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Monday Morning Market Minute – October 14th, 2024

Real Estate Update – Mid Peninsula

Dan Gilmartin reviews the weekly home inventory numbers.

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You wanna know what’s going on with the housing market on the Mid-Peninsula and San Mateo County? Well, you’re in the right spot. 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 October 14th 2024. Let’s get started.

Single-family inventory from South San Francisco to Redwood City right now is 206. That’s down from 212 of last week. Last year at this time, that number was 212. In 2022, that number was 253. We had 45 homes come on the market. Last week that number was larger at 52. And we had 42 go into contract. Last week, that was 36. 42 is one of the highest numbers of sales on a weekly basis for a single-family in 2024. But with the inventory that we had, that 52 that came on, lots of them sold right away. And the average days on market for those 42 were 20. But in that batch, there were a dozen at least that sold within 7 days or less.

Condominiums and townhomes right now, we have 179 on the market. That’s down from 180 of last week. Last year this time, that number was 139. We had 21 condominiums, townhomes come on the market. Last week that number was 18. And only we had 11 go into contract. Last week, that number was 22. 22 was the highest sale number for condominium, townhome sector in 2024. So we had a little, a big cool-off there at 11. The average days on market for the condominiums that went into contract out of that 11 was 55 days. And the average days on market over the townhomes that went into contract at 11 were 36 days.

We also had 5 homes either expire, cancel, or withdraw from the marketplace. Very low number. And we also had 9 price reductions. Again, another very low number.

So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 384. That is down from 392. Interest rates did tip back up a little bit. And yet we have major number of sales for the single-family inventory. Inventory is contracting as I thought would happen. We have 1 more week to see if that would bump up. If it doesn’t go down. If- next week’s report will be very important to pretty much solidify where we’re gonna go with inventory for the rest of the year.

Again, like I said last week, I believe that the inventory’s gonna continue to reduce and we’re just gonna get lower and lower numbers there. And we’re gonna push into 2025 with, again, very, very low inventory. So, as this is happening, sellers clearly, the less homes that are on the market. Less competition, the better it is for you. Interest rates are moving around right now. It’s gonna be interesting to see what’s going on. If they continue to come down one more tick, depends on a couple of other reports that will be coming out later in the month. Again, buyers though, condominium and townhome market, lots of opportunity there And there are some great opportunitys for the single-family sector as well.

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

 

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