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 18th 2023, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 220. That is up from 212 of last week. Last year this time, that number was 254. In 2021, that number was 158. In 2020, that number was 236. 2019, 228. And in 2018, 227. Again, here we are at 220. I find that 220 number compared to the 2018 number of 227 very interesting. We had 63 homes come on the market. Last week that number was 63. 63 for this time of year is pretty normal, actually. And we also had 37 homes go into contract. Last week that number was 27. 37, as you’ve heard me say, is a good number for 2023. We like to see 40, but 37 is a good number for 2023. The average days on market for those 37 homes that went into contract was 20 and a half days, beating last week’s 21 and a half days.
Condominiums right now, we have 120 condominiums on the market. That’s down from 121 of last week. We had, in 2018, there was 79 condominiums, townhomes on the market. Here we are at 120. We had 15 condos, townhomes come on the market. That’s a low number. Last week that number was 21. And we had 14 go into contract. Last week that number was 7. The average days on market for those 14 townhome, condos that went into contract was 16 and a half days. Last week that number was 24 and a half. But there was one condo that was on the market for 133 days. If we pull that one out, the average days on market for the 13 that went into contract was actually 9 days on the market. So that is really good news for sellers, you know, for low days on market.
We had 16 homes either expire, cancel, or withdraw from the marketplace. Normal number. And we had 26 price reductions, little on the high side, normal but little on the high side there.
So total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 340. That’s up from 333 of last week. And is a new 2023 peak of inventory, total-total inventory. Last year this time, that number was 421. In 2021, that number was 230. In 2020, that number was 416. In 2019, that number was 327. And the 2018 number was 306. So here we are at 340. All in all, a very low number.
Market is definitely moving. Good sales, days on market still shrinking. We had a home in Burlingame last week that’s a part of the 37 sales. We priced it right, we spent a lot of time and energy getting the home prepared to go on the market. It resulted in selling in 6 days, had 14 offers, and went 22% over asking. So, when you do the right thing, buyers are out there, you can create multiple offers. We had 14 in a home in Burlingame that went over $3 million. So, market is definitely moving, you just have to do the, you know, get it prepared right, and put that right marking price on there.
Thanks for listening. Have a great day. And I’ll talk to you next week.