Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? 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 18th 2024. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now: 163. That is down, way down from 184 of last week. That’s what we typically see here in this time of year is inventory coming down like that. Last year this time, 163. In 2022, 239. In 2021, 91 homes for sale. In 2020, 211. 2019 , 152. And the 2018 number, 211. Again, here we are at 163 single-family homes on the market. We had 27 homes come on the market. That’s lower than last week’s 33. And here’s a good number: 33 homes go into contract, beating 2 weeks of a low number. Last week, that number was 20. Average days on market for those 33 homes that went into contract was 15 and a half days. And also, I just looked back last year this time, very interesting cause since we had a hundred- we had the same inventory number for single-family homes at 163. Last year sales was 31. Again, here we are at 33.
Condominiums and townhomes right now, 162 on the market. That’s down from 162 of last week. Last week this time, that number was 122. In 2022, that number was 141. 2021, 106. 2020, 180. 2019, 150. And the 2018 number, 81. Again, here we are at 162 townhomes, condominiums on the market. We had 11 come on the market. That’s a very low number. Last week that number was 23. And we only had 10 go into contract. That’s three weeks in a row now, with some low sales for the condominium, townhome market. Last week, that number was 12. Average days on market for the condominiums – big number – 59 days. Ouch. And the average days on market for the townhomes that went into contract – this number goes up – 35. It’s double what it was last week.
We also had 10 homes either expire, cancel, withdraw from the marketplace. That’s a low number. And we had 17 price reductions. Actually, that’s a relatively low number as well.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 325. Down from 350 of last week. Last year this time, that number was 290. Then 2022, that number was 380. In 2019, 197. The 2020 number, 341. 2019 number, 256. And the 2018 number, 292. Again, here we are at 325. Low number for single-family inventory. You know, 162 on the townhome, condo market. That’s relatively a higher number. 2020 was much higher there. But big news is the 33 sales in the single-family home sector, beating or eliminating the last two weeks of low number. So, there was a little pent-up demand there. And obviously some capitulation, some negotiating going on and equals to a lot of sales.
Inventory’s low, for single-family. Sellers, if you’re thinking of selling here at the end of the year, it’s actually a great time, like I have said in the past. Getting your home ready for the holidays? Home looks fantastic? Low inventory? Interest rates are looking more favorable? There are buyers out there. And if you’re in the condominium market right now and townhome, but especially condominium market, great time to go out and negotiate and find something that’s been on the market maybe for a little bit. And get yourself into a condominium.
Thanks for listening. Have a great day. And I’ll talk to you next week.