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-Pen? 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. I’m part of the Gilmartin Group, real estate company in Burlingame, California. It’s March 17th, 2025, Saint Patrick’s Day. Erin go Bragh! Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 181. That’s up from last week’s 158. 181 is generally a June and July type of number that we like to see, or that we generally see. So this is a high number for the beginning of the spring market. That’s good news for the buyers out there right now. Last year, the peak number was 217. So, that’s gonna be interesting if we rush through that 217 in June and July. We’re gonna possibly hit the 300s? Not sure right now. Last year at this time, that number was 125. In 2023, that number was 163. Again, here we are at 181. We had 60 homes come on the market. That’s a very big number. Last week, that number was 47. And we only had 23 go into contract. Last week, that number was 32. 32 was a good number for the type of inventory we had. 23 is not quite what we like to see. But the average days on market was 20 days. And we had one home in Hillsborough that really skewed that number. If I pull that out, the average days on market for the rest of the homes that went into contract was more like under 14 days. So we have a lot, we have more inventory than normal. But generally the homes that are coming on the market are selling quickly.
Condominiums and townhomes right now: 193 on the market. That’s down slightly from last week’s 200. Last year at this time, that number was 141. So again, the condominium, townhome market inventory number is still very, very high and it really is heavily weighted on the condominium side in that inventory numnber. We had 25 come on the market. Last week, that number was 36. And here’s a good number though for this category: 21 go into contract. Last week was a good number at 20. The average days on market for the condominiums that went into contract was 18 days. But we had one in Shelter Creek, San Bruno that took 187 days. So if I pull that out, and it came down to 18 days. And the average days on market for the townhomes that went into contract was 8 and a half days.
We also had 14 homes either expire, cancel, or withdraw from the marketplace. And 20 price reductions. Again, that’s a large number for the spring market to have that many price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 374. That’s up from 354 of last week. Last year at this time, that number was 266. In 2023, that number was 268. In 2022 that number was 199. In 2021, 255. And the 2020 number was 231. Again, here we are at 374. A higher than normal, much higher than normal single-family number at 181, and a very high number still in the condominium, and townhome number at 193.
Again, one might be “how’s the market?” Market’s going good actually. The good news is maybe we’re bouncing out a little more? There’s more choices for the single-family home buyer. But, if you’re a buyer, you know that homes that you like and are priced well, and marketed properly are selling within a week and a few days. So if you’re thinking of selling your home, really, sooner’s better than later, especially if this inventory continues to grow. Or, that’s what we’re going to watch. Are we just gonna hover around here? Because homes are selling quite fast.
Thanks for listening. Have a great day. And I’ll talk to you next week.