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Monday Morning Market Minute – November 21st, 2022

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 21st 2022, with your Thanksgiving Week Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 239. That is down from 256 of last week. Last year this time, that number was 165. In 2020, that number was 211. In 2019, 156. And the 2018 number was 211. Again, here we are, 239. Inventory down, as to be expected. We had 22 homes come on the market. Last week, that number was 40. And we had 23 homes go into contract. Better than last week’s 21.

Condominiums right now, 141 condominiums on the market. That’s slightly down from last week’s 144. Last year this time, that number was 124. 2020, that number was 180. In 2019, 100. And in 2018, 81. Again, here we are at 141. We had 8 condominiums came on the market. Last week, that number was 12. And we had 4 condominiums go into contract. That’s lower than last week’s number of 7.

We had 18 homes either expire, cancel, withdraw from the marketplace. And 27 price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 380. Down from 400 of last week and as to be expected. Last year this time, the number was 239. 2020, 391. In 2019, 256. And the 2018 number was 282. And here again, we’re at 380.

It’s Thanksgiving week. Obviously a lot less homes are gonna be coming on the market this week. But we have really entered into buying season. So if you’re thinking of buying a home, now is a great time to go out to find a great home. Certainly buyers season.

Thanks for listening, have a great day and I’ll talk to you next week.

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