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 September 21st, 2026. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City right now is 177. That’s up from 164 last week.
That’s two weeks in a row where inventory has gone up. Last year at this time, that number was 204. In 2024, that number was 217, and in 2023, the number was 219.
Again, here we’re at 177. We had 60 homes come on the market. Last week, that number was 57. That’s two weeks in a row with a very healthy new inventory number.
And we had 32 go into contract, much better than last week at 17. With low inventory at 177, coming off 164, having 32 homes go into contract is actually a very good number.
The average days on market for the 32 homes that went into contract was 20 days. That number is a little higher than what we’ve been seeing over the last month or so. Most of the year, it’s been seven to nine days, really, really fast. But over the last month, we’ve been seeing that 20-day number.
Okay, condominiums and townhomes. Right now we have 172 on the market. That’s up from last week’s 168.
Last year at this time, that number was 218. In 2024, that number was 184, and the 2023 number was 121.
Again, here we’re at 172. We had 29 come on the market. Last week, that number was 36, so that number went down.
And we had 15 go into contract. That’s a nice number for that sector. Last week, that number was only 10.
The average days on market for the condominiums that went into contract out of the 15 was 31 days. That number is down by about 20 days.
And the average days on market for the townhomes that went into contract was 10 days, also a very healthy number.
We had 12 homes either expire, cancel, or withdraw from the marketplace. And here’s a pretty decent number: 18 price reductions.
So, total total from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes: inventory is 349, up from last week’s 332.
Last year at this time, that number was 414. In 2024, it was 401, and the 2023 number was 340.
Again, here we are at 349. And really, when you compare the 2023 number with today’s number, it’s the condominium and townhome sector at 172 that is really bringing that number up.
Because with only 177 single-family homes on the market, that’s still a very low number.
Yet, that’s two weeks in a row that we’ve seen that number rise. And as you may have heard me say in the past, generally June and July is when we have a peak in inventory.
By the way, the peak for single-family is 221. Here we’re at 177. And sometimes we retest that high inventory number in October.
So, this is interesting. We’re going to be watching. Is that going to be the case in 2026? Are we going to retest that 2021 number that we have on the books in October? Are we going to go over that? That’ll be very interesting.
Interest rates are up. Although mortgage rates did not reflect the increase in rates that we saw just last week when the Fed increased rates, mortgage rates did not bounce up like most buyers thought they would.
That’s good news there. So, although interest rates are in the low sevens, again, historically that’s low, but from where we’ve come from, it feels high.
So, with interest rates where they are now and coming into October, are we going to retest that 221 number in the single-family sector?
That all being said, there are plenty of buyers out there. So, with the right price and the right marketing, homes are still getting multiple offers.
Thanks for listening. Have a great day, and I’ll talk to you next week.