Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
——–
So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? Well, 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. I’m part of the Gilmartin Group, real estate company in Burlingame, California. It’s November 4th 2024. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 182. That is up from 174 of last week. That’s the first time we’ve seen that on this date November, as far as I’ve looked back. Last year this time, that number was 204. In 2022, that number was 254. In 2021, 132. 2020, 230. 2019, 195. In 2018, 227. And the 2017 number – I threw it in there cause it’s so interesting – was 155. 2017 was a super hot market. Really low inventory pushes into the 2018 market which was also very, very hot. One of our last major peaks, one would say. So, in 2017 we had 155 only. Here we are at 182. Still that’s under 200, a very low number. But, very interesting how we went up in inventory from 174 of last week. We had 41 homes come on the market. Last week that number was 38. And we only 21 homes go into contract. Last week, that number was also low at 28. 21 is certainly a low number for sales that we’ve been seeing, week in and week out. We’ve been more in the 30s. We’ve hit the 40s a couple of times. But that is a low number. But, the average days on market for those 21 homes that went into contract: 15 and a half days. So, that is a quick market right there.
Townhomes and condominiums inventory right now, 171. That’s down from 181 of last week. Last year this time, that number was 128. In 2022, that number was 141. Again, here we are at 171. We had 15 condominiums, townhomes come on the market. Last week that number was 22. And we only had 13 go into contract. Last week, that number was also 13. Yes, it’s a teen but certainly on the lower side of the teens that we like to see. The average days on market for condominiums that went into contract: 71 days. That’s a long time. We’ve had a few condominiums just took a very long time to get sold. And the average days on market for townhomes that went into contract out of that 13: 8 days.
We also had 18 homes either expire, cancel, or withdraw from the marketplace. Average number. And we had 12 price reductions. That’s a low number.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 353. Down from 355 of last week. Last year at this time, that number was 332. In 2022, 395. In 2021, 250. In 2020, 423. In 2019, 360. And the 2018 number was 322. Again, here we are at 353.
We got a bump in single-family inventory. That’s good news for buyers right now. More selection, although as we see here, 15 and a half days, days on market for the homes that are coming on. So, although we got some more inventory, I assume they’re gonna sell really fast, and that inventory is gonna come back down as we look at the numbers next week. The condominium, townhome market still a lot of opportunity there, especially in the condominium market. Definitely some deals to be done.
Thanks for listening. Have a great day. And I’ll talk to you next week.