Burlingame Village Real Estate - February 2013
No Inventory....At the end of February 2013 there were no unsold homes on the market in the Burlingame neighborhood of Burlingame Village. This is becoming an increasingly normal state of things in Burlingame Village. The average days on market was 16 days in 2012, down from an already low 38 days in 2011. Nearly every home sold in the last 18 months has been on the market for less than a month.
Buyers interested in purchasing a home in Burlingame Village need to continually be aware of what is coming on the market and be able to make a quick decision about whether to make an offer. Checking if there are any new listings on the weekend and then spending a few days deciding whether to make an offer will mean that you miss out on most homes in this area. It can help to work with a Realtor who know what homes are coming onto the market before they are officially listed.
It is tricky to track price trends in Burlingame Village. It is such a small neighborhood that changes in price levels are more determined by which homes were recently sold, than whether the price of those homes are rising/falling. However, there is nothing to suggest that prices are not rising like other areas of Burlingame.
Burlingame Village 2012 Market SummaryExcerpted from the 2012 Burlingame Annual Report -
Sellers were very successful in the small neighborhood of Burlingame Village. There were nine homes listed and ten homes sold in 2012 (some listings remained from 2011). The year ended without any unsold homes still on the market. Most telling is that no listings were cancelled or expired. In previous years, about 40 percent of listings did not end up in a sale, either because sellers did not receive an acceptable offer or they changed their mind about selling. This is partially due to the neighborhood’s relative affordability attracting more first time buyers.
Homes that sold did so quickly. The average home sold in 16 days. While lower than past years, it was not wholly atypical, as the average home sold in the past few years was only on the market for a month. Many homes sell in less than two weeks.
Average home selling values in the area are around $1 million, less than the Burlingame average of around $1.3 million. Lower selling values are largely a product of smaller home sizes. Most homes in the neighborhood are less than 2,000 square feet, versus a citywide average of nearly 2,100 square feet.
By The Numbers - Burlingame Village 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||N/A||22||45|
|Avg $ per Sq Ft||N/A||N/A||$588||$598|