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 June 23rd 2025, let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 241 that is down from last week’s 251 and that’s two weeks in a row that the single-family inventory has reduced its number which is very interesting news. Last year at this time that number was 184 in 2023 that number was 193 and here’s the interesting number in 2022 the number was 262 again here at 241 we are below the 2022 number also in 2022 that 262 was a peak number.
So here we are the last two weeks inventory coming down we had 46 homes come on the market and here’s some more good news 40 homes going to contract last week that’s number was 43 and the week before that the number was in the 40 so there’s three weeks in a row of very healthy sales.
The average days on market for the 40 homes that went into contract was 17 and half days that’s down a little bit from last week and we are still hovering around what we’re calling a six-week market again a five-week market or less everything’s getting multiple offers getting over that five-week market at six weeks hovering at six weeks is showing really the importance of pricing properly get doing the right staging getting the home prepared to go on the market with the right marketing is very very important because some homes are selling right away and some aren’t so there’s opportunity out there for buyers.
Condominiums and townhomes right now inventory 252 up slightly from last week’s 250 last year this time that number was 192 in 2023 that number was 114 and the 2022 number was 172.
With 29 condominiums and townhomes come on the market and we only had 9 go under contract not a good number last week was a fabulous number at 19. That push us for the condominium townhome market that pushed us to a 28-week market that’s very very big the average days on market for the condominiums that went into contract we had a couple anomalies shot up to 79 days townhomes that went into contract average days on market was 10 days we also had 13 homes either expire cancel withdraw from the marketplace.
So total-total from South San Francisco to Redwood City single-family homes condominiums and townhomes inventory is 493 down from last week’s 501 last year this time that number was 376 in 2023 that number was 307 and the 2022 number was 434 again the big difference there is the condominium and townhome uh inventory number at 252 but here we have plenty of great sales in the single-family market and yet with that happening there’s still more opportunity for buyers.
There’s more choices to have so if you’re finding that great house and it’s priced right and it looks great know you’re going to have competition and like I said last week if this home’s been on for a few weeks there could be a negotiation there.
Thanks for listening have a great day and I’ll talk to you next week