Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So how’s 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 19th, 2025. Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is 250. That is up from last week’s 227. Last year at this time, that number was 178. In 2023, 192. In 2022, that number was 190. Again, here we are at 250. We had 74 homes come on the market. That’s a nice, healthy number. Last week, that number was 44. And, we had 37 go into contract. Last week’s was a huge number, a peak number at 48. 37, very close to 40 obviously, is a strong number. The average days on market for the homes that went into contract was 32 days. We had 2 homes in Hillsborough, though, that took extra long to get into contract. If I pull those 2 homes out of the study, that days on market drops to 23.
Condominiums and townhomes right now, 231, down from last week’s 234. That’s 2 weeks in a row the condominium, townhome inventory has decreased. Little bit, but still going the right way in terms of for sellers, inventory coming down there. We had 21 come on the market. Last week, that number was 26. And we had 13 go into contract. Last week, that number was 16. Very healthy number at 16. Average days on market for the condominiums that went into contract was 30 days. And the average days on market for the townhomes that went into contract was 25 days.
We also had 17 homes expire, cancel, withdraw from the marketplace. That’s a big number for the spring market. And here’s another really large number again. That’s 3 or 4 weeks in a row now with this number: 34. 34 price reductions. That’s a very high number. For instance, last year that number was 18.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 481. Up from last week’s 461. Last year at this time, that number was 349. In 2023, 309. And the 2022 number was 336. So, here we are at 481.
Lot more inventory for buyers. Like I’ve been saying, that’s good news. More to choose from. Average days on market in the single-family market at 32. There were some homes that sold immediately. Some kind of skewed that number. Which points out the importance of the right pricing strategy, getting the home prepared to go on the market, and doing the proper marketing to get the exposure you need. And when done so, I have data they’re selling in 7 days. And I see in other homes where they didn’t do it quite right, and they’re up at 32 days. And the Hillsborough one’s over 100 days, actually. So, very very important.
So, we’re right in the middle of graduation time. Lots of graduates coming out. So, those families who are looking to buy a new home, maybe in a new school district, now is the time that they’re gonna start really getting even more serious, and want to find that home and close before the next school year to get the kids settled. So if you’re thinking of selling your home, now is the time to start putting your home on the market. Sooner is better than later there. And like I said for you buyers, hey, we have more inventory to choose from. If a home’s been on the market for more than 3 weeks, opportunity there. But if you find a great home that’s priced well, be prepared, have everything ready to go. Because you’re gonna be in competition, and we have strategies for that for you to win that home.
Thanks for listening. Have a great day. And I’ll talk to you next week.