Burlingame Terrace Real Estate - August 2012
Lots of Activity in Burlingame TerraceIn the first eight months of 2012, there have been 21 homes sold in the Burlingame neighborhood of Burlingame Terrace. In the last four year, the average annual total has been 14 sales, with a high watermark of 21 sales in 2010. With four months left in the year, the total for 2012 should be the highest in at least the past five years.
The reason for the jump in sales activity is two-fold. One reason is a near doubling in new listings. 31 homes have been listed in the first eight months of the year versus 17 in the first eight months of 2011. With more homes for sale, we would expect to see more transactions. However, when there is a lot of new supply on the market, it can have other effects, like longer selling times, increased unsold inventory and softer pricing. This has not been the case in the Burlingame Terrace real estate market. The other reason for the jump in sales activity is strong buyer demand.
Homes that do sell are selling quickly with the average days on market at about 2 weeks, versus 6 to 8 weeks in prior years, as buyers act quickly. Also, inventory has remained low, with an average of three unsold homes remaining on the market at the end of each month, the same as 2011.
There are a couple of signs of firmer pricing. The average sales price to list price ratio, which approximately measures whether sellers are receiving more or less than their list price has been at or above 100% every months since January 2012. In 2011, it averaged 97.6%. The market has shifted. Sellers are more often receiving multiple offers and offers above their asking price.
The measures of selling values appear to be rising as well. The chart below shows average prices, median prices and the average price per square foot, all on a 12 month moving average to smooth otherwise bouncy figures. The data shows a huge run-up in average price per square foot, while median and average selling values are mostly flat. This is a bit misleading. The homes that have sold in 2012 in Burlingame Terrace have averaged about 1,500 square feet, while in 2011 and 2010 the average sold home was 1,800 and 1,654 square feet, respectively. Smaller homes tend to sell for a higher price per square foot, but an overall lower price. Mentally adjusting the chart below, it is clear that total selling values and price per square feet have risen. Another way to look at the data is to compare to 2009, when the average sold home in Burlingame Terrace happened to be just under 1,500 square feet. That year, the average price per square foot was $660. So far in 2012, with slightly larger homes selling, the average price per square foot has been $694, an increase of about 5%.
By The Numbers - Burlingame Terrace Real Estate for 2012
|Current Month||YTD Total or Average|
|August 2011||August 2012||Jan - Aug 2011||Jan - Aug 2012|
|Days on Market||N/A||43||24||15|
|Avg $ per Sq Ft||N/A||$828||$541||$694|
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