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 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 September 9th 2024, post-Labor Day report, week- for week 36.
Okay, single-family inventory from South San Francisco to Redwood City right now is 200. That is up from last week’s 176. And represents a new high in inventory for single-family homes, the 200. The old peak number was 184. Last year at this time, that number was 212. In 2022, that number was 246. In 2021, that number was 210. In 2020, 206. 2019, 216. And the 2018 number, 224. Again, here we are at 200, still represents the lowest number on this week report in the last 6 years. But, again at the same time, hitting a new peak, which is very, very common post-Labor Day. We had 66 homes come on the market. Last week that number was 38. Haven’t seen 66 homes come on the market in a single week in many years. I’d have to go back real far to find the number at 66 or higher, probably back in 2010 or something like that. The peak for that number for 2024 was 57 a few months ago. Here we are at 66, huge number. We had 23 go into contract. Not quite the number we like to see. Last week, that number was 32. The average days on market for those 23 homes that went into contract: 23 days.
Condominiums and townhomes right now, inventory: 175. That’s up from 155 of last week. Last year at this time, that number was 121. We had 29 condominium, townhomes come on the market. Last week, that number was 12. So that’s another huge number of inventory for the condominium, townhome market. And we had 13 go into contract. We’re in the teens. We do like to see that, but last week’s 19 was a great number. The average days on market, though, for those 13 that went into contract: 35 days.
We also had 13 homes either expire, cancel, withdraw from the marketplace. And, 19 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 375. The peak number for total-total inventory for 2024 is 376. So we’re just brushing up against that peak number. Last year at this time, that number was 333. In 2022, 408. In 2021, 279. In 2020, 380. 2019, 290. And the 2018 number, 303. So again, here we are at 375.
Big number again for the condominium, townhome market at 175. 200 is a new peak number for single-family homes, although still lower than, in the last 6 years. And we had interest rates are- they’re talking about reducing interest rates next week, by about a quarter a point. That will be very, very interesting to see how that has buyers maybe coming, getting off the fence or re-engaging their search, with interest rates coming down. And all in all, we’re right at that post-Labor Day, kids back in school, so little bit of a low hill, possibly. So there could be an opportunity out there if you’re looking to buy a home.
Thanks for listening. Have a great day. And I’ll talk to you next week.