Burlingame Hills Real Estate - May 2012

Ten Sales Through May 2012

The first few months of 2011 were very slow in the Burlingame neighborhood of Burlingame Hills so by comparison there appears to rising sales activity in 2012.  However, when we look back at 2010, as well as, the second half of 2011, sales appear to be running in line/slightly above recent historical trends. There have been 10 homes sold in the first five months of 2012. In the same timeframes in 2010 and 2011 there were 13 and 4 homes sold, respectively.

The average days on market for a home sold in 2012 is 72 days. At first glance, this high number seems to suggest homes languishing on the market and subdued buyer demand. Actually, the number was driven up by a handful of homes that finally sold after being on the market for 6+ months. This is actually a good sign for sellers as it suggests new buyers coming into the market that were interested in homes that had previously not generated many offers. April 2012, when six homes alone sold, after being on the market for an average of 38 days is a better representation of the solid buyer demand we are seeing in all of Burlingame.

There is a wide range of selling values in Burlingame Hills. In the past six months alone there have been sales under $1 million and over $2 million. Average selling values are a little higher in Burlingame Hills than all of Burlingame. This is due to the large lots in the area. The average home is around 2,500 square feet, versus 2,100 square feet in all of Burlingame. The average price per square foot is around $550, versus $600+ in all of Burlingame.

By The Numbers - Burlingame Hills Real Estate for May 2012