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 in San Mateo County?
Welcome to the Monday Morning Market Minute where I go over the weekly housing inventory report for the Mid Peninsula in San Mateo County.
Hi, I’m Dan Gilmartin. I’m part of the Gilmartin Group real estate company in Burlingame, California. It’s November 10th, 2025. Let’s get started.
Okay, single family inventory from South San Francisco to Redwood City right now is 162. That is down from last week’s 173. Last year this time that number was 184 in 2023 187 and the 2022 number was 256. Here we are at 162. That is a very low number. My new prediction for the first Monday of 2026 is the single family inventory number is going to be below 70.
We had 33 homes come on the market. Last week we had 27. We also had 33 go into contract just like last week’s 33 went into contract. Average days on market for the 33 that went into contract last week was 32 days though. We did have a home in Hillsborough that was on the market for 310 days finally went into contract. Contingent, but is in contract. If I pull that house out of this out of the study, the days on market for the other 32 homes that went into contract dropped to 23 days. I also noticed in the 33 sales that went on and looking at that average 32 days on market, there was a handful more than a handful of homes that were actually on the market for a long time. There was a lot of capitulation. A lot of deals were done on homes last week were homes that were on the market for a long time. I could have taken all those out and just at a quick glance the there were several homes that came on the market and sold immediately with 7, 8, 9, 10 days. So last week was interesting in watching a lot of homes finally accept offers here, you know, in you know, beginning of November, finally capitulating and getting a deal done.
Condominiums and town homes right now 184 on the market down from last week’s 187 last year this time that number was 166 in 2023 123 and the 2022 number was 144. We had 14 condominiums and town homes come on the market. Last week that number was 19 and we only had nine go into contract but last week was huge. We had 25 go into contract. That’s the most sales in the condominium town home sector that we’ve seen in a single week all year long. So that’s maybe you know we got a little breather there or something because dropping dramatically to nine. We we like to see in the teens or higher 25 was just a fabulous number.
Average days on market for the condominiums that did go under contract out of those nine was 44 days and the average days on market for the townhomes that went under contract was 102 days. But we had one condominium that took a took 285 days to come to get into contract. We take that out and the days on market drops dramatically to 45 from 102. We had 11 homes either expire, cancel, withdraw from the marketplace, and we had 21 price reductions. And I’m sure some of those price reductions caused some of those sales in the single family home. That capitulation created some some handful of negotiations.
So, total total from South San Francisco to Redwood City single family homes condominiums and towns inventory is 346 that’s down from 360. Last year this time that number was 350 2023 310 and the 2022 number was 400. Again here we’re at 346. Now, I did talk about how usually in October we tend to retest inventory number. We did do somewhat of a retesting that number. We reached 420 again. Here we’re at 346. But the total highest number of inventory on the condominiums, town homes, and single family was the highest number we’ve had for 2022 was 515. We came down and then in October we hit 420. We wanted to see if we were going to retest. We didn’t retest, but still got to 420 and now we’re down to 346. That number is going to continue to contrast as we finish out the year. Low inventory in the single family homes going to mean lots of competition.
If you’re wanting to buy a home and close and be in your home before the end of 2025, you have 21 days to do so. You find that great home with a, you know, at least a 30-day close, you have at least, 21 days only to find, that will be your last day, 21 days from now. Hopefully, you can do it sooner. You do that, you’ll be able to get into contract and close your on your new home and own it before the end of the year. With the condominium market, there’s still a lot of opportunity there as well. So, sellers, inventory is low. Buyers, there are still some opportunities out there with homes been on the market for a while and with any new listings that come on the market right now, just like I’ve been saying in the past, if they come on with that right marketing number, look great, holiday decor, you’re going to have multiple offers.
Thanks for listening. Have a great day and I’ll talk to you next week.