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 4th, 2025 with your week 31 report. Let’s get started.
Single family home inventory from South San Francisco to Redwood City is currently at 211, down from last week’s 224. At this time last year, inventory was at 166. In 2023, it was at 178, and in 2022, it was 270. So here we are now at 21.
This past week, 40 homes came on the market, just about the same as last week’s 41. But here’s the big news: 44 homes went into contract. That’s a strong number, and one of the highest single-week sales we’ve seen in 2025. Last week, that number was 28. This is excellent news for sellers.
The average days on market for those 44 pending homes was 18 days, and several sold in 14 days or less. With 211 homes on the market and 44 going into contract, we are now looking at a 4.8-week market. That is a major shift from last week’s 8-week market.
To put that in perspective, a five-week market or less usually means multiple offers on most homes. When we go beyond five to six or seven weeks, the market tends to move toward a more balanced environment. So with 44 sales and the absorption rate dropping to 4.8 weeks, this is big news for sellers.
Condominiums and townhomes currently total 218, down from last week’s 228. At this time last year, there were 194 on the market. In 2023, there were 124, and in 2022, 180.
This past week, 15 new condos and townhomes came on the market, compared to 20 last week. We had 12 go into contract, which is a drop from last week’s 17. That 17 figure broke a streak of several slow weeks, so it is disappointing to see the number fall again. Ideally, we want to see these numbers in the mid to high teens for this segment to feel strong.
The average days on market for the condominiums that went into contract was 22 days. For the townhomes, it was 40 days, which is unusual. Lately, the townhome segment has typically been moving faster than condos, often twice as fast. This week, we saw that trend flip.
We also saw 22 homes expire, cancel, or withdraw from the market. Price reductions came in at just 17, which is a low number. High single-family sales combined with few price reductions is a noteworthy trend.
The total inventory from South San Francisco to Redwood City, including single-family homes, condos, and townhomes, is now at 429. That is down from last week’s 450.
The peak inventory for 2025 so far was 513, which we hit on June 16. That lines up with the typical seasonal pattern. We usually see peak inventory in June or July, followed by a decline, with the possibility of a retest in October. Last year, the high came in November.
Now we are watching closely to see if inventory continues to contract. If it does, it suggests the market has found a level of resistance, despite all the outside volatility we are seeing. Interest rates have bounced around a bit, but there is still hope they will come down again.
We are seeing strong sales, fewer price reductions, and a shrinking inventory. If this continues, it could signal increasing competition. Buyers, if you find something that is priced right and well marketed, expect competition. At the same time, there are still properties sitting on the market for 20 to 30 days or more, those could be opportunities if you’re ready to negotiate.
Thanks for listening. Have a great day, and I’ll talk to you next week.