Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
So what’s going on with the housing market on the Mid-Peninsula and San Mateo County? Welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report for the Mid-Peninsula and San Mateo County. Hi, I’m Dan Gilmartin, part of the Gilmartin Group, real estate company in Burlingame, California. It’s March 10th, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 158. That’s up from last week’s 149, to be expected as the spring market starts to kick into gear. Last year at this time though, that number was 109. In 2023, that number was 148. And here we are at 158. And in 2022, that number was 117. 2021, 135. And the 2020 number, 156. And again, here we are at 158. We had 47 homes come on the market. Last week, that number was 45. And here’s great news: we had 32 homes go into contract, beating last week’s 31. 31 was the peak, or the most homes sold in a single week in 2025. So here now, the new peak is 32. The average days on market for the homes that went into contract was 18 days. But, we had a home in Hillsborough that took 147 days to go into contract. If I pull that home out of the study, days on market for the rest of the homes was 10 days.
Condominiums and townhomes right now: 200 on the market. Last week that number was 193. Last year at this time, that number was 133. In 2023, 103. In 2022, 95. 2021, 105. And the 2020 number was 70. Again, here we are at 200, the most townhome, condominiums we’ve seen on the market this time of the year in a long, long time. We had 36 come on the market. Last week, that number was 41. But here’s some great news with all this inventory: 20 go into contract. That’s the most sales we’ve had in the condominium, townhome sector in 2025. The average days on market for the condominiums that went into contract was 22 days. And the townhomes that went into contract, average days on market: 13.
We also had 8 homes either expire, cancel, or withdraw from the marketplace. And here’s some huge news. I don’t know the last time I saw this type of number at this time of year. Price reductions. 26 price reductions. That’s massive news right there. With average days on market low and big price reductions shows you that the market is definitely moving to wanting to sell.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 358. Last year at this time, 242. In 2023, 251. 2022, 212. 2021, 240. And the 2020 number was 20- 226. Again, here we are at 358. With 158 of those being single-family homes, that’s more inventory than we’re used to seeing, yet it’s still a low number.
But the big news is massive inventory of 200 in the condominium, townhome market. But, when you look at both sectors there, the single-family homes, condos, and townhome, great, great sales. Now, interest rates did come down a bit last week, so that was also probably a big part of it. And as we get started here with the spring market, new spring inventory came on, and literally sold right away. So it you’re thinking of selling your home, right now is a great time, as more people are gonna start thinking of putting their home on the market for the spring. Sooner is better than later.
Thanks for listening. Have a great day. And I’ll talk to you next week.