Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
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, part of the Gilmartin Group real estate company in Burlingame, California. It is the last day of August, August 31st, 2026. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City right now is 152. That is down again. Last week was 166. Last year at this time, that number was 163. In 2024, it was 176, and the 2023 number was 193. Again, here we’re at 152. Very low number.
We had 32 homes come on the market. Last week, that number was 45, and we had 35 go into contract. Last week, the number was 31.
With such low inventory, 35 could be looked at as a pretty good number. We do like to see 40 week in and week out or higher, but with such low inventory, that’s probably a pretty good number.
The average days on market for those 35 homes that went into contract was 19 days. So that’s down a few days from the last couple of weeks. We currently have about 4.75 weeks of inventory left. So, if not another home comes on the market, everything will be sold in under five weeks.
Condominiums and townhomes right now are at 166. Last week, that number was 165. Last year at this time, that number was 202. In 2024, it was 155, and in 2023, it was 112.
We had 26 come on the market last week. That number was 19, and we had 10 go into contract. We like to see that number in the teens or higher. Last week, the number was 11.
I should say we are at a 16-week market there. So, if not another condominium comes on the market, everything will be sold in 16 weeks.
We also had the average days on market for the condominiums that went into contract. Out of those 10, nine were condominiums, and they took an average of 47 days to go into contract. That number is actually down.
We had one townhome that went into contract. Very good number here. That townhome sold in 10 days.
We also had 11 homes either expire, cancel, or withdraw from the marketplace, and four price reductions. Those two numbers are extremely low for this time of year.
So, total from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 318. That’s down from 329 last week. Last year at this time, that number was 365. In 2024, it was 351, and the 2023 number was 305.
The single-family home market continues to tighten.
Generally, right now seems to be a time when things are a little bit slower. But when I looked at the 35 homes that went into contract, most of the homes went into contract in under two weeks. There were just a few homes that skewed that number to 19 days on market. All the other homes were selling in 7, 8, 9, 10, 11, or 12 days. Really, really quick.
So, this single-family home sector is certainly tightening even more. And if this continues, which I think it will, we’re going to roll into the new year with an extremely hot spring market, pending no other big news or anything to disrupt the marketplace.
But even right now is a good time to sell your home with such low inventory. With the right strategy, we can get you multiple offers.
Thanks for listening. Have a great day, and I’ll talk to you next week.