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Monday Morning Market Minute – May 6th, 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 6th 2024, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 182. That is up from 170 of last week, and that is a high number. We haven’t seen a number like that since 2019. Last year this time, that number was 171. 2022, that number was 139. 2021, 139. In 2020, 155. 2019, 182, same as we have today. And the 2018 number is 148. We had 57 homes come on the market. That’s a nice, healthy number. Last week that was 56. And we had 35 go into contract. In 2024, that is generally a good number. Last week though, we did hit 42. That was very exciting cause we do like to see 40 week in and week out. But, we haven’t seen that number for 12 months, so 35 is still a good number. The average days on market for those 35 single-family homes that went into contract was 59 days. But, we had an anomaly in Hillsborough that was on the market for 194 days. If I pull that out of the study, the days on market for single-family home actually drops to 16.

Condominiums, townhome inventory, 152. That’s up from 145 of last week. Last year this time, that number was 105. So, big difference year over year on the townhome, condominium inventory number. We had 22 come on the market. Last week, that number was 30. And we had 13 go into contract. Still good in the teens. Last week, that was better at 17.
Average days on market for those 13 condominium, townhomes that went into contract was 37 days.

We also had 8 homes either expire, cancel, withdraw from the marketplace. And here’s another very large number for this time of year: 22 price reductions.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 334. Up from 315 of last week. Last year this time, that number was 276. In 2022, that number was 253. In 2021, that number was 259. 2020, 227. 2019, 272. And in 2018, 211. Again, here we are at 334. That is a high number. Obviously it’s the condominium, townhome market that’s really making the big difference. There’s almost a tale of two different markets going on right now. Single-family market’s moving very strong, very swiftly, but the condominium, townhome market is definitely slowing down and inventory really, really growing there. Interest rate sensitive, I would assume obviously. But the 2019 number at 272 where (?) the single-family inventory was 182, the same as in 2019. So again, it’s just the condominium, townhome market that’s different.

So, you’re in the condo, townhome market buyer opportunity there. If you’re selling, like always, strategy matters. Pricing matters. And, the single-family homes, the lower 3 million and downs (?) is super, super hot. I think when we get into the higher price ranges, like in Hillsborough, there are some days on market there. But all in all, single-family inventory is selling.

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

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