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 and San Mateo County? Welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report for the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. It’s February 10th, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 139. That’s up from last week’s 133. Last year at this time, that number was 110. In 2023, 121. In 2022, 94. And the 2021 number, 139, exactly the same number we have today. We had 48 homes come on the market. Last week, that number was 45. 45 was the most we had in year to date, and we broke that here with 48. We had also had 31 homes go into contract. That’s the most sales in a single week for 2025, which makes sense with more inventory coming on the market. Last week, that number was 19.
For condominiums and townhomes right now, the number is 154. Up slightly from last week’s 150. Last year at this time, that number was 100. We had 32 condominiums and townhomes on the market. Last week, that number was only 8. And we had 14 go into contract. That’s the best sale number for the condominium, townhome market in a single week. Last week, that number was 5. Last year at this time, that number was only 7.
We also had 7 homes either expire, cancel, withdraw from the marketplace. And that’s an average number. And we had 13 homes reduce their price.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 293. Up from last week’s 283. Last year at this time, number was 210. The 2023 number, 232. The 2022 number, 176. The 2021 number, 256. Big difference there is the 154 inventory number for the condominium and townhome market. And the 2020 number for total-toal was 160. Again, here we are at 293.
Now, 139 single-family home inventory is definitely up more than we’re used to seeing generally. But, like I said even last week, on the macro conversation that’s a low number. Great news with 31 sales. We’re getting close to that 40 number we like to see week in and week out. It’s gonna take a little bit more inventory probably to see that. But that is a very, very healthy number. And again, another healthy sales number for the condiminium, townhome market. So that tells me, tells us, that hey, market is moving, homes are selling at a higher pace. Bigger number than we’ve been seeing and that goes along with a little bit more inventory.
Now, it’s still feeling like a seller’s market right now. The condominium market is still very inflated with inventory, so that’s where the biggest opportunities are. But we’re seeing homes come on the market. When they’re priced right, marketed properly, they’re getting multiple offers. To be expected, especially here, the spring market has definitely started. So if you’re thinking of selling your home, sooner is better than later. And buyers, you have more opportunity right now, more inventory. Not a whole lot more, but still more on there. So if you see something that you’re liking, know that you’re not probably the only one. Cause this market’s really starting to kick into gear.
Thanks for listening. Have a great day. And I’ll talk to you next week.