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 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, part of the Gilmartin Group real estate company in Burlingame, California. It’s October 20th, 2025. Let’s get started.
Single family inventory from South San Francisco to Redwood City right now is 198. That is up from last week’s 186. Last year at this time that number was 183. In 2023 213 and the 2022 number was 261. Here we’re at 198. We had 48 homes come on the market. Last week that number was 39. And we had 26 go into contract. That’s a low number for that we like to see week in and week out. Last week that number was 31.
Pretty indicative though of the Columbus Day holiday that we just long weekend that we went through. So that does happen when we have these holiday weekends where sales generally tend to comedown. The average days on market though for the 26 homes that went into contract was 17 days. And that’s also with four homes out of the 17 the had an average of 45 days. One particular home was even in the 90s. So, you can see that the other homes that went into contract sold very very fast, which is what we’re seeing a lot right now where the right price, the right marketing, homes are selling very fast. And yet, there are other homes out there that just came out with the wrong price, maybe not the right type of marketing, and they’re taking longer and those homes are you know, ready to be negotiated on.
Town homes and condominiums. Right now, 222 on the market. That’s up slightly from last week’s 218. Last year, this time that number was 176. In 2023, 135 in the 2022 number was 147. So this condominium townhome market inventory number continues to stay really really high. So there’s certainly a lot of buying opportunity in there. We really would like to see that number come dramatically down to get some of the that inventory off the shelves.
So, if you’re looking for a townhouse or a condominium, I’m telling you right now, there is some negotiations to have go on there. We had 25 come on the market last week. That number was 25. And we had 15, which is a pretty good number. Mid- teens go into contract. Last week, that number was also 15.
We had 13 homes either expire, cancel, withdraw from the marketplace. That’s on an average lowish average number. And we had 27 price reductions. That’s an high average number for this time of year at 27.
So total total from South San Francisco to Redwood City single family homes, condominiums, and town homes inventory is 420. That’s up from last week’s 404. Last year at this time that number was 359. 2023 351 and the 2022 number was 408. Again here we’re at 420.
The peak total total inventory number for 2025 is 515. That happened in June. You’ve also heard me say possibly in the past that October, we have many times over the years retested our high inventory number in October. Well, we’re not going to retest our high, but it’s interesting to see that we had a big jump in inventory from the 404 to the 420. That’s good news for buyers, sellers, especially single family home sellers, under 200 homes on the market right now. Holiday season is a great time to put your home on the market. You know, homes decorated and you know, homes just look great.
So, with such low inventory, if you are thinking of selling your home before the end of the year, now would be a great time to get in the market, price it competitively, get the home prepared to go on the market, great marketing, you will receive multiple offers. And yet, buyers, there are still some homes out there that have been on the market for30 plus more days. There’s nothing wrong with those homes. They just started at the wrong price. And if you’re looking for economy in a town home right now, now is the time possibly to get in on that negotiation. And then when rates, you know, do come down, probably you know, January, February, March is what we’re talking about where, you know, the banks should start pulling those rates down. When competition comes into the banks to get your business in the new year, I believe that’s when interest rates are actually going to reflect the lower interest rate that’s going on right now. So, there’s a good time to buy now and then refinance in the new year.
Thanks for listening. Have a great day and I’ll talk to you next week.