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, 19th 2022 with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood city right now is 254. That is up from 246 of last week. Last year, this time that number was 158. In 2020, that number was 236. 2019, 218. And that 2018 number was 227. Here we’re at 254. We had 60 homes come on the market. Last week, that number was 58. So that’s two weeks in a row of very healthy new inventory on the market. And we had 33 sales, beating last week’s 26. And the average days on market for the homes that went into contract was 38 1/2 days. That is up from the 20, mid-20s, 20s of previous weeks.
Condominiums right now, 167 condominiums on the market. That’s up from 162 of last week. We had 26 condominiums come on the market. Last week that was 23. Again, another healthy number of new inventory for condominiums and townhomes. And we had 16 condominiums going to contract beating last week’s dismal 10 back in that mean middle teens number that I do like to see week in and week out.
We also had 19 homes, either expire, cancel, withdraw from the marketplace. And 47 price reductions. Another huge number again.
So total-total, from South San Francisco to Redwood city, single-family homes and condominiums, inventory is 421. Last week, that was 408. Couple weeks ago, we were under the 400-marker. Now we’re going back over 400. Last year this time, that number was 280. 2020, that number was 416. In 2019, number was 330. And the 2018 number was 306. Also something interesting: in 2020 and 2019, we hit a peak of inventory year to date. And so I find that very, very interesting. Here we are at 421, the peak total-total inventory is 464. So far for 2022.
So is this inventory gonna continue to rise? Into October, where we do usually very often we see another peak of inventory in October and then start going back down. So are we building up to a new October peak, beating the 464 number? Obviously only time will tell in terms of how the market is operating.
You know, sales are back up on both sides. More inventory. More in that normal marketplace. Buyers, plenty, a lot more to choose from. Pace slows down a little bit. But watch out, that great priced home on that great street will sell right away. So if you are thinking of selling your home, the right agent, the right process, the right procedures, the right marketing makes all the difference right now.
Thanks for listening. Have a great day. And I’ll talk to you next week.