Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? Well, you’ve come to the right spot. Welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report on 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 September 23rd 2024. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City right now is 217. That is up from 210 of last week. And that is two weeks in a row we’ve hit a peak in inventory. It’s the most single-family homes we’ve seen on the market at one time in 2024, and that is 217. Last year at this time, that number was 219. In 2022, that number was 263. We had 52 homes come on the market. Last week that number was 54. Those are very healthy inventory, new inventory numbers right there. And we had 29 go into contract. Not as good as last week’s 38. 38 last week was really exciting to see getting closer to that number we like to see at 40. Here we are at 29, just under 30. With more inventory, I would like to have seen that a bit higher. The average days on market for those 29 homes that went into contract was 24 days.
Condominiums and townhomes right now, 184 on the market. That is up from 179 of last week. Last year at this time, that number was 121. And in 2022, that number was 162. Again, here we are at 184. We had 26 condominiums, townhomes come on the market. And we had 16 go into contract. That’s a very healthy sales number. Last week, that number was 12. The average days on market for the 16 that went into contract for the condominiums was 23 days. And the townhomes that went into contract, the average days on market was 46 days. But we had one townhome that was on the market for 109 days. If I pull that out of the study, the number drops to 14 days. So we had one townhome there that kinda messed with those numbers right there. So from 46, could really go down to 14.
We had 9 homes either expire, cancel, withdraw from the marketplace. And, 19 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 401. That’s up from last week’s 389. And that is a new 2024 peak inventory, total inventory, beating the 376 that was the last number. Last year at this time, that number was 340. In 2022, that number was 425. 2021, 280. In 2020, 416. 2019, 330. And the 2018 number, 307. Again, here we are at 401.
So, inventory is up on the single-family home inventory. To be expected, by the way. It’s that time of year. Here we’re getting late September. October we tend to retest those new peak inventories. And that’s exactly what’s happening. Some pretty healthy sales all in all, and yet interest rates are coming down. And I’m sure you’ve all heard, you can get interest rates today, I believe, under 6%. As one of my mortgage brokers told me just over the weekend, and there’s more news of more rate cuts. So higher inventory, lower interest rates, opportunity time for buyers. Sellers, if you wanna get your home prepared, and sell during the holidays, this could prove to be a very healthy holiday season for sales. All around, really.
Thanks for listening. Have a great day. And I’ll talk to you next week.