Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So, how’s the market? 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 the first Monday of July. July 7th, 2025.
Let’s get started.
Single family inventory from South San Francisco to Redwood City right now is 211. That is down big time from 236 of last week. Last year this time the number was 154. In 2023 the number was 186 and the 2022 number was 262, again here we are at 211.
We had 25 homes come on the market which is typical. Last week was 44, but going into the Fourth of July holiday weekend, less homes generally come on the market, and that proved to be what happened here with 25 coming on the market. And we had 29 go into contract last week that number was at 35. 29 is not quite the number we like to see week in and week out. Again, going into that holiday weekend, though, is generally when we see that number come down.
The average days on market for the 29 homes that went into contract was 25 days. There were a few homes in the 29 that took longer than normal like 45 days 50 days which really brought that number up to 29. If I pull those out of the research that number actually dropped all the way down to about 16.
Condominiums and townhomes right now we have 224 on the market. That’s down from last week’s 232. Last year this time that number was 185. In 2023 that number was 115 and the 2022 number was 183. Again here we’re at 224 condominiums and townhomes on the market.
We had 15 come on the market. High number. Last week that was low at 9. And then we had 12 go into contract. We like to see in the teens are higher there like I’ve said in the past. Last week that number was 14.
The average days on market for the condominiums that went into contract was 46 days. So that number bounced back up. Last week that number was much much lower. And the townhome average days on market for the townhomes that went under contract was 20 days.
We also had, here’s a massive number, the biggest number we’ve seen all year for the expired, canceled, withdrawn. 32 homes either expired, canceled, or withdrew from the marketplace. That is a extremely large number. And generally, you know, in June and July is when we start building more inventory, and we’re seeing inventory coming down. And what we’re really seeing is inventory coming off the market.
And we also had 19 price reductions. So, we had 32 expired, canceled, withdraws, and 19 price reductions. Very interesting there.
So total total from South San Francisco to Redwood City single family homes, condominiums and townhomes inventory is 435. That is down from 468 of last week. Last year this time that number was 339. In 2023 that number was 301 and the 2022 number was 445 again here at 435. So we’re kind of trailing this 2022 inventory number which I find very interesting. The big difference is the condominium and townhome inventory number from 2022.
But here we are, inventory continues to drop in the condominium and townhome market, which is great news for that sector. The single family homes, like I noted, there were several homes that sold within two weeks.
So like I’ve said, if a great home comes on the market and it is priced right and it looks great, it’s staged and it’s marketed properly, there’s going to be multiple offers on that home. And then there’s other section of the market where they’re not getting offers. They’re probably reducing the price and or what we’re seeing here, they’re just taking the home right off the market. So I find that very interesting.
Inventory as a whole is still low. We’re running, you know, about a six week market right about right in there. So if you’re thinking of selling your home, you still have time to get your home on the market and get those buyers before they are settling maybe into a new school district. So now we’re still in that time frame if you are thinking of selling, now is a good time to get on the market so you can get your buyers who are probably family oriented and moving around schools and want to get in the school district.
Thanks for listening. Have a great day and I’ll talk to you next week.