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. I’m part of the Gilmartin Group, real estate company in Burlingame, California. It’s March 3rd, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 149. That’s up from last week’s 141. Last year at this time, that number was 119. In 2023, number was 150. With 45 homes come on the market. That’s a healthy number. Last week, that number was 37. And we had 31 homes go into contract. Better than last week’s 29. That’s twice now in 2025 where we’ve reached 31. That is the most homes we’ve selled in a single week so far in 2025, and that’s the 2nd time that’s happened. The average days on market for the 31 homes that went into contract, healthy number, 9 and a half days.
Condominiums and townhomes right now: 193. That is up from 169. Last year at this time, that number was 124. In 2023, 114. In 2022, that number was only 78. We had 41 condominiums, townhomes come on the market. Last week, that number was 34. And we had 11 go into contract. Last week, that number was 12. We do like to see that number in the teens. The average days on market for the condominiums that went into contract, here’s a great number: 11 days. That is down from what we were averaging, 50 to 55. That’s the 2nd time this year that the condominium days on market dramatically dropped to like 11 days, coming off its 50. So, what does that tell us? That the new condominiums are coming on the market this year, they are putting the new, let’s call, lower price on it, because these prices have come down. And when they have done so, selling within less than 2 weeks. The average days on market for the townhomes that went into contract: 10 days. So very, very healthy sales there for the new listings that have come on the market for the condominiums sector and the townhomes sector.
We also had 8 homes either expire, cancel, withdraw from the marketplace. Last year, that number was at 14. And we had 17 price reductions. Last year, that number was 18.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 342. Up from last week’s 303. Last year at this time, that number was 243. In 2023, that number was 264. And the 2022 number was 185.
Here we have really healthy sales. The single-family inventory number is higher than what we normally see, although in 2023, that number was basically the same number. But, that’s good news for buyers. There is a little bit more homes to see on the market. But they’re selling right away. Less than 2 weeks, 9 and a half days. And the new condominium and townhome listings coming in, selling right away. But, with having 193 on the market for the condo, townhome sector, that says that there is still a ton of opportunity out there. Especially when those sellers who’ve been on the market for months now seeing new listings come on selling immediately, they see that they’re gonna have to adjust their prices. Thus, that’s where the opportunity is there for, condominium and townhome buyers right now. Single-family homeowners, the market is hot. Spring market is hot. Now, sooner is better than later.
Thanks for listening. Have a great day. And I’ll talk to you next week.