Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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Hi, I’m Dan Gilmartin, part of the Gilmartin Group Real Estate Company in Burlingame, California, October 31st 2022, with your Halloween Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 263. That is actually up from 261 of last week. Last year at this time, that number was 134. 2020, that number was 230. 2019, 195. And the 2018 number was 241. Again, here we are at 263. Average days on market for the active single-family homes right now is 46 days on the market. We had 45 homes come on the market. Last week, that number was 38. And 23 homes went into contract. Last week, that number was 22. The average days on market for the single-family homes that went into contract is 29, which is up slightly. And we had 4 TFTs. Last week, we actually had 2. And the week before that we had zero, and there was zero. So, little uptick in TFTs.
Condominiums right now, 145 condominiums on the market. That’s down from 147 of last week. Last year, this time, that number was 126. 2020, 193. 2019, 121. And the 2018 number was 95. Again, here we are, 145 condominiums, townhomes on the market. 14 condominiums came on the market. Last week, that number was 15. And 10 condominiums went into contract. Last week, that number was 11. The average days on market for the condominiums and townhomes that went into contract was 46 days out. That’s up slightly.
We had 14 homes either expire, cancel, withdraw from the marketplace. And again, 49 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 408. Last week, 408. I said last week, that the inventory is gonna start shrinking, contracting. And it actually went sideways. Now, I do believe if history repeats itself, inventory’s gonna continue to contract throughout the year.
Last year, at this time, that number was 260. 2020, was 423. 2019, 316. And the 2018 number was 336. Again, here we are at 408.
So, average days on market is up slightly. Sales are a little lower than we like to see. That’s contracted a little bit. Inventory went sideways. Good time to be a buyer right now. In terms even, there’s some creative ways to get a lower interest rate than you’re seeing. So, for homes that are out there right now on the market for a while, is a good time to negotiate for sure. And we can show you how to even get a lower rate.
Thanks for listening, have a great day and I’ll talk to you next week.