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, this is Dan Gilmartin. I’m part of The Gilmartin Group real estate company in Burlingame, California. It’s August 3rd, 2026. Let’s get started.
Single-family inventory from South San Francisco to Redwood City currently stands at 158 homes, down from 161 last week.
For comparison, inventory was 211 at this time last year, 166 in 2024, and 178 in 2023.
We had 36 homes come on the market last week, compared to 37 the previous week. We also had 25 homes go into contract, down from 30 last week.
That’s not quite the number we like to see week in and week out. The average days on market for the 25 homes that went into contract was 23 days, or roughly three weeks.
If you compare the 25 homes going into contract with the 158 homes currently on the market, that represents about a 6.3-week supply of inventory. In other words, if no additional homes came on the market, it would take approximately 6.3 weeks to sell through the current inventory at this pace.
And yet, the homes that actually went into contract sold in about three weeks.
Turning to condominiums and townhomes, inventory currently stands at 171 homes, down from 177 last week.
Last year at this time, inventory was 218. In 2024, it was 194, and in 2023, it was 124.
We had 24 condos and townhomes come on the market this week, compared to 17 last week. We also had 14 go into contract, matching last week’s number.
The average days on market for condominiums that went into contract was 58 days, which is a relatively long time.
Townhomes performed much better, averaging just 15 days on market before going into contract.
We also had 28 homes expire, cancel, or withdraw from the marketplace, along with 18 price reductions. Both numbers are within the low-to-average range for this time of year.
Overall inventory from South San Francisco to Redwood City including single-family homes, condominiums, and townhomes now stands at 330 homes, down from 339 last week.
For comparison, total inventory was 429 at this time last year, 360 in 2024, and 302 in 2023.
Now that we’re into the first Monday of August, we’re entering a typically slower period for residential real estate. Families are taking their last summer vacations, and some schools are already beginning orientations or starting the school year.
For sellers, however, this is an interesting market.
We only have 158 single-family homes on the market, which is a very low level of inventory. At the same time, interest rates are around 6.8%, with rates having recently reached their highest level in more than a year before coming down slightly.
Higher interest rates can be particularly challenging for the condominium, townhome, and first-time buyer markets.
But single-family inventory remains extremely tight.
If you’re thinking about selling your home right now, pricing strategy matters more than ever. You want to be one of the homes that sells in three weeks, not one that sits on the market for six weeks or longer. There’s a strategy involved in making that happen.
For buyers, there are opportunities as well. Homes that are overpriced or have been sitting on the market for a while may provide room for negotiation. If you’re looking for a condominium or townhome, there may also be more opportunities to negotiate.
August is a very interesting time of year as summer winds down, school gets ready to start, and vacations come to an end.
For buyers, there may be opportunities because some of your competition could be away on vacation. But when the right home comes on the market at the right price, buyers are still going to notice.
Thanks for listening. Have a great day, and I’ll talk to you next week.