Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
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 numbers 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 28th, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City is currently 226, which is up from last week’s 217. Last year at this time, the number was 164. in 2023, it was 182, and in 2022, it was 267. So here we are now at 226.
This past week, 41 homes come on the market, down from 48 the week before. We had 28 homes go into contract, which is lower than we’d like to see. Last week that number was 34.
The average days on market for this 28 homes that went into contract was 22 days. However, several homes took much longer to sell. For example, there was a home in San Bruno that took 133 days. That said, the majority of the homes that went into contract did so within 14 days or less. When we take the 226 homes currently on the market and divide that by the 28 pending sales, we get an 8-week market. That is a significant jump from the 6-week pace we were seeing. An 8-week market leans more in favor of buyers in terms of inventory levels and how long homes are taking to sell. It is an interesting trend to watch. Maybe we are entering the dog days of summer. Not quite yet, but possibly heading in that direction.
For condominiums and townhomes, we currently have 226 on the market. Last week, there was 236. At this time last year, there were 196. In 2023, there were 120, and in 2022, 121. So once again, we are sitting at 226.
This week, 20 new condominiums and townhomes came on the market, compared to 26 last week. 17 went into contract, which is an improvement over last week’s 12 and breaks a streak of two or three weeks of sluggish sales activity in this segment.
The average days on market for the condominiums that went into contract was 53 days, while for the townhomes it was 34. We also had 29 homes either expire, cancel, or withdraw from the market, along with 21 price reductions.
The total number of homes on the market from South San Francisco to Redwood City, including single-family homes, condos, and townhomes, is 452. That is just slightly down from last week’s 453. At this time last year, the number was 360. In 2023, it was 302, and in 2022, it was 447. So again, we are at 452, and the condominium and townhome inventory is what is pushing that total up.
As for the current state of the market, I would describe it as lukehot. It is not hot, more like lukewarm. There is a bit more balance right now for buyers. We are also starting to hear more talk about interest rates potentially coming down again, which could be very favorable for the market.
If you are thinking about buying, now could be a good time. As we have said before, you can always refinance later when rates eventually do come down. That could happen this year or next year. For sellers, there are still buyers out there. As I always emphasize, pricing the home correctly, having the right pricing strategy, getting the property prepared, and executing strong marketing are key. When all of that is done right, we can still generate multiple offers.
Thanks for listening. Have a great day, and I’ll talk to you next week.