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 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’s December 7th, 2025. Let’s get started.
Single family inventory from South San Francisco to Redwood City right now is 116. That is down from 127 of last week. Last year at this time that number was 128. In 2023 that number was 124 and the 2022 number was 188. Again, here we’re at 116. That’s a low number. I bet you next week I’m going to report that that number is going to be under 100.
We had 19 come on the market. Last week that number was only nine, but that was because of the Thanksgiving holiday week. We had 17 go into contract. Last week that number was 13. The average days on market for the 17 homes that went into contract was 17 days. There were a couple homes that took a little longer than normal. And if I pulled those out, that number probably would have dropped to easily 10 or 11.
Condominiums and town homes. Right now, we have 139 on the market. That number is way down from 151 of last week. Last year at this time that number was 134 in 2023 106 in the 2022 number was 123 again. Here we’re at 139. We had 10 come on the market. Last week that number was only two again for the Thanksgiving holidays. A low number and we had eight go under contract. Last week that number was 11. 8 is not quite the number we like to see. I would like to see, you know, double digits for that number, especially with the amount of inventory that we have for condominiums.
Right now, the average days on market for the eight that went into contract was 73 days. And that number is for condominiums only. There was not a townhome that actually went into contract last week. So, the eight that went into contract were all condominiums. And the average days on market was 73 days. That is just taking way too long there. We also had 31 homes either expire, cancel, withdraw from the marketplace. That’s a high number for this time of year. And we had 13 price reductions. That’s an average number for this time of year.
So total total from South San Francisco to Redwood City. Single family homes, condominiums and town homes. Inventory is 255. That is down from 278 of last week. Last year at this time that number was 254. In 2023 230 in 2022 that number was 311. Now 2022 was a peak year right about after May is when the market just it peaked like in May and then you know the interest rates started changing and the market really started slowing down. So we ended up in 2022 or you know this week with 311. So here we are at 255. Big story here is only 116 single family homes on the market. That is a low number and it’s just going to continue to go lower. I do believe that first Monday of 2026 we’re going to see about 70. My brother and my partner Tim thinks that number is going to be more like 81. Still both numbers extremely low.
Here’s some great news though for 2025 total sales and the market that we’re tracking here. Total sales is up3%. That’s really really great news right there. So we’re heading into 2026 with a lot of a lot of steam. It’s going to be a really, really hot sellers market, especially in the first quarter. So, if you’re looking to, you know, it’sbuyer season right now. If you’re outlooking for a great home and you findit, try do your best to buy now becauseit’s only going to be even morecompetitive in the 2026 new year. Thanksfor listening. Have a great day and I’lltalk to you next week.