Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
Hi this is Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. November 13th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 187. That is down from 204 of last week. Last year this time, that number was 256. In 2021, 115. In 2020, 214. 2019, 174. And the 2018 number was 233. Here we are at 187, under 200. We had 23 homes come on the market. Last week that number was 26. And we had 28 go into contract. That’s better than last week’s 19, which was not a very healthy number. Mid to high thirties is the number that’s been pretty good, or the good number for 2023. Here we are at 28. The average days on market for those 28 homes that went into market was 21 days.
Condominiums and townhomes inventory right now is 123. That’s down from 128 of last week. Last year this time, that number was 148. In 2021, 124. In 2020, 192. In 2019, 110. And the 2018 number was 88. Here we are at 123. We had 11 condos, townhomes come on the market. Last week that number was 8. And we had 11 go into contract — not a very good number. Cause, you know, last week was 15. We were liking to see that teens, mid-teens and higher to be a good number for 2023.
We also had 13 homes either expire, cancel, withdraw from the marketplace. And here’s a relatively high number: 35 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums inventory is 310, down from 332 of last week. Last year this time, that number was 400. In 2021, 239. In 2020, 406. Again, here we are at 400, or 310. In 2019, 284. And the 2018 number, 321. Again, here we are at 310. Very low number. In 2018, that number was relatively close, and we dropped all the way to 138 homes on the market on the first Monday of 2024.
So what am I saying there? It is buyers’ market. Buyers, now is a good time to negotiate on the home that you are looking at, the ones that look good, you just need to, you know, to have a good negotiation there. And know that, when we roll into 2024, inventory’s gonna be under 200, mid-100s? That is extremely low. And in my opinion, the market data on the economy, looks like we’re headed towards a soft landing. Maybe mid-year interest rates are possibly gonna come down, is what I’m…today has what I’m feeling like. So, today is a great day to negotiate in a home. Yes, it’s a higher interest rate, get into that great home that makes you feel great. The one that you’ve wanting to buy and live in. And then mid-next year, re-finance into a lower, better rate, and you’ll be really happy you did.
Thanks for listening. Have a great day. And I’ll talk to you next week.