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’s March 31st, 2025. End of the 1st quarter, oh my goodness! Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 187. That’s up from slightly from last week’s 184. Last year at this time, 119. In 2023, 168. In 2022, that number was 129. In ’21, that number was 143. And in 2020, that number was 123. Back in 2020, this was the end of the 1st week of Shelter in Place. So back then, that number was 123. Here we are at 187. We had 54 homes come on the market. That’s a lot of homes. That’s good for buyers and good for the inventory. Last week, that number was 45. And we had 34 go into contract. Not as good as last week’s 37. 37 is the most single-family homes we’ve sold in a single week, single-family here in 2025. so 34’s still a pretty good number. The average days on market, though, for those 34 homes that went into contract: 9 and a half days. So market’s moving pretty swift there.
Condominiums and townhomes right now, that number’s 196. Last week, that number was 196. Last year at this time, that number was 135. We had 38 come on the market. Last week, that number was 34. And we had 18 go- or excuse me, last week was 18. We had 24 go into contract. Last week that number was 18. 24, big news, is the most sales we’ve had in a single-week in the condominium, townhomes sector. And out of the 24, it was 18 condos that went into contract. That’s a big number. You know, the condominium market is, has been moving realy, really slow. So to see 18 go into contract is really good news for condominium owners and condominium sellers. The average days on market for the condominiums that did go into contract came way down too on those 18: 35 days. Was 50 days, so those 18 that went into contract was 35 days. The 6 townhomes that went into contract, average days on market is only 8. So the townhome market is moving really swift there.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 383. Up slightly from last week’s 380. Last year at this time, that number was 254. In 2023, that number was 271. In 2022, 237. In 2021, 255. And the 2020 number was 169. Unbelieveable. Here we are at 383.
The big story, as it has been, is the condo, townhome inventory at 196. 187 is a high number for single-family homes, but in the big picture, as you’ve heard me say, is still a small number. And homes coming on the market priced right, marketed right are selling in 9 days. So, spring is definitely sprung. Spring market is on, going into the 2nd quarter now. Some schools are in spring break right now. Could be an opportunity for buyers picking up some homes that came on the market out of these 54, that maybe your competition’s on vacation. Anyway, great time to put your home on the market right now.
Thanks for listening. Have a great day. And I’ll talk to you next week.