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 6, 2025. Let’s get started.
Okay, single family inventory from South San Francisco to Redwood City right now is 188. That is down from 199 of last week. Last year at this time, that number was 212. 2023 213 and the 2022 number was 256. Again, here we are at 188. That is the lowest number we’ve seen in week 40 since 2021.
We had 41 homes come on the market last week that number was 43. And here’s some great news. We had 40 homes go under contract. That’s what we love to see week in and week out. Last week was a healthy number at 36. 40 homes going into contract with 188 on the market represents a 4.7 week. Meaning if another home doesn’t come on the market, we’ll have everything sold within less than five weeks.
The average days on market for those 40 homes that went into contract is 23 days. But we had two homes in Hillsborough. One took 203 days to go under contract. Another took 85 days to go under contract. If I take those two homes out of the study, days on market dropped to 17 days.
Condominiums and townhomes right now 214. That’s down from last week’s 219. Last year at this time, that number was 180. In 2023, 135. In the 2022 number was 147. Again, here we are at 214. We had 25 come on the market. Last week, the number was 26. And here’s more good news, though. 17 going to contract. That’s a great number. Last week was a healthy number at 14, but 17 is much better. That’s what we like to see at least in and or more. We had the average days on market for the condominiums that went into contract was 72 days. That’s a big number and that is up.
The average days on market for the town homes that went under contract was 24 and a half days.We also had 25 homes either expire, cancel, withdraw from the market place and 24 price reductions. Very interesting there.
So total total from South San Francisco to Redwood City single family homes, condominiums, and townhomes inventory is 402. That’s down from 418 of last week. Last year at this time that number was 392. In 2023 and the 2022 number was 403. Here we are at 402. Market really strong with these high very healthy sale numbers for both sectors. 40 sales for for the single family homes.
I’m going to tell you right now, if this continues, I do believe it will. Inventory is going to continue to contract throughout the year, we’re going to start the 2026 season, selling season super hot. Inventory is going to be extremely low. We believe interest rates are going to be easing even more in the favor of buyers. So, buy buyers going to have more capability and there’s going to be a very low inventory. That’s a recipe for a super hot market.
There’s a lot of opportunity for buyers right now in the condominium and town home market and for sellers in the single family market. If now you know if now if you don’t want to wait until next year to what I’m talking about is going to be a hot market. Hey only 108 on the market right now. Right now we need inventory. We we could really use some inventory. So even today is a great time to put your home on the market. So if you are out there looking to buy a home, if there’s any homes out there that’s been out for 20 plus days, there’s some negotiating on to go happen there. They just overpriced their property. But if you know, we’re seeing some nice properties come on right now. And if you’re if you’re seeing a great property around, know that you’re going to have to do what you need to do to write the best offer possible because you’re going to be in a multiple offer situation, you’re going to have to act quickly if a great home comes on the market here in the next week or the ones that I know that are coming on at the right price and marketed well. So, that is definitely what’s going on out there. But for the buyers for the condo and town home market, hey, there’s opportunity there.
Thanks for listening.Have a great day and I’ll talk to you next week.