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 in San Mateo County? Welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report for the Mid Peninsula in San Mateo County. Hi, I’m Dan Gilmartin. I’m part of the Gilmartin Group real estate company in Burlingame, California. It is August 24th, 2026. Let’s get started.
Okay. Single-family inventory from South San Francisco to Redwood City right now is 166. That is down from last week’s 168.
Last year at this time, the number was 188. In 2024, the number was 183, and the 2023 number was 187. Here we are at 166 toward the end of August. That is an extremely low inventory number for single-family homes.
We had 45 come on the market last week. That number was 50, and we had 31 go into contract. Last week, that number was 30. The average days on market for the 31 homes that went into contract was 28 days, which is kind of confusing with such low inventory.
Twenty-eight days in other markets is still super fast. It’s relatively fast in our marketplace, but with such low inventory, I would like to see that number maybe half that. So, I find that very, very interesting.
All that being said, we do have about 5.4 weeks worth of inventory, meaning if not another home comes on the market, we will sell all inventory in about five to five and a half weeks.
Condominiums and townhomes right now are at 165. Last week, that number was 162. Last year at this time, that number was 215. In 2024, that number was 172, and the 2023 number was 123. Again, here we are at 165.
We had 19 come on the market. Last week, that number was 26, and we had 11 go into contract. That’s not quite the number we like to see week in and week out, but coming off of last week’s 20, what a great number that was. Twenty pending sales last week for the condo and townhome sector.
The average days on market for the 11 that went into contract for the condominiums was 65 days. That’s a long time. That’s big DOM in our market. The average days on market for the townhomes that went into contract was 32 days.
We also had 18 homes either expire, cancel, or withdraw from the marketplace, and we had 19 price reductions.
So, total from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes inventory is 329, down from last week’s 330. Last year at this time, that number was 403. In 2024, the number was 375, and the 2023 number was 310. Again, here we’re at 329.
The big story here is the low inventory of 166 with the single-family homes. The last time we were even remotely close to that was in 2021. That number was 131 in the year 2021, and that was one of our major last peaks.
We are really setting up right now to have an even more robust seller’s market for single-family homes. And yet, we’re here in a kind of an interesting time coming toward the end of August and beginning of September. We generally slow down a little bit in the marketplace.
But if you were thinking of wanting to sell your home right now, and you priced it correctly, did the right marketing, and prepared your home the proper way, we can get you multiple offers.
Thanks for listening. Have a great day, and I’ll talk to you next week.