Low Inventory in Ray Park
The Burlingame neighborhood of Ray Park remains one of the most desirable areas of the city. Most homes continue to sell quickly. In 2013, the average sold home was on the market for less than two weeks. Inventory levels have remained. Here are some highlights for the Ray Park real estate market as of February 2014:
- Only one home has sold in the first two months of the year. However, in an area where there has been an average of just 10 sales per year, this is not out of the ordinary.
- Inventory remains limited. Only one home was unsold at the end of February 2014.
Given the lack of sales (and therefore lack of comps) it's hard to be a seller or buyer in the Ray Park real estate market. The possibility of leaving six figures on the table or overpaying by a similar amount is a very real concern. It helps to work with a Realtor who has in-depth knowledge of the local real estate landscape.
The chart below shows the 12 month moving average for median prices, average prices and average price per square foot in Ray Park. Looking at the data alone, it appears that price increases have basically stopped since mid-2013. It's hard to say for sure as there are so few sales in the area (just 8 since mid-2013). Consider what happened from early 2012 to early 2013. There was no increase in measured average prices and median prices (though average price per square foot did rise). This was likely a mirage due to the type of homes that were being listed. Home prices had already started to rise in 2012 across Burlingame. On a similar note, prices did not rise 50%+ from early 2013 to mid-2013 as the data alone suggests.
The point is that while the data suggests prices have been flat, it is hard to tell for sure what is going in the market.
By The Numbers - Ray Park Real Estate
|Current Month||YTD Total or Average|
|February 2013||February 2014||2012||2013|
|Days on Market||N/A||23||31||13|
|Avg $ per Sq Ft||N/A||$743||$680||$763|