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 30th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 212. That is down from last week’s 220 — 220 being the new single-family inventory peak for 2023. Last year this time, that number was 261. In 2021, that number was 134. In 2020, that number was 236. In 2019, that number was 211. And then 2018, that number was 249. Here again, we are at 212. We had 38 homes come on the market. Last week that number was 41. And we had 33 go into contract. That’s a very good number, beating last week’s 21. And the average days on market, for those 33 homes that went into contract was 22 days.
Condominiums and townhomes, right now we have 139 on the market, which is a new peak for condominium, townhome inventory for 2023. Last week, that number was 131. Last year this time, that number was 147. In 2021, 126. In 2020, 202. 2019, 117. And the 2018 number was 95. Again, here we are at 139. We had 20 condominiums, townhomes come on the market. Last week that number was 15. And we only had 7 go into contract. Last week that was 11. So that kinda shows why the inventory, we’ve hit a new peak, with a good number of condo, townhomes coming on the market in a low sell number.
We also had 10 homes either expire, cancel, withdraw from the marketplace. Actually it’s a pretty low number for this time of year. And we had 26 price reductions. Also that’s pretty average number at this time of year.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums inventory is 351. Last week that number was 351. 351 is the new peak inventory, for total-total inventory from South San Francisco to Redwood City. Here we are, you know, towards the end of October, and as we go into the holidays now, November and December, I believe this is gonna prove probably to be the peak. Maybe a – you know, we’re not gonna – I guess my point is we’re not gonna hit 400, and we’re not gonna go over 400. Last year this time, that number was 408. In 2021, 260. 2020, 438. 2019, 328. And in 2018, 344. So here we are at 351.
Although, you know, that’s the peak for 2023, that’s a low number. And as inventory is probably gonna start to contract and we lead into the new year, that’s gonna set up for really low inventory in the 2024 market. And that supply and demand, less supply and we’re gonna have good demand as we watch the employment number, and of course we’re watching interest rates, but things are selling. It’s gonna be a hot – it’s gonna be a pretty healthy 1st quarter is what I think we’re leading up to. Right now, as we go into November-December, we’re in buying season. As I said last time, if you wanna buy or sell your home and close before the end of the year, you have about 30, 33, maybe 35 days to get into contract. So that’s why it’s buyer season. Sellers who wanna close escrow, buyers out there, we’ve got some – the sellers are staying on the market, they’re motivated. So now is the time to, you know, find that home, or go for the home that you’ve been watching, and start a negotiation.
Thanks for listening. Have a great day. And I’ll talk to you next week.