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 8th 2022, with your Monday Morning November 7th Update. Yesterday was my birthday, took the day off. Thanks for all the shoutouts.
Okay, single-family inventory from South San Francisco to Redwood City right now is 254. That is down from 263 of last week. Last year at this time, that number was 132. 2020, that number was 214. The 2019 number was 174. And the 2018 number was 227. Again, here we are at 254. And as expected, came down from last week’s number. We had 36 homes come on the market. Last week, that number was 45. And we had 30 homes go into contract. Much healthier number than last several weeks. Last week, that number was 23. And the average days on market for the single-family homes that went into contract was 22 1/2 days.
Condominiums right now, 141 condominiums on the market. That is down slightly from last week’s 145. Last year, this time, that number was 118. 2020, that number was 192. 2019, 110. And the 2018 number was 95. Again, here we are at 141. We had 17 townhomes and condominiums come on the market. A little more than last week’s 14. And 13 condominiums went into contract. Pretty healthy number for right now. Better than last week’s 10. The average days on market for those condos and townhomes that went into market was 34 1/2 days which is actually down. Last several weeks, we found out we were more in the 40s there.
We had 34 homes that expired, cancelled, withdrew from the marketplace. And here’s a new number, something different that we haven’t heard in months now: 28 price reductions. Now that number’s been in the 40s, mid-40s for weeks on weeks on weeks. So here we are, 28 price reductions. Much lower. Very, very good news there.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 395. Down from 408 of last week, under the 400-marker, and as to be expected.
Last year, at this time, that number was 250. 2020, 406. 2019, 284. And the 2018 number was 322. Here we are at 395.
And I expect the inventory’s going to continue to contract as I’ve been saying throughout the rest of the year of 2022. If you’re a buyer, I think right now is a great time to buy for several different reasons. Number 1, prices are down. Competition, way down. Now, don’t be fooled, that great-priced home on the great street will get lots of activity. So now is a good time though to find that great house. Not have as much competition. Much lower than several months ago. This market has pulled back substantially really. The rates are up, but that’s not forever. And there’s creative ways to get your rate down. Call me and we can talk about that as well, and we can put that into your offer.
Thanks for listening, have a great day and I’ll talk to you next week.