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Monday Morning Market Minute – May 8th, 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 8th 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 171. That is from 165 of last week. Last year at this time, that number was 139. In 2021, that number was 127. In 2020, that number was 166. The 2019 number was 182. Here we are at 171. We had 49 homes come on the market. A little higher than last week’s 40. And we had 32 homes go into contract. Last week, that number was 31. 32 represents the third highest number of sales in a single week for 2023 in the single-family category.

Condominiums right now, we have 105 condominiums on the market. That’s up from 100 of last week. Last year at this time, that number was 114. In 2021, that number was 120. In 2020 was 79. 2019 was 90. But what I like to see here was last year, that number was 114, and like I stated in 2021, the number was 120. Here we are at 105. That’s showing me that the condominium-townhome market is strengthening from where it’s been in the last couple of years. We had 22 condominiums, townhomes come on the market. That’s a little bit higher than last week’s 21. And we had 18 go into contract, which is a very healthy number. Last week’s number was the highest number for the year at 25. 18, high-teens, I’ve always said, is a very good number.

We had 12 homes either expire, cancel, or withdraw from the marketplace. And, here’s a high number, again: 18 price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 276. That’s up from 265 of last week.

Last year at this time, that number was 233. In 2021, that number was 247. In 2020, that number was 245. And I’ll just say the 2019 number was 272. Here we are at 276.

So in a macro conversation of total inventory, that’s a low number, healthy number. Total sales, year over year, we actually are down 35%, which is an interesting stat. So, the first third of last year, versus the first third of this year, the actual number of sales, home sales, were down 35%. The average sales price from last year to this year, is down 4%. Now last year at this time was the peak. The homes that we were selling last year this time were, really when we look back, those are some of the record prices. And then starting, moving forward, as we move into late June, July, the rest of the year, is where we probably found another 10-15% more price decrease in the marketplace. So, right now, just looking up last year’s first third versus this year first third, average sales price down 4%. So, right now, what we are noticing that is the homes that put on the new market price that takes into consideration that decrease value, puts at the right marketing geller. Gets the home ready to go. Is getting multiple offers. For instance, I know the home right now in San Carlos, that has over 40 people downloading disclosure packages and at least 5-7 offers coming in today. Last week we had multiple offers on a couple of our listings. So, when done properly, this market is certainly moving. And then when it’s not, we’re seeing high numbers in price reductions. And we pull the price down. Readjust the price. It’s getting sold.

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


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