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 6th 2023, with your Monday Morning Market Minute.
Okay, single family inventory from South San Francisco to Redwood City right now is 204. That is down from 212 of last week. Last year, this time that number was 254. In 2021, 132, 2020 230, the 2019 195, the 2018, number 227. Again, here we are at 204. We had 26 homes come on the market last week. Number 36, a lower number for this time of year is to be expected. And we only had 19 going to contract last week. The number was 33. 19 is really half of what we normally see at this time of year. When I look back over back to 2017.
Condominium and townhomes on the market right now, 128 that’s down from 139 of last week. We had 8 come on the market last week that was 20 and we had 15 go going to contract much better than last week’s 7. And right there, mid-teens is a good 2023 sales number for condos, townhomes. We also had 20 homes either expire, cancel a draw from the marketplace and we had 25 price reduction. So total total from South San Francisco to Redwood City, single family homes, and condominiums, inventory is, 332 that’s down from 351 of last week.
I think 351 is going to be our peak of inventory for 2023 because as you know, right on schedule coming down this week in November, down to 332 of last year, this time the number was 395. In 2021 250. 2020, 423. 2019, 316. 2018, 322. I’m going to add to that 2017. This is this is when we were leading up to the peak peak peak of 2018.
In 2017, the total total inventory number was 155 Again, here at 332. All in all, on a macro level, from South City to Redwood City, that is a low number and we are literally 100% into buying season. So buyers, now is the time to go out there and find the great homes that have maybe started their price a little high and now they’re probably ready to to to listen to a good offer.
Thanks for listening. Have a great day and I’ll talk to you next week.