Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
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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 September 15th, 2025. Let’s get started.
Single family inventory from South San Francisco to Redwood City right now is 195. That’s up slightly from last week’s 189. Last year this time that number was 210. In 2023 that number was 220. The two 2022 number was 254. Again here we were at 195 much lower there.
We had 49 homes come on the market less than last week’s big number of 63. That was a large number. And we had 39 go into contract. That is really good news for sellers. We do like to see 40, you know, at least 40 week in and week out. And we have had through August and now through the Labor Day holiday, we’re bouncing right back to 39. Last week, that number was low, much lower at 23. That also represents a five week market. There’s 39 sales going into 195 available. That’s a five-we market. Five-week market means things are going well. Most everything is actually getting multiple offers right now. I know of several homes that got multiple offers last week and I already know of a couple that are listening to offers this week that sounds like they’re going to get multiple offers.
Average days on market for those for the homes that went into contract, the 39, 24 days, but we had two homes that took well over 150 days. If I pull those homes out of the study, that days on market practically cuts in half.
So condominiums and town homes right now 213 on the market up slightly from last week’s 210. Last year this not at this time that number was 179 in 2023 120 in 2022 167 again here we’re at 213. So that’s a high number. We had 23 come on the market and 13 go into contract. Last week that number was 15 at least we’re in the teens but we like to be higher than that. So we’re low teens there.
Average days on market for the condominiums that did go into contract was 41 days. And the average days on market for the townhomes that went into contract was 31 days. We had five only five homes expire or cancel withdraw from the marketplace. That’s actually a low number. And we had 22 price reductions. That’s very average for this time of year.
So total total from South San Francisco to Redwood City single family homes, condominiums, townhomes inventory is 408 up from last week’s 399. Last year this time that number was 389. In 2023, that number was 340 and the 2022 number was 421. Again, here we’re at 408. Market is single family market is definitely moving along right now. You know, rates have eased up a little bit.
Sounds like they’re actually going to cut some rates this week. We’ll see. And that I think is causing a lot of buyers if they were on the fence to get back in and try and get, you know, try to get homes with less competition and then maybe, you know, and hopefully get even that lower rate if they have to even refinance after this because we’re seeing a lot of buyers out there right now. So sellers, it is a very good time to actually put your home on the market right now. Buyers, there are some homes out there that are sitting on the market and not getting multiple offers. Those are some great opportunities, but again, know that if you find a great home that’s priced right, marketed well, and looks really good, you’re going to have competition. Therefore, you’re going to have to do the right thing and write the write the right offer.
Thanks for listening. Have a great day and I’ll talk to you next week.