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 1st Monday Morning Market Minute of 2025, where I go over the weekly housing inventory report for 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’s January 6th 2025. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City right now is 81. That’s down from last week’s 86, to be expected there. First Monday of the year. Last year this time, that number was 78, so right in line there. We had 11 homes come on the market. And we only had 7 go into contract, to be expected as we’re just getting through the holidays there. The average days on market for those 7 homes that went into contract was 30 days. That number’s a little much, or it’s double than what we’re used to. Probably cause those homes that sold – there were 7 homes that sold, you know – getting those sales through the holiday season. There were some listings that were probably lagging and they capitulated on the price or some negotiations going on which caused the days on market to go up on those.
Condominiums and townhomes right now: 107, down from last week’s 116. Last year this time, that number was 80. We had 8 condominiums, townhomes come on the market. And we only had 2 – we had 1 condominium go into contract and 1 townhome go into contract. The average days on market for the condo that went into contract was 48 days. And the average days on market for the townhome that went into contract was 30 days.
We also had 20 homes either expire, cancel, withdraw from the marketplace. And we had 5 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 189. Down from 202. Last year this time, that number was 158. Here’s an interesting number: in 2011, that number, total-total number was 506. And so here we are at 189. Huge contrast there.
81 homes for sale in single-family homes. That’s a low number. So the single-family market is poised to be very competitive, again, here in this 1st quarter. Right now we’re looking at interest rates. We’re under 6 and 3/4 as of today. And coming up this week is the jobs report. So those are two very important things going on. But in terms of the supply and demand, or the supply of single-family inventory at 81, that’s a low number.
High number for condos and townhomes: 107. Again, last year that number was 80. So the condominium, townhome market is still being affected, I think, from the higher than normal interest rates. Although in the big picture, under 6 and 3/4 is actually a low interest rate, but we’ve been used to much lower in the last year. So, I do expect for the market to really be very, very competitive in the single-family market, and the condo market, there’s still a lot of opportunity, negotiation going on there. The townhome market is gently working around 20 to 30 days on days on market. And again, the condo market is running on the 50-day days on market. That’s just much more than we’re used to.
So, thanks for listening. Have a great day. Happy New Year! And I’ll talk to you next week.