Real Estate Update – Mid Peninsula
Dan Gilmartin reviews the weekly home inventory numbers.
See your home value right now: http://www.thegilmartins.com/home-valuation/
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. I’m part of the Gilmartin Group real estate company in Burlingame, California. It’s the last Monday of September, the 28th, 2026. Let’s get started.
Okay, single-family inventory from South San Francisco to Redwood City right now is 171. That is down from last week’s 177.
We’ve been watching to see if we were going to start retesting the new high inventory going into October. So, here we are. Inventory is down from last week.
Last year at this time, that number was 199. In 2024, it was 209, and in 2023, 210. Again, here we’re at 171.
We had 48 homes come on the market last week. That number was much larger at 60. And we had 42 homes go into contract. That’s a 25% increase week over week. Last week, that number was 32.
The average days on market for the 42 homes that went into contract was 20 days. But there were a handful of sales that really skewed that number. If I pull those homes out of the study, the days on market dropped to nine.
Condominiums and townhomes right now, 185 on the market. That’s up from last week’s 172.
Last year at this time, that number was 219. In 2024, it was 188, and in 2023, 130. Again, here we’re at 185.
We had 34 condominiums come on the market. Last week, the number was 24, and we had 11 go into contract. Last week, that number was 15.
We do like to see that number in the teens or higher. So, 11 kind of shows the difference between the two markets right there, with only 11 sales in that sector and 42 sales for the single-family homes.
Very interesting to see how those two sectors are completely two different stories.
The average days on market for the condominiums that did go into contract was 28 days. That actually is a little bit confusing because that number is way down from what we’ve been seeing in the past.
And the average days on market for townhomes is 29. Very rarely are we seeing the condominium days on market lower than the townhome market days on market.
So, interesting stories going on there. It always shows pricing is so important, no matter what sector we’re talking about.
Okay, we also had 14 homes either expire, cancel, or withdraw from the marketplace. That’s actually a low number. And we had 24 price reductions. Believe it or not, that sounds high, but it’s actually pretty average for this time of year.
So, total total from South San Francisco to Redwood City, single-family homes, condominiums, and townhomes. Inventory is 356, up from 349 last week.
Last year at this time, that number was 418. In 2024, that number was 397, and the 2023 number was 340.
Again, here we’re at 356. And with single-family home inventory going down, but actual total inventory going up, it’s the condominium and townhome sector pushing the larger macro number up.
Hey, it’s really interesting to see that interest rates are up, and yet we had one of our best selling weeks of the year.
There’s been a few weeks throughout the year where we were in the 40s. We had one week in May where we actually had 61. That’s a massive sales week.
But in the past, we do like to see 40 or more, around 40, for us to call it a healthy sales week. And here we are with a very healthy sales week in the single-family sector.
Condominiums and townhomes, although inventory goes up, days on market come down. There’s some capitulation going on out there.
So, if you’re a condominium buyer, you are still in the power seat there.
Buyers of single-family homes, inventory just got tighter. Competition just got tighter. So, you’re going to have to act quickly on homes that are priced correctly and coming on the market.
But there are some opportunities out there. Anything on the market for more than 30 days, my God, 30 days, that’s an opportunity there for negotiation.
There’s probably nothing wrong with the home, just the features and benefits aren’t adding up to the value. And you just need to get in there and present that to the seller.
Thanks for listening. Have a great day, and I’ll talk to you next week.