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Monday Morning Market Minute – November 28th, 2023

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 27th 2023, with your Monday Morning Market Minute.

We hope everyone had a wonderful Thanksgiving holiday last week. Hope you were with your friends and family, and all is well as we continue to go into this holiday season.

Alright, single-family inventory from South San Francisco to Redwood City right now is 152. That’s down, to be expected, from last week’s 168. Last year this time, that number was 212. In 2021, 78. In 2020, 181. In 2019, 135. And in 2018, 185. And here we are at 152. We had 8 homes come on the market, to be expected into the holiday or Thanksgiving week time period. Last week that number was 20. We had 17 go into contract. Not nearly as good as last week’s very exciting 31 number, but again, the holiday week tends to slow activity down. The average days on market for the 17 homes that did go into contract during the Thanksgiving Week was 25 and a half days, up slightly from the 23 and a half days we had the week before.

Condominiums, townhomes right now, 114 on the market. That’s down from 122 of last week. We had 5 come on the market. Last week that number was 8. And we had 3 go into contract. Last week that was 8. Again, three during Thanksgiving Week, things tend to really slow down. The average days on market for those 3 was 47 days, although 2 of those sales was in a particular building, where there’s a very large — it’s a senior home. An extremely, like, thousands of dollars of HOA fee for care. So that’s kind of, there’s an anomaly, those were on for 177 days each. But when I pull those two out, the really, the one other normal condominium was on the market for 47 days.

We had 11 homes either expire, cancel, withdraw from the marketplace. And we had 7 price reductions.

So total-total, from South San Francisco to Redwood City, single-family homes and condominiums and townhomes inventory is 266, down from 290 of last week. Last year this time, that number was 345. In 2021, that number was 179. 2020, 363. 2019, 226. And in 2018, 261. Here we are at 266. Very low inventory.

This is the last week, ladies and gentlemen. If you wanna buy your home and close this year, in 2023, this is the week you gotta do it. Otherwise, you’ll be closing in January, which is fine too, but a lot of people would like to close this year and have the holiday season in their new home. But cutting it pretty tight there as well.

Thanks for listening. Have a great day. And I’ll talk to you next week.

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