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Monday Morning Market Minute – September 25th, 2023

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 25th 2023, with your Monday Morning Market Minute.

Okay, single-family inventory from South San Francisco to Redwood City right now is 219. That’s down from 220 of last week. Interesting and good news. Last year this time, that number was 263. In 2021, that one number was 157. In 2020, 235. 2019, 218. And 2018, 224. Here we are at 219, below the 2018 number, hovering right in there on that 2019 number. Very, very interesting. We had 53 homes come on the market. Last week that number was 63. And here’s some more good news: 35 homes went into contract. Last week was also a good number at 37. For 2023, mid-high thirties is proving to be a good number.

Townhomes and condominiums right now, 121 on the market. That’s up by one from 120 of last week. Last year this time, that number was 162. In 2021, 123. In 2020, 187. 2019, 112. And the 2018 number, 83. Again, here we are at 121, hovering around that 2021 number. We had 19 come on the market. Last week that was 15. And again, here’s another positive number: 19 condominiums and townhomes went into contract. Great, great number, one of the higher numbers we’ve seen for the year. Last week that number was 12.

We also had 10 homes either expire, cancel, or withdraw from the marketplace. And we had another 24 price reductions. Could be a big part of why we had so many good sales there.

So total-total, from South San Francisco to Redwood City, single-family homes, and condominiums, inventory is 340. Last week that number was 340. 340 is the peak total-total inventory number for 2023, so we’re holding that…week over week we’re holding that peak number at 340. Where are we gonna go from here? Right, are we gonna continue to contract? Or are we gonna retest a new high in October? That’s what we’re watching.

Last year this time, though, big difference, the total-total number was 425. In 2021, that number was 280. In 2020, 432. In 2019, 330. And the 2018 number, 307. So here we are at 340. Again still hovering around the 2019 number? Very, very interesting. And the big, big difference between those years is the condominium inventory number.

Hey, what a great week! 35 sales for the single-family homes, 19 sales for condos and townhomes. I mean, when people who walk outside are asking “How’s the market?”, market’s doing really good! We held our inventory on the macro level — macro being from South San Francisco to Redwood City, that macro number — inventory is very, very low. So even we do test a new high in October, I’m not too worried about that number if that happens. So right now, although interest rates are higher, as we all know what we did learn last week is, currently right now, they’re not gonna go up anymore at the moment, and they’re not going down. We’re gonna hold here. So that’s…maybe that also gives the buyers some stability, at least of knowing where we’re at. You know, having more clarity, at least we know or we think we know that interest rates are gonna stay relatively where we are right now. So market’s…if you’re thinking of selling, market, homes are selling. And buyers, any home on the market for a long period of time does mean there’s an opportunity there.

Thanks for listening. Have a great day. And I’ll talk to you next week.

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