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. September 11th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 212. That is up from 193 of last week. Last year this time that number was 246. In 2021, 210. 2020, 228. 2019, 216. And the 2018 number was 224. Again, here we are at 212. Right in line, I mean, a lot less than last year. We had 63 homes come on the market. That one of the largest number for inventory, coming new inventory in a single week for 2023. Last week that number was 32. And we had 27 go into contract, better than last week’s 23. The average days on market for those 27 homes that went into contract was 21 and a half days. Last week that number was 25, so days on market shrunk a little bit there.
Condominiums and townhomes, we have 121 condos, townhomes come on the market. That’s up from 112 of last week. Last year this time, big difference, 162. 2021, 130. 2020, 173. 2019, 74. And the 2018 number was 79. Again, here we are at 121. We had 21 condominiums, townhomes come on the market. Better than last week’s 4. And we had only 7 go into contract. Last week that number was 13. Post-Labor Day week on there? I’m not quite sure why that number is so low.
Average days on market for those 7 that went into contract was 24 and a half days, which is better than last week’s 26 and a half. So again, the townhome, condominium market, days on market contracted last week as well, which is good news.
We also had 13 homes either expire, cancel, or withdraw from the marketplace. And a pretty big number here, 25 price reductions.
So total-total, from South San Francisco to Redwood City, single-family homes, and condominiums, inventory is 333. That’s up from 305 of last week. And a new 2023 peak of total-total inventory, beating the 323 number we had a few weeks ago. Again we are at 333. Last year this time, that number was 408. In 2021, that number was 279. 2022, 383.
In 2018…19 excuse me, that number was 270. And the 2018 number was 303. Here we are at 333. So on a macro conversation of the, you know, micro market that we’re monitoring, inventory is still relatively very, very low. I pulled out some data, what was the peak inventory for years past. So last year, peak inventory was 464. So here we are at 333. Are we gonna jump over the 400 marker and push into the, you know, mid-400s? Right now I’m not feeling that, but that’s what we’re monitoring. In 2021, the total number, peak number for the year was 309. In 2020, 441. 2019, 336. 2018, 344. I’m gonna go all the way back to 2013, the number…peak inventory for the year was 336. Again here we are at 333. And as you look around in previous years, relatively very, very low inventory. Here’s a huge contrast, 2010, peak number was 933. Again, here we are at 333.
We’re having homes having multiple offers, and we’re also having homes sitting on the market. What’s the difference that makes the difference? If you’ve heard me say it before, first and foremost, the marking price we put on the home, creating urgency, creating value. And then to continue that value is getting the home prepared to go on the market, so that the features and benefits outweigh the price, creating urgency, creating the buyers that are out there wanting to offer on that home and creating that excitement. That’s the difference that makes a difference.
Thanks for listening. Have a great day. And I’ll talk to you next week.