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 on the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin. I’m part of the Gilmartin Group, real estate company in Burlingame, California. It is February 3rd, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 133. That is up from 116 of last week. Last year at this time, that number was 103. We had 45 homes come on the market. Last week, that number was 34. 45 is the most homes that have come on the market in a single week in 2025. We had 19 go into contract. That’s below last week’s 24. The average days on market for the 19 homes that went into contract is 36 and a half days. Now that’s a number we’re not used to seeing. And, there was 2 homes in Hillsborough that took over 100 days to go into contract. If I pull those 2 homes out of the study, the days on market drops to more- you know, closer to 14, 10, 14 days that we’re used to here on the Mid-Peninsula.
Condominiums and townhomes right now: 150 on the market. That’s up from 141 of last week. Last year at this time, that number was 96. We had 8 come on the market. Last week, that number was 24. And we had 5 go into contract. Last week, that number was 8. The average days on market for the condominiums that went into contract: 11 days. That’s way down from 50. And the average days on market for the townhomes that went into contract was 4 days. So clearly, new inventory is coming on the market with the condominiums and townhomes, and they’re seeing how, what’s been on the market is staying on the market, cause the market says it’s overpriced. So they put a new price on there and it’s selling right away. It’s great news there.
We also had 14 homes either expire, cancel, withdraw from the marketplace. That’s a high number. And we had 10 homes reduce their price. That’s an average number.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 283. Up from 257 of last week. Last year at this time, that number was 199. In 2023, that number was 240. In 2022, 186. In 2021, 257. The 2020 number, 137. And pre-pandemic number of 2019 was 206. Again, here we are at 283.
So, hey, market- single-family home- market’s moving here. With the low days on market for the condominiums, and the 133 homes on the market right now for the single-family is a higher number than we’re used to seeing. But in the big picture, in the macro conversation, that’s still a low number. So, but the fact that we had 45 homes that come on the market, that means hey buyers, there’s some more things to look at. That’s always a good thing. And again, the new condominiums and townhomes that have come out the right price. That just shows you right there that they’ll sell immediately.
Thanks for listening. Have a great day. And I’ll talk to you next week.