look out for more inventory. That’s good news for you if that trend continues.

Sellers, still on the macro conversation here, our inventory is generally very low. So supply and demand means, here what we have going on, is it’s still a good time to sell, even though interest rates are rough. And obviously, pulling some of the buying power out of the buyer’s ability. But we’re not seeing that reflected in the numbers here. Market is certainly moving forward very, very well.

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

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