Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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How’s 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 San Mateo County.
Hi I’m Dan Gilmartin part of the Gillmartin Group Real Estate company in Burlingame, California it’s June 2nd 2025 let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 248. That is up from last week’s 233.
The highest number we’ve had so far in 2025 for single-family inventory is 250, so here we are at 248.
Last year at this time, that number was 163. In 2023, 191. And the 2022 number was 218.
We had 53 homes come on the market. Last week that number was 40.
And we only had 23 go into contract. Might remember last week’s 42 was a very, very healthy number.
But to be expected—as we went into the Memorial Day weekend, most of our buyers probably went on vacation.
The average days on market for those 23 homes that went into contract was 15.5 days.
Condominiums and townhomes—right now we have 239 on the market. That’s up just slightly from last week’s 234.
Last year at this time, that number was 177. In 2023, that number was 117. In 2022, that number was 156.
We had 29 come on the market. Last week that number was 24.
And we only had 10 go into contract, just like last week’s 10.
As I said there, we like to see at least in the teens—mid-teens or higher—for a healthy sales number.
The average days on market for the condos that did go under contract was 76 days.
That’s up from an average hovering around 50. Last week, that number was actually down in the 30s.
So here we are bouncing way back up to 76 days on market.
And the average days on market for the townhomes that went into contract was 37 days.
Here are a couple other very large numbers:
The expired, cancel, withdraw number is 23—very high.
And here’s an extremely high number—price reductions. We had 40 price reductions.
I believe that’s the most price reductions we’ve had all year long.
It’s the most—we have some of the most inventory we’ve had, so there’s more opportunity for price reductions when you have larger inventory.
That’s basically on the single-family inventory—that’s 25%, or a little over 25% of the inventory, reduced its price.
So total from South San Francisco to Redwood City single-family homes, condominiums, and townhomes—inventory is 487, up from last week’s 467.
Last year at this time, the number was 342. In 2023, the number was 308. And the 2022 number was 374.
So inventory is back up.
We had a low number in sales in the single-family inventory sector, and that’s very typical going into a holiday weekend.
But here’s some very positive news that we’ve been talking about:
15.5 days on market for the homes that went into contract.
That proves that with the right price, the right marketing, getting the home prepared properly and launched with the best marketing—you should be able to receive offers to consider within a couple of weeks.
Anything beyond that—that’s where the opportunities are for buyers, for particular negotiations to happen, for the sellers to capitulate.
And the townhome and condominium market—still tons of opportunity there.
Thanks for listening. Have a great day, and I’ll talk to you next week.