Burlingame Hills Real Estate - February 2014
Few Recent Sales
The Burlingame Hills real estate market is like a cross between neighboring Hillsborough and the rest of Burlingame. The homes in Burlingame Hills are larger (regularly over 2,500 square feet, as compared to an average of 2,000 square feet in the rest of Burlingame). Here are some highlights for the Burlingame Hills real estate market as of February 2014:
- With only one sale so far in 2014, there has not been much activity to get a handle on recent price trends.
- Inventory remains low with just 4 unsold homes at the end of February 2014.
Home prices increased sharply in Burlingame Hills in 2013 with the average price per square foot rising 21%. Average selling values rose 18% in 2013 and median prices rose 19%. These were some of the largest increases in all of Burlingame.
The chart below shows 12 month moving averages for the average price, median price and average price per square foot. The graph appears to show median prices and average prices as being mostly flat since the middle of 2013. This is somewhat misleading. By random fluctuation, the average size of homes sold since the middle of 2013 has been 2,550 square feet. In the first half of 2013, the average size of homes sold was nearly 3,000 square feet. A more accurate statement would be that despite homes being around 15% smaller, selling values have not declined in tandem. Underlying valuations are rising.
By The Numbers - Burlingame Hills Real Estate
|Current Month||YTD Total or Average|
|February 2013||February 2014||2012||2013|
|Days on Market||54||N/A||65||39|
|Avg $ per Sq Ft||$513||N/A||$579||$701|
Thinking of buying or selling a home in Burlingame Hills?
If you're interested in learning more about the Burlingame Hills real estate market, considering selling your home in Burlingame Hills, or thinking about moving to Burlingame Hills, please drop me a line and I'd love to connect with you.