Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So, what’s going on with the real estate 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, a real estate company in Burlington, California. It’s June 9th, 2025.
Let’s get started. Single-family inventory from South San Francisco to Redwood City right now is 264. That is up from 248 last week. Last year, this time, that number was 168. In 2023, that number was 190. In 2022, that number was 225. 264 does represent a new high number for 2025 for the single-family inventory number. We had 64 homes come on the market. That is a high, healthy number. The most homes we’ve had come on the market in a single week in 2025 is 74. Again, here we are at 64. Last week, that number was 53. And we had 38 go on the contract. Very healthy number. Last week’s was 23. 38 is definitely a healthy number. And as we have more single-family homes on the market, clearly, it has more opportunity to have more sales.
The average days on market for the 38 homes that went on the contract, 16 days. Now, we are right now running around a 7.5, 8-week market. Meaning, if you take the total inventory of the single families and divide it by the number of sales, we’re going right around 7, 8-feet marketplace. And this is something that we know. If we’re in a 5-week market, everything is getting multiple offers. Now that we’re over a 5-week market, we’re into the 7, 8-feet market. Not everything is getting multiple offers, meaning opportunity for the buyers and sellers. This is when strategy absolutely matters.
Condominiums and townhomes right now, 249 on the market. That is a new high number. Last week, that number was 239. Last year, at this time, that number was 173. In 2023, that number was 116. In 2022, that number was 164. We had 35 come out on the market. Last week, that number was 29. And we had 14 go on the contract. That’s much better than last week’s 10. Actually, it’s the best number we’ve seen in about 4 weeks. So that’s good news there.
The average days on market for the condominiums that went into contract was 36 days. That’s way down from 72 of last week. And the average days on market for the townhomes that went into contract was 32 days. Here’s some more big numbers that keep coming in week in, week out. Expires, cancel, withdraw. Another 20 homes expire, cancel, withdraw from the marketplace. And we had 37 price reductions. Last week, that number was 40. Still, 37 is also a very high number.
So, total, total. From South San Francisco to Redwood City, single-family homes, condominiums, and townhomes. Inventory is 513. That’s up from 487 of last week. Last year, at this time, that number was 341. In 2023, 306. And in 2022, 384. Again, here we are at 513. That is a new high for total, total number in 2025. The big number in that is obviously the 249, which represents the economies of townhomes right there. And with the 264 single-family homes on the market.
So, like I said, strategy absolutely matters now. Now that we’re beyond a five-week market, things aren’t going so fast. But when done right, you can see 16 days. So, what’s wrong? What’s going on with the other homes that aren’t selling in 16 days? Strategy is wrong. Strategy is off. That’s why you need to call the Gilmartin Group. This is when we shine.
Thanks for listening. Have a great day, and I’ll talk to you next week.