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, October 17th 2022, with your with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 253. That is down from 256 of last week. Last year this time, that number was 167. 2020, 233. 2019, 211. And the 2018 number was 242. Here we are at 253, and etching down. We had 43 homes come on the market. Last week, that number was 45. And 27 homes went into contract. Last week, that number was 28. Again, we’re running about half of what we like to see. But still, we have sales.
Condominiums right now, 149 condominiums on the market. That’s up slightly from 147 of last week. And remember that 147 last week was a down number. Last year, this time, that number was 142. 2020, 205. 2019, 117. And the 2018 number, 91. Big difference right now between 2018 and 2022, on the total-total number is the condominium-townhome market number. We had 24 townhome and condos come on the market. Last week, that number was 13, so that number is way up. And we had 11, only 11, condominiums go into contract. Last week, that number was 16. The week before that was 10. Mid-teens, high teens or higher is clearly better. This is low, so that’s interesting.
We had 23 homes expire, cancel, or withdraw from the marketplace. And again, we had 45 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 402. Last week, 403. We’re heading down. Not increasing, clearly is what I’m talking about.
Last year at this time, that number was 309. In 2020, 438, in 2020. 2019, 328. And the 2018 number was 343. And again, the big difference there is the condominium market was so much lower in 2018.
So, hey, 402 total-total on the market. What we wanna watch is the inventory gonna expand? Or contract? And right now, we’re on a contracting path, which is very, very interesting, and exciting at the same time. With all the news going on. “Interest rates are up.” We can get you an interest rate under 6% and in the big history of interest rates, that’s really, really low. There’s people out there, we had 18%, 20%, 25% interest rates at one time, many moons ago.
So, at a 90,000 plus-minus homes, from South San Francisco to Redwood City, total number, 402 potential homes you could look at or purchase. Only 402 out of 90,000+ homes. 3,000 agents belong to the board, actually more than that, at least 1200 agents are working very hard from South City to Redwood City. So we have 1200 agents trying to sell 400 homes.
Hey, this market is a lot better than what people are thinking. Way better than what the news is trying to talk about. If you’re thinking of buying a home, I’m saying now is a great time. Especially if we believe that interest rates are still gonna continue to go up. If you’re a seller, if you’re a listing on the market, either you’re hot, or you’re not. And if you’re hot, it’s selling within 5 to 10 days, 2 days. I mean, multiple offers are still happening. So there’s the right way, and there’s the wrong way.
Thanks for listening, have a great day and I’ll talk to you next week.