Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So you wanna know 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 inventory report for the housing market 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 Labor Day, September 3rd 2024, as I stand in New York City on a rooftop moving my oldest son into his new apartment.
Okay, single-family inventory from South San Francisco to Redwood City right now is 176. That is way down from last week’s 183. We had 38 homes come on the market. Last week that number was 52. And with 32 homes go into contract. Last week, that number was 27. 32, mid-thirties. We like to see 40 but in the 32, that’s a good number for 2024.
Condominiums and townhomes right now, inventory is down: 155. Last week, that number was 172. We had 12 condominium, townhomes come on the market. Here’s a really good number: 19 go into contract. Last week that number was 18. That’s two weeks in a row with really healthy sales for the townhome, condominium market.
We also had 19 homes either expire, cancel, withdraw from the marketplace. And we had 13 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 331. That is down from 355 of last week.
We’re here towards the end of the summer. Kids are back in school. Market, though, is showing great signs right now for healthy inventory. The thought of having interest rates even come down some more is also a positive thing going on the news right now. So, right now is still a good time to sell your home. And buyers, now is also a great time to lock in a good interest rate and possibly refinance later down the road. But certainly the market is moving.
Thanks for listening. Have a great day. I’ll be back in town next week. Talk to you then.