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? 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 30th 2024. Let’s get started.
Okay, from South San Francisco to Redwood City, single-family inventory right now is 209. That is down from last week’s 217, which is the peak number for 2014. So we’re off the, currently, we’re off that peak number. And so what we’re wanting to watch is are we going to continue to contract in inventory, and will 217 be the 2024 peak inventory. Last year at this time, that number was 210. In 2022, 253. In 2021, 159. In 2020, 235. 2019, 219. And in 2018, 242. We had 48 homes come on the market. Last week that number was 52. And we had 41 go into contract. We hit the 40 number that we like to see week in and week out. Last week, that number was 29. The average days on market for the 41 homes that sold: 15. Last week, that number was 24. I just, I love seeing 41 sales. And within 2 weeks, I mean, that is a hot sell, hot market there. You know, last week was clearly, we were on fire.
Condominiums and townhomes right now, inventory 188. That’s up from last week’s 184. Last year at this time, that number was 130. In 2022, that number was 160. In 2021, 129. In 2020, 187. In 2019, 112. And the 2018 number, 89. Again, here we are at 188, one over the 2020 number of 187. We had 26 condominiums, townhomes come on the market. And we had 14 go into contract. Still in the teens, although last week, that number was 16. Average days on market for the condominiums that sold in that 14 was 61 days. Couple of condominiums sold in San Bruno that took a really long time. And the townhomes that sold in that 14, the average days on market: 22 and a half.
We had 16 homes either expire, cancel, or withdraw from the marketplace. And we had 37 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 397. That’s down from last week’s 401. 401 is the 2024 peak number. So even on the total-total number, is 401 going to be the peak number and, or are we gonna probably see that, prove out here in the next few weeks. So, I have a feeling that might be it.
So, what am I really saying? Inventory, more than likely, is gonna continue to contract here from the rest of the year. What does that say to you, buyers? Right now, less inventory means more competition, especially with the lower interest rates that we’ve received, and we’re hearing that may continue. Last year at this time, that number was 340. And in 2022, that number was 413. Again, here we are at 397. Again, is inventory going to continue to contract? And, or is it gonna expand? That’s what we’re watching. If you’re thinking of selling your home, the holidays are coming up. It’s with this on a macro conversation, still a very low number of inventory. And we have plently of buyers out there. Lot of buyers coming back into the marketplace because of the lower interest rates.
Thanks for listening. Have a great day. And I’ll talk to you next week.