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Monday Morning Market Minute – November 28th, 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 28th 2022, with your Post-Turkey Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 212. That is down from 239 of last week. Last year this time, that number was 91. 2020, that number was 181. 2019, 135. And the 2018 number was 185. We had 8 homes come on the market. Last week, that number was 22. Of course, going into the holiday Thanksgiving week, we expect to see new listings to be a very low number, which it was. And we had 22 homes though, go into contract. Someone’s listening to the Monday Morning Market Minute and realize it’s buyers season. The average days on market for those 22 homes that went into contract was 50 days. That is way, way up. And we had 1 TFT. Only one.

Condominiums, townhomes right now, 133 condominiums on the market. That is down from 141 of last week. Last year this time, that number was 106. 2020, 182. In 2019, 91. And the 2018 number was 76. We had 7 condominiums, townhomes come on the market. Last week, that number was 8. And we had 8 condominiums go into contract. Average days on market for those condominiums that went into contract was 42 days. That’s right in there. A little high. But that’s kinda what we’ve been seeing. And also, 1 TFT on the condominium-townhome.

And we had 15 homes either expire, cancel, withdraw from the marketplace. That’s a very normal number for this time of year. And some good news here: 10 price reductions. That’s way, way down.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 345. As to be expected, down from last week’s 380. Last year this time, the number was 197. In 2020, that number was 363. In 2019, 226. 2018, 261. And the 2017 number, very interesting, was 99. Now that’s why I bring up this 2018. 2018 was a peak year, and we went into 2018 on this date with only 99 homes on the total-total homes on the market. The first Monday of 2018, there were 69 homes on the market. So what a difference that is.

Hey, it’s still buying season. Interest rates are staying under 7%. There seems, right now, seems to be leveling off. There’s some very creative things for us to do to get that rate down even more for you. It’s time to go out and find some great houses out there. There’s some really, really good ones.

And also, real quick, shoutout to the Sierra High School Varsity Football team for winning the CCS Division One Championship. Now, they’re off the the Open Division State Championship. Congratulations.

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

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