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 26th 2022, with your Monday Morning Market Minute.
We’re at the Green Hills Country Club with the OLA Tournament. You know, I don’t always play golf, but when I do, it’s for charity.
Okay. Single-family inventory from South San Francisco to Redwood City Right now is 265. That is up from 254 of last week. We had 49 homes come to the market. That number’s down a little bit. Last week was 60. And we had 29 homes going to contract. Not that 40-number I like to see. Last week was 35.
Condominiums right now, 162. That’s actually down from 167 of last week. We had 32 condominiums come on the market and 18 condominiums going to contract. That’s a good number. High-teens, middle-teens is always a good number.
We also had 23 expire, cancel, withdrawals. And another big number, once again, 46 price reductions.
So total-total from South San Francisco to Redwood City, single-family homes and condominiums. Inventory is 425. That’s up just a smidge from 421 of last week. That’s a couple weeks now in a row where inventory is rising. And again, on the macro conversation number is relatively low. This is a more normal market.
But like I said, last week, we were gonna continue to watch. Is this gonna keep going? Now, the high total-total number is 464 for 2022. Are we gonna get there and go beyond? Go over 500? That would be a first in a while. Or are we gonna pause out here and start going down, probably after the October peak?
Anyway, thanks for listening. Have a great day and I’ll talk to you next week.