Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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What’s going on with the housing market on the Mid-Peninsula and San Mateo County? Well, welcome to the Monday Morning Market Minute, where I go over the 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 7th 2024. And let’s get sstarted.
Okay, single-family inventory from South San Francisco to Redwood City right now is 212. That is up slightly from last week’s 209. The peak for 2024 is 217. Here we are at 212. Last year at this time, that number was 213. We had 52 homes come on the market. Last week that number was 48. And we had 36 homes go into contract. That’s a good number. Not as good as last week’s 41, which we were very excited about. And the average days on market for the 36 homes that went into contract was 20 days. Versus last week was 15.
Condominiums and townhomes right now, 180 on the market. That’s down slightly from last week’s 188. Last year at this time, that number was 135. In 2022, that number was 147. In 2021, 142. In 2020, 193. So back in 2020, we were around the same level, at 193. Again, here we are at 180. We had 18 condominiums, townhomes come on the market. Last week that number was 26. And we had 22 condominiums, townhomes go into contract. That’s a great number, way better than last week’s 14. And 22 is the most sales we’ve had in a single week for the condominium, townhome market section, or sector. The average days on market for the condominiums that went into contact was 61 days. But we had a condominium in San Bruno that took 140 days. If I pull that out of the study, the days on market actually drops to 28. And the townhomes that went into contract last week? Average days on market was 24 days.
We also had 17 homes either expire, cancel, or withdraw from the marketplace. And 14 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 392. That is down from 397 of last week. Last year at this time, that number was 348. In 2022, 403. In 2021, 309. 2020, 442. And 2019, 336. And the 2018 number for total-total was 328. Again, here we are at 392. The peak inventory number for total-total is 401. So here we are at 392. We’re 9 off the peak. I do believe that the inventory will continue to contract. But the next couple of weeks will definitely let us know that, because sometimes, we do retest inventory in mid to late October.
But right now, the way the interest rates are, the activity that we’re seeing, the amount of sales that I’m seeing. I believe that inventory is gonna continue to shrink as we finish out the year.
Thanks for listening. Have a great day. And I’ll talk to you next week.