Published October 11, 2026 in Market Update

More Peninsula condos sold with fewer homes for sale

By Brad Bell

Real estate, Peninsula Condo - $700K+

The one fact that changes what a seller should know right now: more buyers closed on Peninsula condos this summer even as the pool of available homes shrank. That is a seller's setup, not a buyer's one. For buyers, it means less room to wait.

These numbers cover the three months ending August 31, 2026. The Real Estate Data Aggregator counted 958 homes sold across the 13 ZIP codes in this market, up 11.4% from the same three months in 2025. At the same time, homes for sale across those same ZIPs stood at 385, down 8.3% from a year before.

Realtor.com reported that mortgage rates topped 7% for the first time since January 2025. Freddie Mac put the 30-year fixed rate at 7.40% as of October 8, 2026. Rates that high usually slow things down. Here, sales rose anyway.

ZIP by ZIP: where the market moved

The headline numbers are real, but they cover a wide stretch of the Peninsula. Some ZIPs moved hard in one direction. A few moved the other way. Here is what the Real Estate Data Aggregator counted for each one.

A few things stand out. In 94030 (Millbrae), the Real Estate Data Aggregator counted a median sale price of $2,227,500, up 23.8% from a year before, while homes for sale there fell 41.7%. That is a sharp inventory drop. In 94010 (Burlingame), 62.7% of homes sold above list price, up 17.6 points from the year before.

Not every ZIP followed that pattern. In 94404 (Foster City), the Real Estate Data Aggregator counted a median sale price of $1,333,000, down 11.1% from a year before. Days on market there ran 28 days, 5 days longer than the prior year. The sale-to-list ratio was 100.6%, just barely over asking.

In 94401 (San Mateo), the median came in at $1,150,000, down 3.6%. Days on market fell 11 days to 29, which is a real improvement. But only 33.3% of homes sold above list price, the lowest share in the market.

Where homes sold fastest

In 94402, the Real Estate Data Aggregator counted a median of 12 days on market. That is 2 days shorter than the year before. In 94402, 62.8% of homes went under contract within two weeks of listing, up 6.4 points.

What the rate environment means here

Freddie Mac put the 30-year fixed at 7.40% as of October 8, 2026. The 15-year fixed averaged 6.73%. Realtor.com also reported that 20.8% of listings nationally saw price cuts in September, the highest share since 2018.

That is the national picture. On the Peninsula, the Real Estate Data Aggregator shows a different story. Most ZIPs still have under 1.5 months of supply. Homes are still selling over asking in most of them. The rate environment is real, but it has not flipped this market.

One ZIP worth watching: 94002 (Belmont). The Real Estate Data Aggregator counted homes for sale there up 118.8% from a year before. New listings rose 67.4%. Months of supply climbed to 1.8, up 0.8 months. The median slipped 2.2%. It is still a tight market, but it is moving in a different direction than the rest.

One ZIP code can read very differently from the street you are on. If you want to know what the numbers look like for your specific address, text me.