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Monday Morning Market Minute – October 2nd, 2023

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. We’ve got October 2nd, 2023, with your Monday Morning, start of the fourth quarter minute.

Okay. Single family inventory from South San Francisco to Redwood City right now is 210. That is down from last week’s 219. Last year. This time the number was 253. In 2021 that number was 159. In 2020, 229, 2019, 219 and then 2018 the number 242. Here we are, 210. That is a low number for inventory for single family homes with 30 homes come on the market. Last week the number was 50 and we have 31 go on to contract. Last week was 35. You know, we’d like to see 40 week in and week out. But 2023 in the high thirties has always been a real good number, at least in the thirties I think is a healthy number. So that’s good news there.

Condominiums and town homes a 130 on the market, that’s up from 121 of last week. Last year this time the number was 160. In 2021, 129 in 2020, 193, 2018, 112 and the 2018, number 89 again here we’re at 130. We had 22 condominiums come on the market and with 13 going to contract. Last week, the number was 19. We stayed in the teens. That’s that’s the good news, that we stay in the teens. We also had 19 homes either expire, cancel or withdrawn from the marketplace and 28 price reductions. Big number. So total, total from South San Francisco to Redwood City, single family homes and condominiums inventory is 340.

Last week, that number was 340. That’s three weeks in a row. We’re holding 340 and 340 represents the the peak of inventory for 2023. Very, very interesting three weeks in a row we stay at 340 last year this time that number was 413 and 2021, 288 and 2020, 422, 2019, 331 and the 218 number 331. Whoa, that’s wild.

So here we have 340 total. Total inventory is still relatively low. Very, very low. But some homes are staying on the market and not selling and some are selling right away. Clear, clear difference. There is I’ve said it before and I’ll say it again, getting home prepared to go on the market properly and putting a really good marketing price on there, It’s to create the momentum, to create the urgency, to create the I want this home movement.

That’s how you get it sold in this marketplace. If you don’t do that, you sit on the market. Thanks for listening. Have a great day and I’ll talk to you next week.

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