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 in San Mateo County? Welcome to the Monday Morning Market Minute, where I go over the weekly housing inventory report for the Mid-Peninsula.
Hi, I’m Dan Gilmartin, part of The Gilmartin Group real estate company in Burlingame, California. It’s March 30th, 2026 the last Monday of the first quarter. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City is currently at 185, down from last week’s 194. That 194 number was very high for single-family inventory in the first quarter.
Last year at this time, the number was 187. In 2024, it was 119, and in 2023, it was 168. So here we are at 185.
We had 45 homes come on the market this week, which is a more typical number. Last week, we saw 70 new listings the highest number of single-family homes coming on the market in a single week since around 2010. So now we’re back to a more normal pace.
We also had 41 homes go into contract. That’s exactly the kind of number we like to see week in and week out. Last week, that number was 38, which was still strong, but 41 is excellent.
When you have 70 new listings hit the market in one week, you expect to see strong sales activity follow. If we didn’t, we’d be having a very different conversation about where the market is heading. For reference, the highest number of sales we’ve seen in a single week in 2026 was 42 just a few weeks ago so 41 shows that the spring market is still performing very efficiently.
The average days on market for those 41 homes was just 11 days, which is great news.
I say that because when I saw 70 homes hit the market last week, I wondered where things might go. But clearly, demand is keeping up strong sales and fast timelines confirm that.
Now, moving on to condominiums and townhomes there are currently 185 on the market, up from 166 last week. Last year at this time, that number was 196. In 2024, it was 135, and in 2023, it was 103.
We had 37 new condo and townhome listings come on the market, which is a relatively high number compared to last week’s 23. However, only 11 went into contract this week, down from 21 last week, which was a standout number — the highest weekly total for this segment so far in 2026.
This may indicate a slight cooling in the condo and townhome sector.
The average days on market for condos that went into contract was just 16 days incredible improvement compared to recent weeks when we were seeing 50, 60, even 70+ days.
For townhomes, the average days on market was 24 days, which is slightly higher than what we’ve been seeing. Typically, townhomes have been selling faster than condos.
We also saw 10 homes expire, cancel, or be withdrawn from the market, along with 16 price reductions a bit higher than usual, especially for this time of year.
Now, looking at total inventory across single-family homes, condos, and townhomes from South San Francisco to Redwood City, we are at 370, up from 360 last week.
Last year at this time, that number was 383. In 2024, it was 254, and in 2023, it was 271.
So overall, inventory is higher than what we typically like to see. Much of that increase is coming from the condo and townhome segment. While 185 single-family homes may seem high at a glance, in the bigger picture, it’s still a relatively low number.
What this really shows is how resilient the Mid-Peninsula market continues to be. I’ve said this before, and it keeps proving true.
Interest rates are currently around an eight-month high about 6.55% for a 30-year mortgage the last time I checked. There’s also broader uncertainty in the world right now from global conflicts to interest rates to AI impacting jobs and yet, the Mid-Peninsula market remains strong.
As a point of comparison, this same week in 2020 marked the first week of shelter-in-place, which was an incredibly uncertain and challenging time globally. The fact that the market has remained resilient through events like that and continues to perform now says a lot.
Ultimately, this market highlights the importance of having the right pricing, marketing, and strategy. While many homes are selling quickly around 11 days there are still others sitting on the market, often due to poor strategy.
At The Gilmartin Group, we focus on what’s happening in real time and use that to engineer results. We don’t just list homes we engineer outcomes.
Thanks for listening, have a great day, and I’ll talk to you next week.