Lyon Hoag Real Estate - April 2012
Buyers Aggressive in Lyon HoagWe have mentioned it before, but 2011 was a big year for Lyon Hoag when 29 homes were sold, more than double the number sold in any recent year. Sales activity might appear to have slowed down in 2012, given that there have been only five homes sold in the first four months of this year. However, there were also five homes sold in the first four months of 2011 as well, so it is too early to tell.
Sales activity is limited by low inventory, similar to other areas of Burlingame. At the end of April 2012, there were two unsold homes on the market in Lyon Hoag. Last year at this time, buyers had eight homes from which to choose.
There are a few notable signs of strong buyer interest in the Lyon Hoag real estate market. Homes that do sell are selling quickly, and not languishing on the market. From 2008 to 2010, the average home sold in about 2 months. In 2011, the average home sold in one month. In 2012, the average days on market is down to just three weeks. There are buyers out there waiting for the right home to come onto the market.
Another indicator is the average sales price to list price ratio. When the ratio goes above 100%, homes are selling for more than their final asking price. Usually, it is a sign that there are multiple buyers putting in competing offers, otherwise a buyer would be better off just making an offer equal to the asking price. The five homes sold in 2012 in Lyon Hoag have gone for 5% more than their list price on average. One home sold for more than 20% above asking, a four bedroom on Clarendon which was listed for $1,398,000 and sold for $1,755,000!
Lyon Hoag is typically one of the lower priced neighborhoods in Burlingame, though like most neighborhoods there is a wide range of selling values. Average price per square feet are just above $525 and average/median selling values often fall in the $800,000-$1,000,000 range. Home prices may rise if sellers adjust their asking price upwards in response to multiple bids above list prices. The five homes sold in 2012 have averaged over $1,000,000 with an average price per square feet of nearly $600.
Thinking of buying or selling a home in Lyon Hoag?If you're interested in learning more about the Lyon Hoag real estate market, considering selling your home in Lyon Hoag, or thinking about moving to Lyon Hoag, please drop me a line and I'd love to connect with you.
By The Numbers - Lyon Hoag Real Estate for April 2012
|Current Month||YTD Total or Average|
|April 2011||April 2012||Jan - Apr 2011||Jan - Apr 2012|
|Days on Market||N/A||N/A||34||22|