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 12th 2022, with your Monday Morning Market Minute. Getting ready to play some golf, which I rarely do for the Burlingame Rotary Charity Tournament. And so I’m looking forward to that, and I want to get this done for you.
So, single-family inventory from South San Francisco to Redwood City is right now 246. That is actually up from 224 of last week. We had 58 homes come on the market. That’s a big number. Last week, that number was 31. Now remember, we were going into that Labor Day weekend, so less homes came on the market. Post-Labor Day weekend, a big pop in inventory. And we only had 26 homes go into contract. Last week, that number was 36, which was a very exciting number as we were going into that Labor Day weekend. But that Labor Day weekend now looks like slowed down the sales for this week. The average days on market for the homes that did go into contract was 21. Slightly down from last week’s 23.
Condominiums right now, 162 condominiums on the market. Last week, 162. We had 23 condominiums come on the market. Last week, that number was 13. And we had 10 condominiums go into contract. Last week, that number was 19. As I like to say, teens, mid-teens, high-teens always a good number. 10 is a low number, just like the 26 for the single-family homes. Again, I believe that’s the post-Labor Day weekend number.
We also had 26 homes either expire, cancel or withdraw from the marketplace. And a huge number: 40. 40 price reductions. That’s one of the largest numbers we’ve had this year. Price reductions. Last week, that number was in the high 20s.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 408. Last week that number was 386. We were really excited how we went under the 400-number. Here we are at 408.
Now, new conversation. Will that continue? Or is that gonna stall and then we’re gonna go back down. That’s what we’re watching now. Again, 408, on a macro level is a low number. More of a normal number, like I’ve been saying week in and week out. But we wanna watch. Is that gonna continue? Are price reductions gonna continue? Are expires gonna continue? And are sales gonna slow? Or is it gonna be the reverse?
I think it’s gonna be the reverse. I think the market’s very healthy right now. Jobs are good. Interest rates are higher than normal. But the buyers out there right now who have the means are able to get good loans. So, if you’re thinking of selling your home, I think now is still a good time. Especially if you’re thinking of selling your home the next six months or less, you should give us a call.
Thanks for listening, have a great day, and I’ll talk to you next week.