Burlingame Gardens Real Estate - July 2013

Prices Rising, Few Sales

The small neighborhood of Burlingame Gardens which is located bounded by California Drive and 101 to the east and west, and Broadway and Oak Grove Avenue to the north and south, typically has only one to two sales per month. Through the first seven months of 2013, there have been only five homes sold as there has been very little inventory. Given the limited data points it is difficult to draw conclusions specific to the Burlingame Gardens market. Here are some highlights in this submarket as of July 2013:

• $1 million is the new normal. Burlingame Gardens has typically been one of the lower priced submarkets in Burlingame due to smaller homes and lower prices per square foot. With the run-up in prices we are seeing more $1 million sales in this area.
• Homes are selling relatively quickly. Of the five homes sold in 2013, none were on the market for more than a month.
• There have been fewer listings than in prior years. At the current rate, only 9 homes will come on the market in 2013 in Burlingame Gardens. In the prior five years, an average of 16 homes were listed.
• Buyers should not blindly bid above list prices, even though prices are rising in Burlingame Gardens and in the region overall. Of the five homes sold in 2013, two have gone for less than the final list price, one went well above asking, one went slightly above asking and one went exactly for the asking price.

By The Numbers - Burlingame Gardens Real Estate for July 2013