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-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 is March 24th, 2025. Spring has officially sprung! Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 184. That’s up from slightly from last week’s 181. Last year this time, that number was 133. In 2023, that number was 172. In 2022, that number was 122. In 2021, that number was 152. In ’20, that number was 119. 2019, 174. And the 2018 number was 123. Just wanted to- I know I do that sometimes, I wanted to go all the way back to show that 184 is the highest number we’ve seen in single-family inventory at this time of year in a long time. Probably have to go back to 2010 to see a number like that. We had 45 homes come on the market. Last week, that was 60. And here’s some good news: 37 homes go into contract. That’s the most single-family homes in a single week in 2025. Last week, that number was 23 (?). The average days on market for those 37 homes that went into contract was 25 days. But, we had a home, more of a piece of land with a home on it, but it was really a piece of land in Hillsborough that took 379 days to sell. If I take that home out of the study, the days on market for the 36 homes that went into contract drops to 13 days. So, that’s really quick, as you can see.
Condominiums and townhomes right now: 196 on the market. That’s up slightly from last week’s 193. A very big number. Last year at this time, that number was 140. We had 34 come on the market. Last week, that number was 25. And we had 18 go into contract. High teens is always a good number. Last week’s number at 21 was a really good number. Average days on market for the condominiums that went into contract was 34 days. That’s actually down from 50 that we’ve been seeing week in and week out. And the average days on market for the townhomes that went into contract was 22 days.
We also had 14 homes either expire, cancel, or withdraw from the marketplace. That’s a kind of a high number. And we had 17 price reductions. That’s an average, or high average number for that number.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 380. Up from 374 of last week. Last year at this time, that number was 273. In 2023, that number was 273. In 2022 that number was 220. In 2021, that number was 274. In 2020, 158. 2019, 231. Annd the 2018 number was 187. Again, here we are at 380.
Inventory is up. Better for buyers, more choices, obviously. But, days on market for single-family homes is still, you know. Okay, they’re not selling in one day or 4 days. We’re now taking almost 2 weeks. You look around the country, that’s still extremely fast. So it’s still a seller’s market. Yes, we have more inventory than we’re normally used to at this time of year. But on the macro conversation, that’s a very small number at a 60,000+ single-family homes from South City to Redwood City. That’s still only 184 homes on the market. We have well over 12,000 agents trying to make a living selling all day long, every day, from South City to Redwood City. So we have 184 on the market. More than we’re used to, but- which is good. But yet, still a lower number.
So, if you’re thinking of selling your home, spring has sprung. Now is the time, I promise you.
Thanks for listening. Have a great day. And I’ll talk to you next week.