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 inventory 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 July 21st, 2025. Let’s get started.
Okay, single family inventory from South San Francisco to Redwood City right now is 217. That’s up slightly from last week’s 213. Last year at this time, that number was 166. In 2023, that number was 184. And the 2022 number was 276. Again, here we’re at 217. Very interesting.
We had 48 homes come on the market. Last week, that number was 54. We had 34 go into contract, better than last week’s 26.
The average days on market for those 34 homes that went into contract was 20 days. But when you look at the days on market on those 34 homes, a handful of homes sold in 7, 8, 9, 10 days and then we had a few outliners that took longer. Definitely showing there’s a strategy involved in terms of getting multiple offers sooner than later.
Condominiums and town homes right now, the inventory is 236. Last year this time that number was 205. 2023 119 and the 2022 number was 188 again. Here we are at 236.
We had 26 come on the market last week that number was 34 and we only had 12 go under contract. Better than last week’s six but still that’s two weeks in a row of sluggish sales for the condominium town home market.
The average days on market for the condominiums that went into contract 42 days. And the average days on market for the town homes that went into contract was 27 days. We also had 16 homes either expire, cancel, withdraw from the marketplace. That’s a bit of a high number for this time of year. We had 27 price reductions, which is actually kind of average for this time of year when we look back at at the other years.
So total total from South San Francisco to Redwood City, single family homes, condominiums, and town homes. Inventory is 453, up slightly from last week’s 451. Last year, this time that number was 571. In 2023, that number was 303. And in the 2022 number was 469. Again, here we’re at 453. Very different from the 2024 number and the 2022 number. Right there, right in the middle.
Well, right now we’re running in about a six-week market, which really is more equilibrium for buyers. But know, like I’ve been saying, if a great home comes on the market priced right, staged well, and has great marketing, it will receive multiple offers. And then we have other homes that maybe came on the market a little too high of a price and then they’re sitting there and they’re beginning to negotiate which is causing us to go into this six-week market. Again, let me remind you, you know, in five weeks or less, we’re seeing multiple offers on everything. So, here we are just, you know, in a six week market, just above that five week marker and it just creates a little bit of breathing room. But again, know that homes do sell multiple offers right now when done properly.
Thanks for listening. Have a great day and I’ll talk to you next week.