Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? 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 21st 2024. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City right now is 183. That is down from 208 of last week. Last year at this time, that number was 213. In 2022, that number was 261. In 2021, 145. 2020, 233. 2019, 211. And 2018, 249. Again, here we are at 183. That’s a very low number for single-family inventory. We had 39 homes come on the market. Last week that number was 45. And we had 45 homes go into contract. Last week, that was 42. 42 was the peak number for 2024. Now we have a new high for 2024, with 45 sales. That is fantastic news. The average days on market for those 45 homes that went into contract was 21 days.
Condominiums and townhomes right now, 176 on the market. That’s down slightly from last week’s 179. Last year at this time, that number was 135. In 2022, that number was 147. ’21, that number was 137. In 2020, that number was 205. 2019, 117. And that 2018 number, 95. Again, here we are at 176 condominium, townhomes on the market. We had 20 new condos and townhomes come on the market. Last week that number was 22. And we also had- Oh, the average day- Oh, we had- slow down there- 12 go into contract. Not that good. Last week, that was 13. I was a little nervous about that number. 13 was in the teens, but still, 12 is not the number that we like to see. The average days on market for the condominiums that went into contract was 16 days. But, we did have a condominium in Foster City – I left it out of the study – that was on the market for 230 days, finally went into contract. So, pulling that out got us to the 16 days on the rest of the condos that went into contract. The townhomes that went into contract was 27 days on the market.
We also had 26 homes either expire, cancel, or withdraw from the marketplace. And we had 17 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 359. That is down from 389 of last week. Last year at this time, that number was 348. In 2022, that number was 408. In 2021, 296. And that 2020 number was 438. The 2019 number was, 328. And the 2018 number was 344. Again, here we are at 359.
Really low inventory number for the single-family sector. The condominium, townhomes sector of inventory has been higher because of interest rates. Interest rates came up a little bit couple of weeks ago. We’re talking about bringing them down right now. A lot of talk going on. Waiting for some few things to happen in terms of the news of what’s going on with interest rates. But we are literally going into buying season. As we go more into the holidays, you know, homes that stay on the market are very motivated to sell. So, buyers listen up. It’s a good time to be searching for great homes that maybe started at too high of a price, and now they’re ready to negotiate. That’s what the opportunities are. In terms of total inventory, inventory is going to continue to contract week, and week out. And we’re gonna go right into the new year with very, very low inventory. Naturally, sellers, with lower inventory, better for you, lesser competition.
Thanks for listening. Have a great day. And I’ll talk to you next week.