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 20th 2023, with your Thanksgiving Week, Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 163. That is down from 183 of last week, to be expected. Last year this time, that number was 239. In 2021, that number was 91. In 2020, 211. And 2019, 156. And the 2018 number was 211 as well. Here we are again at 163. We had 20 homes come on the market. Last week that number was 23. And we had 31 homes go into contract. That’s better than last week’s 28. Thirties has been the good number for the 2023 number here for sales. The average days on market for those 31 that went into contract was 23 and a half days.
For the condominium, townhome market, we have 122 on the market. That’s down from last week’s 123. Last year this time, that number was 141. In 2021, 106. In 2020, 180. 2019, 105. And the 2018 number was 81. We had 8 condominiums, townhomes come on the market. Last week that number was 11. And we had 8 go into contract. Last week that number was 11. Eight, not the, you know, we wanna see that in the teens, at least, for healthy number there.
We also had 9 homes either expire, cancel, or withdraw from the marketplace. And we had 26 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums inventory is 290, down from 310 of last week. Last year this time, that number was 380. In 2019, that number was 193. In 2021 — 22, 21 — was 391. I can’t read my writings in the notes. In 2019, that number was 256. And the 2018 number was 292. Here we are again at 290.
Inventory’s gonna continue to contract. I think that we’re gonna probably get as low as 138, 145-ish is probably what we’ll end up with on the last day of the year. Great sales here. Interest rates have fallen down, you know, come down a little bit. So possibly one of the great reasons that we had 31 sales. And again, it’s buyer season. You have about one more week and a few days. If you wanna close that escrow on your new home this year, you have about another week and a few more days to pull that off. You know, typically a loan takes every, you know, 30 days is what I’m really getting at. So, you know, some guys, gals say they can do it in 25, sometimes it takes 35. So let’s go with the 30. So if you wanna get, find that home, negotiate on that great home, and close this year, give it another week and a few more days.
Thanks for listening. Have a great day. And I’ll talk to you next week.