Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
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 May 12th, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 227. That is down from last week’s 234. That is an interesting story right there. But generally here in the spring market, as we’re going through, we’re adding inventory. We were getting, not nervous, but it was interesting to watch how big our inventory was in the start of the spring market. Here we are, actually inventory coming down. Last year at this time, for contrast, that number was 175. In 2023, that number was 178. In 2022, 168. Okay, here we are at 227. So, much more than we’re used to. On a macro number, by the way, that’s still, even though it’s much more than we’re used to, that’s still a low number. We had 44 homes come on the market. Last week, that number was 59. And, here’s some fantastic news: 48 homes go into contract. Last week, that number was 47. 47 was our high number, so now we have a new high for sales in a single week, for week 19: 48 single-family sales. Average days on market for those 48 homes that went into contract: 17 days. Great news.
Condominiums and townhomes right now, we have 234 on the market. That’s down from 236 of last week. Only 2, but still, that number kept ballooning and ballooning. To see that stop and come down, that’s great news. Last year at this time, that number was 163. In 2023, that number was 107. And the 2022 number was 138. Again, here we are at 234. We had 26 come on the market. Last week, that number was 35. And we had 16 go into contract. Mid-teens has always been a good number for that category. Last week was fantastic though at 20. Average days on market for the condominiums that went into contract last week was 41 days. That’s down by 9. And the average days on market for the townhomes that went into contract was 21 days.
We also had 13 homes either expire, cancel, withdraw from the marketplace. And, once again, here’s a really big number: 33. 33 price reductions. That’s a very big number for our spring market.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 461, down from last week’s 470. Last year at this time, that number was 338. In 2023, that number was 283. And the 2022 number was 306. Again, here we are at 461.
Once again, single-family market is really going- it’s hot. It’s very hot. Even though we have way more inventory than we’re used on a year over year, I’m telling you, with the right home comes on the market with the right price, and the right market and they’re selling within, well as it says here, 17 days. Generally, we were seeing, maybe that number’s up just a little bit, but still 17 days, as we can all agree, is a very short, short time. And then we have the condominiums days on market coming down a little bit. But still, lots of opportunity there for the condominium market and townhome market. So now is- sellers, now is still a great time to jump into the spring market. Buyers, the good news here is that there are more homes on the market. Therefore more options. That’s obviously better for buyers. Reality is though, buyers, that when you find that great home, you need to act fast.
Thanks for listening. Have a great day. And I’ll talk to you next week.