Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So how’s the housing market on the Mid-Peninsula and San Mateo County? That’s a question I get every single day. So, welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report for the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. It’s November 11th 2024. Let’s get started.
Oh, I must wanna start with- wanna just thank all of our veterans, all of the women and men who serve this country of ours, our great country, selflessly. Thank you so much. Happy Veterans Day!
Okay, single-family inventory from South San Francisco to Redwood City right now is 184. That’s up from 182 of last week. That’s two weeks in a row in November that the single-family inventory has gone up, not down. And we have not seen that in a very, very long time. Although it’s only 2 homes, it’s still going up. That’s a very interesting thing. I do think that the recent election has something to do with it. But when I go over the other numbers here, I’m not so sure. Last year at this time, that number was 187. In 2022, the inventory was 256. In 2021, 115. In 2020, 214. The 2019 number, 174. And the 2018 single-family inventory number was 233. Here we are again at 184. So on a macro conversation, it’s still a low number. It’s under 200 homes here on the Mid-Peninsula. We had 33 homes come on the market. Last week that number was 41. And we only had 20 homes go into contract. Last week, that number was 21. That’s not the number we like to see. But, the homes that went into contract, 19 days on the market. That’s a pretty swift market right there. Interesting.
So, condominiums and townhomes right now, 166 on the market. That’s down from 177 of last week. Excuse me, at 171. Last week that number was 171. 166 this week. Again, that’s generally to be expected. Last year this time, that number was 123. In 2022, that number was 144. We had 23 condominiums, townhomes come on the market. Last week that number was 15. So that was a big healthy number. And we only had 12 go into contract. Two weeks in a row, low number there. Last week, that number was 13. The average days on market of the condominiums that went into contract, big number: 55 days. And the average days on market for townhomes that went into contract was 11 days.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 350. Down from 353 of last week, that’s to the reduction in the condominium and townhome market. Last year at this time, that number was 310. In 2022, that number was 408. In 2021, 239. 2020, 406. And the 2019 number, 284. And the 2018 number was 321. hHere we are at 350.
Interest rates are down, there’s opportunity here. Although the macro number of inventory is very low. And the single-family homes are selling quickly. There are a lot of homes the single-family inventory where there’s some opprtunity. And also, the 166 townhome and condominium market sector, there’s definitely some opportunities there as well.
Thanks for listening. Have a great day. That you Veterans. And I’ll talk to you next week.