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 in San Mateo County.
Hi, I’m Dan Gilmartin I’m part of the Gilmartin Group Real Estate Company in Burlingame, California. It’s the last day of June in 2025. Let’s get started.
Single family inventory from South San Francisco to Redwood City right now is 236. That is down from last week’s 241. Last year this time that number was 167. In 2023 that number was 172 and the 2022 number was 252. Here we are 236.
We had 44 homes come on the market. Last week that number was 46. And we had 35 go into contract. That ends our 3 or 4 weeks in a row of 40 or more homes that go into contract. But still, 35 is a pretty darn good number. Last week that number was 40.
We are now in what we’re calling just under a 7 week market. Last week we’re in a running at a 6 week market. Now, with these numbers we’re running just below a 7 week market.
The average days on market for the 35 homes that went into contract was 19.5 days. So that number is up slightly as well and the length of the market is extended to that just almost 7 weeks right there. So that’s very interesting to watch.
The condominium and townhome market right now we have 232 on the market. That’s down. Good news from last week’s 252. Last year this time the number was 190. In 2023 that number was 112 and the 2022 number was 164. Again here we are at 232.
We had 9 come on the market. Extremely low number. Last week that number was 29 and we had 14 go into contract better than last week’s nine. Like to be in the teens or higher. Very good there and though the condominium market right now is running at 16 weeks that’s just a very big number.
The average days on market for the condominiums that went under contract was 20 days. The average days on market for the townhomes that went into contract 34 days. That’s the first time we’ve seen that this year where the condominiums that did sell actually sold quicker than the townhomes that went into contract. Something to watch there.
We also had 24 homes either expire, cancel, or withdraw from the marketplace. That’s a very high number. And we had 18 price reductions.
So total-total from South San Francisco to Redwood City single family homes, condominiums, and townhomes inventory is 468. Down from 493 of last week. Last year this time the number was 357. In 2023 the number is 284. And the 2022 number was 416. Here we’re at 468.
Some homes are selling immediately within 4 or 7 days. Other homes are taking 19.5 days. So again I’ve been talking about the importance of pricing your listings pricing your homes competitively getting the home prepared to go on the market and doing the proper marketing when done correctly. We’re seeing homes some handful of homes selling immediately other homes taking longer. What’s the difference that makes a difference I just told you condominiums and townhomes right now still lots of inventory there lots of opportunity.
Now it’s more of an equilibrium you market for the buyers. So that’s good news especially if these interest rates ultimately do come down a little bit here in the future that’s going to pick up a lot of competition there. So now could be a great time as a buyer to get in on a great home with possibly less competition. But again know if it’s a great house priced properly and it looks fabulous you’re going to be in competition.
Thanks for listening. Have a great day and I’ll talk to you next week.