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 24th, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 141. Last year at this time, that number was 128. In 2023, 139. In 2022, 108. In 2021, 152. 2020, 117. 2019, 150. And the 2018 number was 98. Again, here we are at 141, right around that 2023 number, and pretty close to the 2021 number. We had 37 homes come on the market. And we had had 29 go into contract. Average days on market for those 29 homes that went into contract, 11 days.
Condominiums and townhomes right now, 169 on the market. That’s a high number, the highest number we’ve seen in a long, long time. Last year at this time, and in 2023, that number was 109. Exactly the same number, those last two years. We had 34 come on the market. And we had 12 go into contract. Pretty good number. The average days on market for the condominiums that went into contract, 55 days. And the average days on market for the townhomes that went into contract, it was 21 days.
We also had 10 homes either expire, cancel, withdraw from the marketplace. Average number. And we had 7 price reductions, also an average number.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 303. Last year at this time, that number was 237. In 2023, 248. In 2022, 196.
Again, that’s a- 303 on the total-total number is a high number, but it’s the condominium, townhome market that’s making that number as high that it’s at. Because with only 141 single-family homes on the market, although that’s a little bit higher than normal, that’s still a really low number out of the 60,000+ single family homes from South San Francisco to Redwood City. Out of 60,000+ homes, only 141 are on the market. And with an average days on market of 11 days shows you that the market- How’s the market? Market’s doing great for single-family. It’s the condominium market that’s really lagging. Clearly, interest rate sensitive, but, interest rates just- did just tick down a little bit in this last week. So that’s good news. So there’s opportunity there certainly for the condominium, townhome market, as interesst rates become more favorable for those buyers. And the single-family home, really, I mean, we might as well just say the word, it’s hot.
Thanks for listening. Have a great day. And I’ll talk to you next week.