Burlingame Grove Real Estate - August 2013
Successful Sellers
Like much of the Peninsula it has been a sellers market in the Burlingame neighborhood of Burlingame Grove (sometimes referred to as Burlingame Gate). All listings are selling and selling prices continue to rise.Here are some highlights for the Burlingame Grove real estate market as of August 2013:
- There have been no expired or cancelled listings in 2013 and only two since the beginning of 2012. For comparison, there were 15 expired or cancelled listings in 2008, when buyers were scarce.
- Prices are rising, and appear to be up around 20% year-over-year, similar to the rest of Burlingame.
- There has actually been more sales (14) than new listings (12) in 2013, as
- On average, homes have sold for 6% above the final list price...BUT, buyers should not blindly bid above asking prices. A few homes have gone for more than 5% below the list price as sellers priced too far ahead of the market.
Most homes are selling quickly. The average days on market of 58 days is distorted by a couple of listings that were on the market for a significant length of time (180+ days). Except for those outliers, homes are often go from newly listed to in contract in less than two weeks.
By The Numbers - Burlingame Grove Real Estate for 2013
| Current Month | YTD Total or Average | |||
| August 2012 | August 2013 | Jan - Aug 2012 | Jan - Aug 2013 | |
| Sales | 1 | 2 | 8 | 14 |
| Days on Market | 25 | 24 | 24 | 58 |
| Average Price | $925,000 | $1,752,000 | $929,000 | $1,238,500 |
| Median Price | $925,000 | $1,752,000 | $959,375 | $1,280,643 |
| Avg $ per Sq Ft | $508 | $671 | $698 | $723 |
