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, November 14th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 256. That is up from 254 of last week. Not to be expected. We had 40 homes come on the market. Last week, that number was 36. And only 21 homes went into contract. Last week, that number was 30. And the average days on market for the homes that went in to contract is 26 days.
Condominiums right now, 144 condominiums on the market. Up from 141. Not to be expected. We had 12 condominiums-townhomes come on market. Last week, that number was 17. And we only had 7 condominiums go into contract. Last week, that number was 13. The average days on market for the condominiums and town homes that went into contract was 50 1/2 days. That’s sharply up there.
We also had 10 homes either expire, cancel, withdraw from the marketplace. And 33 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 400. That is up from 395. Now, I do believe I have to fact-check this, but I believe that is the first time that we have seen inventory rise in November, and we’re at the 400-marker right there.
Last year at this time, that number was 250. 2020, 406. In 2019, 284. And the 2018 number was 321. Again here we are at 400. Very interesting.
Is inventory gonna continue to rise? Or is it gonna start to contract? I’m still gonna believe it’s gonna contract from here. Now the big question is “how much?”
Thanks for listening, have a great day and I’ll talk to you next week.