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 1st, 2026. Let’s get started.
Single-family inventory from South San Francisco to Redwood City is currently at 212, up from last week’s 196. Last year at this time, the number was 248. In 2024, it was 165, and in 2023, it was 191.
We had 64 homes come on the market this week, up significantly from last week’s 37. The lower number last week was largely due to the Memorial Day holiday weekend, so it’s not surprising to see listings rebound. Sixty-four new listings is a healthy number for this market.
We also had 29 homes go into contract. Last week, we saw 61 homes go into contract, which was the highest weekly sales total of the year. While 29 is a noticeable drop, the holiday weekend likely played a role in slowing activity.
The average days on market for the 29 homes that went into contract was 25 days. That’s a higher number than we typically like to see, but a closer look shows that several of those homes had been sitting on the market for quite some time before finally reaching an agreement with buyers. Those longer-market-time properties skewed the average upward.
Turning to condominiums and townhomes, inventory currently stands at 196, down from 205 last week. That’s a positive direction for that segment of the market.
Last year at this time, condo and townhome inventory was 239. In 2024, it was 177, and in 2023, it was 117.
We had 15 condos and townhomes go into contract this week, up from 13 last week. We like to see that number in the teens or higher, so this is a positive sign for that sector.
The average days on market for both condominiums and townhomes that went into contract was 33 days. It’s unusual to see those numbers match exactly, but that’s where they landed this week.
We also had 13 homes expire, cancel, or withdraw from the marketplace, which is about average. However, we saw 26 price reductions, which is a relatively high number for this time of year.
That statistic reinforces an important point: even in a strong seller’s market, pricing strategy matters. Sellers who miss the mark on pricing often end up making adjustments later.
Overall inventory from South San Francisco to Redwood City including single-family homes, condominiums, and townhomes now sits at 408, up slightly from last week’s 401.
Last year at this time, total inventory was 487. In 2024, it was 342, and in 2023, it was 308.
The majority of inventory remains in the condo and townhome sector. For single-family homes, the highest inventory level we’ve seen this year was 221. At 212, this marks the third time in 2026 that inventory has exceeded the 200-home mark.
For buyers, that’s good news. There are more homes to choose from and potentially more opportunities to negotiate.
For sellers, pricing, marketing, and preparation remain critical. When done properly, homes are still selling very quickly. In fact, if you remove some of the properties that sat on the market for extended periods, many homes are still selling within seven to nine days.
The 26 price reductions we saw this week also demonstrate that buyers are highly educated and paying close attention to value. They understand pricing very well, and homes that miss the mark are being challenged by the market.
More than ever, pricing strategy matters.
Thanks for listening. Have a great day, and I’ll talk to you next week.