Prices appear to be rising in the Easton Addition, one of the most prestigious neighborhoods in Burlingame. The chart below shows the 12 month moving average selling values for average prices, median prices and average price per square foot. The large jump in the middle of 2011 is somewhat illusory and was due to a few months where there were not many home sales, but those that did sell were larger expensive homes. A better way to think about the price trend would be to draw a straight line from August 2010 on the very far left to August 2012 on the very far right. The line is clearly upwards, suggesting that prices are rising.
Another anecdotal evidence of rising prices is that in three of the last four months, the average price per square foot has been above $700 (and in the fourth month it was $693). Prior to that, there had not been a single month above $700 since June 2010, and two consecutive months above $700 since the middle of 2009.
There has been a lot of activity in the Easton Addition real estate market in 2012. Through the first eight months of the year, there have been 48 homes sold, up from 35 at the same point last year. This has occurred despite the fact that new inventory is down slightly. As a percentage of new listings, the 48 homes sold represent 84%. Last year, the ratio was 57%, though it improved to 71% due to a spurt of sales at the end of the year. Still, sellers have been particularly successful in attracting buyers in 2012 in East Addition.
By The Numbers - Easton Addition Real Estate for 2012
|Current Month||YTD Total or Average|
|August 2011||August 2012||Jan - Aug 2011||Jan - Aug 2012|
|Days on Market||188||40||46||35|
|Avg $ per Sq Ft||$694||$705||$649||$684|
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