Burlingame Grove Real Estate - February 2013
Eager Buyers....The Burlingame neighborhood of Burlingame Grove is a small region of the city south of Broadway. It is sometimes referred to as Burlingame Gate. The neighborhood typically averages just under one home sold per month. (In fact, over the last 5 year, or 60 months, there have been 56 sales).
There has only been one sale in the past four months and it occurred in February 2013. It was a 4 bed, 3 bath, 2,200 square foot on the 1100 block of Oxford that sold for $1,395,000. While many homes are going over asking price in Burlingame, this listing was actually originally put on the market at $1,578,888 and took over 6 months to sell. This was likely a case of the seller pricing too far ahead of the market. The average sales price to list price ratio was 104% in Burlingame Grove in 2012, indicating that most homes are selling at or above the final asking price.
Overall, prices appear to be rising in the Burlingame Grove real estate market, as the 12 month moving average median price, average price and average price per square feet are all at recent highs.
Burlingame Grove 2012 Market SummaryExcerpted from the 2012 Burlingame Annual Report -
Of the 10 homes sold in Burlingame Grove in 2012, all but one was on the market for less than a month. The average days on market was just 22 days, down from 54 days in 2011. Inventory remained low in 2012, with an average of two unsold homes on the market at the end of each month, compared to five or six prior to 2011. Sellers were very successful in 2012, with only two listings expiring or being cancelled, compared to four in 2011 and seven in 2010.
Prices appear to be rising in Burlingame Grove. The average price per square foot was $706 in 2012, up from $640 in 2011. Some homes were sold for much more than their asking price as buyers bid against each other. The average sales price to list price ratio was 104% in 2012, meaning that the average home sold in 2012 did so for 4% more than the asking price. The average does mask home-to-home variation. Three homes sold for more than 10% above the asking price, while three homes sold for less than the asking price.
By The Numbers - Burlingame Grove Real Estate for 2013
|Current Month||YTD Total or Average|
|February 2012||February 2013||Jan - Feb 2012||Jan - Feb 2013|
|Days on Market||N/A||190||N/A||190|
|Avg $ per Sq Ft||N/A||$634||N/A||$634|