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 for 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 April 21st, 2025. Let’s get started.
I’ll just start right now, the market is unbelievably hot. It just shows you how resilient the Mid-Peninsula real estate market truly, truly is. With interest rates high, tariff conversations going crazy, the stock market going up, down, and all around, and here we are having one of the best weeks we’ve seen all year long. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 215. That’s up from 205 of last week. And, 215 is a large single-family inventory number for the market that we’re tracking. On a macro conversation, it’s still a low number. But, it’s the highest number we’ve seen this time of year in a long- since 2010, 2009. Last year at this time, for instance, that number was 164. In 2023, that number was 167. In 2022, 137. 2021, 132. In 2020, 155. Here we are again at 215. We had 59 homes come on the market. That’s a big number. Last week, that number was 61. But here’s some great news: 39 homes go into contract. I mean that’s right- we like to see 40 week in and week out when things are going well, and we have the inventory to support that type of sale number. Last week, that number was 37. Average days on market for the single-family homes that went into contract: 13 and a half days. That’s incredible. Meaning- Just again, shows you again how resilient our single-family market truly, truly is here on the Mid-Peninsula.
Condominiums and townhomes right now, 217 on the market. That’s up slightly from last week’s 215. Last year at this time, that number was 145. In 2023, 106. Again, here we are at 217. So that’s also a ballooned number, much higher than we’re used to. Again, we’d probably have to go back to 2009 to see a number like that. We had 28 come on the market. Last week, that number was 31. But here’s some not so good news: we had 11 go into contract. Last week that was way better at 16. So, higher interest rates definitely affects the condominium market more than, let’s just say our residential or- excuse me, our single-family home market. The average days on market for the condominiums that went into contract: 52 days. And the average days on market for townhomes that went into contract was 32 days.
We also had 13 homes either expire, cancel, or withdraw from the marketplace. And we had 26 price reductions. That’s a big number for April. So very, very interesting. Way more homes for buyers to look at in years past. Still though, homes selling at a very quick pace. And, you know, for 13 and a half days, and almost 40 homes sold in a single week. And we had price reductions, still large number in price reductions. And the condominium market is still struggling. They need those interest rates come down probably to get those sales sort of happening sooner, but the townhome market with 31 days is still a pretty good number for days on market.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 432. That is up from last week’s 420. 432 is generally a June, July, or October number, so that’s the highest inventory we’ve seen at this time of year, like I’ve been saying, in a long, long time. Last year at this time, that number was 309. In 2023, that number was 273. In 2022, 239. In 2021, 261. And the 2020 number was 224. Again, here we are at 432.
So, the good news is, for buyers, there’s more for you to look at. That’s good. But, the right home that comes on the market, priced properly, they’re selling right away. And, from what I’m hearing and what we’ve got going on here in the office, they’re selling at every bit of at, or over asking price. So if you’re thinking of selling your home, now is still a great time, even though the inventory is where we’re at. But done properly, we’re getting top dollar for homes right now. So if you’re thinking of selling your home, now’s a great time. Buyers, with more selection, that’s good news. And, for homes that have been on the market for more than 13 and a half days, those could be where some negotiating opportunities are if you’re looking for something like that, and not wanting to be- who wants to be in a bidding war? But again, if you find that right home, and it’s priced right, there are other buyers out there, and you need to have a strategy to win that offer presentation.
Thanks for listening. Have a great day. And I’ll talk to you next week.