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 29th, 2026 the last Monday of June. Let’s get started.
Single-family inventory from South San Francisco to Redwood City currently stands at 188 homes. That’s down from 208 last week and marks the second consecutive week of declining inventory.
Typically, June and July are when we see inventory peak, but right now inventory in the single-family sector is moving in the opposite direction.
We had 30 homes come on the market last week, compared to 43 the week before. Meanwhile, 37 homes went into contract, matching last week’s total of 37.
The average days on market for those 37 homes was 18 days.
If you divide the 188 active single-family homes by the current pace of sales, it works out to roughly a five-week market.
For comparison, single-family inventory was 236 homes at this time last year. In 2024, it was 167, and in 2023, it was 172.
Again, this week we had 30 new listings and 37 homes go into contract, showing that demand continues to outpace new supply.
Turning to condominiums and townhomes, inventory currently sits at 183 homes, up slightly from 177 last week.
Last year at this time, inventory was 232. In 2024, it was 190, and in 2023, it was 112.
We had 27 condos and townhomes come on the market this week, compared to 23 last week. However, only 11 went into contract, down from 19 the previous week.
Over the past several weeks, contract activity in this segment had consistently been in the teens or even high teens, which is what we like to see. This week’s drop to 11 contracts represents a slower pace.
With 183 active units and only 11 going into contract, that equates to approximately a 17-week market.
The average days on market for condominiums that went into contract was 55 days, while townhomes averaged 40 days.
We also had 11 homes expire, cancel, or withdraw from the marketplace, which is a relatively low number. However, we saw 27 price reductions, which is notably high.
Looking at the total market from South San Francisco to Redwood City including single-family homes, condominiums, and townhomes inventory now stands at 371 homes, down from 385 last week.
For comparison, total inventory was 468 at this time last year, 357 in 2024, and 284 in 2023.
Overall, the single-family market continues to move at a very fast pace.
Last week, we discussed the fact that while the market technically has about five weeks of inventory, homes that are priced and positioned correctly are still selling within a couple of weeks. The key question for sellers is: what does it take to be one of those homes?
For buyers in the single-family market, the answer is simple. If a home is priced correctly and presented well, you need to act decisively.
For condominium and townhome buyers, there is more opportunity. The slower pace of that market often creates room for negotiation and more time to evaluate options.
Returning to the single-family market, if a home has been sitting on the market for more than 20 days, the market is usually signaling that the home is overpriced. In many cases, there’s nothing wrong with the property itself it simply entered the market at the wrong price.
Those homes can present opportunities for buyers because they often avoid the intense bidding wars seen on homes that sell in 18 days or less.
The takeaway is that there are two very different markets at work right now.
For sellers, the winning strategy remains the same: price the home correctly, market it effectively, and position it properly from day one.
For buyers, if you find a home that is well-priced and attracting strong interest, be prepared to move quickly. But if a home has been on the market for 20 days or more, you may have a little more breathing room and negotiating power.
Thanks for listening. Have a great day, and I’ll talk to you next week.