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, part of the Gilmartin Group Real Estate Company in Burlingame, California. It’s June 16, 2025. Let’s get started.
Single family inventory from South San Francisco to Redwood City right now is 251. That is down from last week’s 264. Last year at this time, that number was 167. In 2023, that number was 188. And the 2022 number was 243. Very interesting. Here we’re at 251, just above that 2022 inventory number. So when I look back at 2022, if I want to try and forecast how we’re doing in the single family sector, 2022 is looking like a very interesting place to do some research.
We had 42 homes come on the market. Last week, the number was 64. And here’s some awesome news. 43 homes go into contract. Last week’s number was pretty good at 38. 43 is really an awesome number. The most homes will be sold in a single week in 2025 per single family is 48.
Now, also, here’s some interesting news. Last week, I was talking about how we were in a seven to eight-week market. And if we’re in a market that’s five weeks or less, everything’s getting multiple offers. Here, we dropped from a seven to eight-week market all the way down to six-week market. Very, very interesting.
The average days on market for those 43 homes that went into contract was 21 and a half days. That number is actually up a little bit, so that could be a little bit confusing. Where our, you know, the six-week market coming down from a seven, eight-week market, what does that say? It says that some homes, you know, a handful of homes came on the market, just won’t move right away, and the other homes that went into contract have been on the market for a while, just showing the importance of doing, getting, getting prepared, ready to go. The marketplace definitely is healthy for the right home at the right price.
Condominiums and townhomes right now, 250 on the market. That’s up slightly from last week’s 249. Last year, this time, the number was 180. In 2023, 113, and the 2022 number was 167. Again, here we have 250 with 30 come on the market. Last week, the number was 35.
And here’s some very, very good news. 19 go into contract. They were all condominiums. No townhomes actually went into contract last week. 19 go into contract last week. The number was 14. The 19 represents a 13-week market. That’s actually down. And the average days on market for those 19 condominiums that went into contract was 27 days. That’s a huge number because we were up as high as 76 days on market for the condominium townhome market.
So there was clearly a handful or a dozen of condominiums that came on the market, seeing the days on market that was happening in the market and readjusted their expectations. It came out at a lower marketing price and boom, they cut the days on market more than in half. So that’s great to see.
We also had 14 homes either expire, cancel, withdraw from the marketplace. Here’s another big number. Again, week after week after week, that’s price reductions. We had 22 price reductions. We’re in the spring market, literally walking into the summer market. A lot of graduations have been happening. So 22 is a large number for this time of year.
So total total from South San Francisco to Redwood City, single family homes, condominiums and townhomes. Inventory is 501. Last year, that number was 347. In 2023, that number was 301 and the 2022 number was 410. So here we are at 501 and clearly the big difference is the condominium townhome inventory number way up at 250.
Very, very interesting market right now. We were going into a seven, eight week market pace and we drop all the way down to a six week market pace.
What does that tell me? Like I said earlier, it’s a great time for me to become a super agent, meaning I can list your home today, put the right marketing price on there, get the home prepared properly and do the proper marketing to market it to the world, done correctly and we’ll get multiple offers. Then take you or take a buyer, go out and look at home. And there are opportunities out there where we’re not in a multiple offer situation. We can negotiate that price down.
Clearly, you know, it’s, you know, each house is different. Each situation is different. So buyers, if you find a great home, it’s priced right. Know you’re going to be in a multiple offer situation. But if the home has been on the market for a while and it’s a great house, it’s time to start negotiating.
And sellers, like I’m saying, now we’re in the middle of the, we’re in the summer market. Families want to find their home now and move in before the new school year starts. And we can get you in multiple offer situation, which means best price, best terms.
Thanks for listening. Have a great day. And I’ll talk to you next week.