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 29th, 2025, last Monday of September.Let’s get started.
Okay, single family inventory from South San Francisco to Redwood City right now is 199. That is down from 204 of last week. Last year at this time that number was 209. In 2023, 210. And then the 2022 number 253. Wow. Here we are at 199.
We had 43 homes come on the market. Last week that number was 51. We had 36 go under contract last week that number was 33. 36 is a is a really a pretty healthy number with only 199 homes on the market.
The average days on market for those 36 homes that went into contract was 24 days, but we had one home in San Mateo that literally took 360 days to get into contract. If I pull that out of the study, the days on market for the rest of the homes of 35 dropped to 14 days.
Condominiums and townhomes right now 219 on the market. That is up from last week’s 210. Last year’s at this time that number was 188. In 2023 and the 2022 number was 160. Here we are again at 219. We had 26 come on the market. Last week that number was 19. And here’s some better news. We had 14go into contract. Last week that number was low at nine. We like to be in the teens or higher. Like I’ve said in the past in that category, average days on market for the condominiums that went into contract was 26 days and the average days on market for the townhomes was 9 days. We did have one condominium that literally took 97 days to get into contract. So I pulled that out. That’s where I got the 26. So we also had nine homes either expire, cancel, withdraw from the marketplace, and we had 29 price reductions.
So total total from South San Francisco to Redwood City. Single family homes, condominiums, and town homes. Inventory is 418. That is up slightly from last week’s 414. Last year at this time, the number was 397. In 2023, that number was 340 and the 2022 number was 413. Again, the big difference here, like I’m saying week in and week out, is that townhome condominium inventory number being so high because with only single family homes on the market, under 200 homes on the market, that is a low inventory number.
Now, what we’re looking for, what we’re going to be watching is in the past, we have retested the high inventory number in October. Not every year do we retest that number, but we’re going to see are we going to have a surge of inventory coming on the market here. I’m not really quite seeing at the moment, but with lower interest rates on the horizon, I do believe that may cause some sellers to take advantage of that because they may want to take advantage of that rate, the rate themselves to go buy something else. So that could bring more inventory to the market. So that’s what we’re watching. Are we going to retest our high high number for for the year or is inventory now on its way to continue to contract all throughout the year which I believe is more likely which means that the first quarter of 2026 is going to be I believe a huge sellers market.
I believe interest rates are going to ease even more by then. The inventory is going to be extremely low when we get started in 2026. So that could be a really great time to be a sellers now. Then and right now we have plenty of buyers out there right now trying to take advantage of what’s on the marketplace right now with the advent of interest rates still coming down. Maybe buy something now and refinance later. Hopefully not having as much competition right now as would be in the first quarter. Time will tell, but we are seeing multiple offers. And I’m also seeing other homes that just didn’t price properly and have been on the market too long. There’s some negotiating there.
Thanks for listening. Have a great day and I’ll talk to you next week.