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 is April 28th, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is up to 227. Last week, that number was 215. Last year at this time, that number was 170. In 2023, that number was 165. In 2022, that number was 152. 2021, that number was 190. And then 2020 number was 139. Here we are, all the way up to 227, a number we haven’t seen in a long, long time. We had 59 homes come on the market. Last week, that number was 59. And we also had 30 homes go into contract. Last week, that number was 39. Average days on market for those 30 homes that went into contract was 12 days. Now, with this type of inventory, we would like to see at least 40+ homes go into contract. But, if you stand back and take a look at what’s been going on with the market, we just went through a long holiday week, with Easter. We had tax season, and the volatility in the marketplace, and we still came out with 30 sales, with an average days on market of 12 days. That’s actually a good number, so we’re gonna be watching to see if we can bounce back up to that 40+ number here in the coming weeks.
Condominiums and townhomes right now, the inventory is 232. That’s up from 217 of last week. Last year at this time, that number was 148. Again, here we are at 232. We had 44 condominiums, townhomes come on the market. And we had 13 go into contract. That’s a low number. Average days on market for the condominiums that went into contract of that 13 was 35 days. And the average days on market for townhomes that went into contract, that was 18 days. Here’s some really big numbers that we’re not used to seeing in April.
Expireds, cancels, withdraws, that number is 20. That’s a very high number for April. Basically, we’re in the spring market, and we’re having a high expire rate. And another really high number is the price reductions at 36. That’s more than double than what we’re used to be seeing here at this time, in the spring market.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 459. That’s up from 432 of last week. Last year at this time, that number was 315. In 2023, that number was 265. In 2022, that number was 241. In 2021, 259. The 2020 number, 237. Here we are at 459 total-total homes on the market.
Hey, that’s really good news for the buyers, meaning obviously, there’s more to look at, more inventory to consider. But, in terms of single-family homes, when you put the right price on there and the right market, we’re seeing them close- or excuse me, sell with less than 2 weeks. So, it’s more of a balanced market per se, but know, buyers, that if you find a home that’s great and priced right, there’s going to be competition. Sellers, now is still a great time to sell your home, but when done properly, you can get it sold for a high dollar, and with your terms, in a really quick time.
Thanks for listening. Have a great day. And I’ll talk to you next week.