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 6th 2022, with your Monday Morning Market Minute.
Okay, single-family inventory from South San Francisco to Redwood City right now is 224. That is down from 247 of last week. Big news. Last year at this time, that number was 121. In 2020, that number was 206. 2019, 216. And the 2018 number was 178. We had 31 homes come on the market. Much lower than last week’s 57. But again, going into the Labor Day weekend, that’s very typical. And we had 39 homes go into contract. Lower than last week’s 44, but right on the cusp of 40, going into a holiday weekend, that is a very, very good number. And the average days on market for the homes that went into contract was 23, versus, last week’s was 17.
Condominiums right now, 162 condominiums on the market. That’s down from 182 of last week. Again, more big news there. Last year at this time, that number was 118. 2020, that number was 174. 2019, 74. And 2018, 78. We had 13 condominiums come to market. Lower than last week’s 24, again going into the holiday weekend. And 19 condominiums, townhomes go into contract, beating last week’s 16. Big, big news. Super healthy. The average days on market for the condominium, townhomes that went into contract was 26 1/2. Better than last week’s 33 1/2.
We also had 23 homes either expire, cancel or withdraw from the marketplace. That’s a big number. Sellers in that category probably looked at the holiday weekend and said “You know what? We’re taking off the market.” And we also had 21 price reductions. That’s a big number, but much lower than the mid to high 30s that we’ve been seeing week after week. So here we have plenty of really good sales, price reductions where the number was smaller. Market is moving.
So total-total, from South San Francisco to Redwood City, single-family homes and condominiums, inventory is 386, down from 429 of last week, under the 400-marker. Last year at this time, that number was 239. 2020, that number was 380. 2019, that number was 290. And the 2018 number was 238. Here we are at 386. I’m gonna say, the market is strong.
Yes, the inventory is still off if you look past several years, but still, like I’ve been saying, normal inventory. Great sales. One other thing here is the days on market. It was two seconds not too long ago. And now we’re averaging at 20s and the 30s. But again, heck, if you think about it, that’s pretty darn normal, like I’ve been saying.
So if you’re thinking of selling your home, inventory’s down. This could be a very good time to catch the momentum that we got going on right now.
Thanks for listening, have a great day, and I’ll talk to you next week.