Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So how’s the housing market on the Mid-Peninsula? 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, part of the Gilmartin Group, real estate company in Burlingame, California. It’s October 28th 2024. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 174. That is down from 183 of last week. Last year at this time, that number was 212. In 2022, that number was 263. Here we are at 174 homes on the market. Single-family homes, under 200 homes on the market on the Mid-Peninsula. We had 38 homes come on the market. Last week that number was 39. And we had only 29 homes go into contract. Last week, that was fabulous, at 45. 40 is a great number that we like to see week in and week out. We’ve seen a couple of those in the last couple of weeks. 29 is not quite there, maybe we lost a little steam. Maybe all the good homes got bought up.
Condominiums and townhomes right now, we have 181 on the market. That’s actually up from 176 of last week. Last year at this time, that number was 139. In 2022, 145. In 2021, 126. In 2020, 202. In 2019, 127. And the 2018 number, was 95. Again, here we are at 181. We had 22 condominiums, townhomes come on the market. Last week that number was 20. And we had 13 go into contract. Last week, that number was 12. At least we got back into the teens with 13. Still we like to see it a little bit higher than that.
We also had 12 homes either expire, cancel, or withdraw from the marketplace. Pretty average for this time of year. And we had 70 homes reduce their price. That’s a higher number than we normally see at this time of year.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 355. That is down from 359 of last week. Last year at this time, that number was 351. In 2022, that number was 408. In 2022, or 20 excuse me, that number was 360. In 2019, 438. So here we are at 355 homes on the market.
Again, the big story is only 174 single-family homes on the market from South San Francisco to Redwood City. That’s a very low number. And also, like I’ve been saying, to be expected, inventory will continue to come down, here on the rest of the year, and we will continue to go into 2025 with super low inventory, which will cause another very strong market for sellers. So buyers, right now in the homes that did sell, there were several homes that sold- the reason why the- oh I didn’t tell you this. Let me back up real quick, sorry.
The average days on market for the single-family homes that went into contract was 21 days. There were- Out of that 29, there were several homes that were on the market for a long time. Finally, going into contract, and then taking, you know, then there’s a whole other batch of homes that’s sold within at least 14 days, more like 7 to 9, 10, 11 days. So, the homes that went into contract, there were some deals being made on homes that were open the market for over 30 days. So that’s where the opportunities are right now.
And then the average days on market for the condominiums that went into contract: 66 days. And the average days on market for the townhomes that went into contract, 15 and a half days. So, buyers, what I’m trying to say is that there’s opportunity out there right now. Especially for homes that- anything has been on the market for more than 2 weeks. This is an opportunity to negotiate. Sellers, again, you may think now is not a great time to put your home on the market. But there’s a few reasons why it is still a great time to put your home on the market. Number 1, inventory is so low. Less competition. Number 2, holiday season is a fabulous time to put your home on the market because, hey the homes look great, decorated, and with inventory low, and you have all the decorations out. It just shows what kind of- It shows the character that your home can really provide to new homeowners. We don’t stop selling homes here at the end of the year. Actually there’s a lot of activity that goes on. So both sides here, there’s an opportunity to sell your home at a higher price. If done right, right?
And buyers, there’s an opportunity out there for taking advantage of certain marketing strategies that aren’t being used on other homes.
Thanks for listening. Have a great day. And I’ll talk to you next week.