No Inventory, No Sales...
There have been no sales in Ray Park since November 2012, but not for lack of buyer demand. Rather, there has been a dearth of new listings and inventory. There have been no unsold homes on the market in Ray Park since October 2012.
What's a buyer to do? A buyer interested in Ray Park needs to be both patient and aggressive. Buyers need to practice patience as they wait for new listings to come onto the market. But as soon as a listing appears, prospective buyers need to be decisive and aggressive. The most desirable homes are sold in less than two weeks leaving little time for a prospective buyer to build a competitive offer.
Ray Park 2012 Market Summary
Excerpted from the 2012 Burlingame Annual Report -
There were a number of bidding wars in the Ray Park neighborhood, which remains one the most desirable areas of Burlingame. The average sales price to list price ratio in 2012 was 104%, which means that the average home sold for four percent more than the asking price. Six of the 16 homes sold for at least 10% more than the list price. These sellers received offers that were on average $150,000 more than their asking price. Of course, not all homes sold for more than the asking price. Some sellers priced ahead of the market. There were 16 homes sold in Ray Park in 2012, the same as 2011. The average and median selling values were down from 2011, due to the average home sold in 2012 being 200 square feet smaller than in 2011. The average selling price per square foot was $680 in 2012, up noticeably from 2011. Seven homes sold for more than $700 per square foot, including four above $750 per square foot. By comparison, in 2011, only two homes sold for more than $700 per square foot, and the highest sale was at $733 per square foot. Most homes sell for more than $1 million. In the last two years, only three homes sold for less than $1 million.
By The Numbers - Ray Park 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||N/A||N/A|
|Avg $ per Sq Ft||N/A||N/A||N/A||N/A|