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 and 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, executive vice president of the Gilmartin Group in Burlingame, California. It’s September 22nd, 2025. Let’s get started.
Single family inventory from South San Francisco to Redwood City right now is 204 up slightly from last week’s 195. Last year this time that number was 217. 2023 that number was 219 and 2022 that number was 263. Again here we are at 204. Really in the big picture that is a low inventory number.
We had 57 homes come on the market last week. That number was 49 and we had 33 go into contract. We’d like to see 40 or more. At least it’s in the 30s. So, it’s not that it’s pretty good news. The average days on market for those 33 homes that went into contract, 22 days. So, days on market just went up you know, we were seeing more like 14 15 16 days in the market. So, we’re a little jump up therewith 22.
Condominiums and townhomes right now 210 on the market. Last week that number was 215. Last year this time that number was 184. In 2023, 121. And the 2022 number was 162. Again, here we are at 210. Big number. We had 15 come on the market and only 9 go into contract. We want to be in the teens or higher with that number. Last week, that number was 13. Only nine this week.
Average days on market for the condominiums that went into contract out of those nine, 64 days. And the average days on market for the town homes that went into contract was 43. We also had 18 homes either expire, cancel, withdraw from the marketplace, and we had another 22 price reductions.
So, total total from South San Francisco to Redwood City single family homes economies and townhomes inventory is 414 up from last week’s 408. Last year at this time the number was 401 in 2023 that number was 340 and the 2022 number was 425. Again here we’re at 414 out all weekend.
Open houses were very plentiful with with buyers. As we probably know the as you know the Feds did reduce rates last week a quarter point although that didn’t quite reflect into mortgage rates but we do believe that with more cuts in the future that will definitely be happening. I think a lot of buyers are understanding this and trying to find that great home now before the competition gets even more fierce would I could I say with when interest rates mortgage rates actually start pulling back and we have low inventory. I do believe we are setting up for a very very hot sellers market for the first quarter of 2026.
So buyers, get out there and find something now with you’ll have less competition. Although we’re seeing multiple offers, so it’s not like there isn’t competition. And also, there are homes out there that have been on the market longer than the average days on market. Those are some homes that just started at the wrong price, and there’s a good negotiation there. Sellers, low inventory, price it right, get it ready, do the marketing, and you’re going to get multiple offers.
Thanks for listening. Have a great day, and I’ll talk to you next week.