Burlingame Real Estate - February 2012

Sales Remain Seasonally Low

Real estate activity is normally subdued in Burlingame for the first couple months of the year, with sales picking up in March or April. February 2012 was no exception. Our early reading shows only six home sales, the lowest of any month since January 2009. It is possible that a few more might straggle in when we pull the data next month (due to delays in data being entered into the MLS). Regardless, there have been few home sales in Burlingame to start the year; 15 over the first two months.  Fifteen home sales is just on the low side of average. There were 18 home sales in the first two months of 2011.

All signs point to a sales pick-up in March/April. There have been nearly 50 homes listed in the first two months of 2012. Homes that do end up selling in Burlingame, usually do so in one to months. Also, a measure of accepted offers, where the sales transactions has not been completed has climbed in February. In fact, a majority of homes sold in February in Burlingame sold with multiple offers, and many of them sold over the asking price. It's also the first time in the last few years where the most desirable home are selling with no contingencies. Homes on Burlingame Avenue, Dolores Way, Valdivia Way, and others sold with multiple offers and no contingencies, which is likely an indication of a strong spring market in Burlingame for desirable properties that are priced appropriately.

Part of this new trend is reflected in the fact that inventory remains relatively constrained in Burlingame. At the end of February, there were 39 homes listed for sale, as compared to 45 homes listed at the same point last year. Keep in mind that average inventory in 2011 was at it lowest since 2007, so this a sign of a market with limited inventory becoming even more constrained.

Price Trend Somewhere Between Flat and Upward

Price levels are holding steady, with a trend possibly pointing upwards ever so slightly. Looking at the chart below, prices seem to have bottomed out in early 2011. Since then, the smoothed 12 month median and average prices are up about 4 percent, while average price per square foot is up about 2 percent. These are not huge changes, and certainly within normal fluctuations, but they are all pointing in the same direction.  (It might look like prices have risen more than a few percent, but keep in mind that the chart is zoomed in to better show changes.)

Thinking of buying or selling a home in Burlingame?

If you're interested in learning more about the Burlingame real estate market, considering selling your home in Burlingame, or thinking about moving to Burlingame, please drop me a line and I'd love to connect with you.

 

By The Numbers - Burlingame Real Estate for February 2012