Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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So how’s the 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 is May 5th, 2025. Happy Cinco de Mayo! Let’s get started.
Single-family inventory from South San Francisco to Redwood City right now is up to 234. That is up from 227 of last week. Last year at this time, that number was only a 182. We had 59 homes come on the market. Last week, we had 59 homes come on the market. Here’s some really great news: 47 homes go into contract. That’s the most sales in a single week in 2025. Last week, that number was a good- pretty good number at 30. The average days on market for the 47 homes that went into contract was 20 days. That’s up from 12. We had 1 home in Burlingame that actually took 144 days just to get into contract. I pull that out of the study and that number pretty much cuts in half.
Condominiums and townhomes right now, 236 on the market. That is up slightly from last week’s 232. Last year at this time, that number was 152. We had 35 condominiums, townhomes come on the market. And we had 20 go into contract. That’s a fantastic number. The most townhome, condo sales in a single week for 2025 is 24, so here we are at a great number with 20. Last week, that number was 13. Average days on market for the condominiums that went into contract was 23 days. That’s cut in half from the previous weeks. And the average days on market for the townhomes that went into contract: 14 days.
We also had 14 homes either expire, cancel, withdraw from the marketplace. Here’s another really big number for the spring market: we had 28 price reductions.
So, total-total, from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes, inventory is 470, up from last week’s 459. Last year at this time, that number was 334. The peak inventory for 2024 was 401. Here we are at 470 in May, and we’ve already surpassed last year’s all total-total number.
Single-family homes are coming on the market. They’re clearly selling fast. Here within 20 days or less, if you price it properly and do the proper marketing. Condominiums and townhomes, they’ve been- well, condominiums has been going very slow, but this is a great number at 13. So hey, the market has woken up. The spring market is alive. If you’re thinking of selling your home, now is a great time. Buyers, this is good news, we have more inventory for you so that you have choices.
Thanks for listening. Have a great day. And I’ll talk to you next week.