Only Three Sales Year-to-Date
Due solely to a dearth of new listings, there have been only three homes sold in the Burlingame neighborhood of Burlingame Village through August 2013. This is not entirely out of the ordinary for the area. Over the past five years, there have been an average of six homes sold per year.
Here are some highlights for the Burlingame Village real estate market as of August 2013:
- Sellers have been successful. Every home listed since the start of 2012 has sold (not counting one home that was just listed in August 2013).
- Almost every listing has sold in less than a month, with many gone in two weeks or less.
- In the past 12 months, three of the five homes sold went for more than $700 per square foot. In the prior two years, not a single home went for more than $700 per square foot.
The chart below shows the 12-month moving average for the median price, average price and average price per square foot in Burlingame Village. With just five homes sold over the past 12 months, the chart is admittedly not that useful, but we like to show it for completeness.
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. We have seen nothing to suggest that prices are not rising like other areas of Burlingame.
By The Numbers - Burlingame Village Real Estate for 2013
|Current Month||YTD Total or Average|
|August 2012||August 2013||Jan - Aug 2012||Jan - Aug 2013|
|Days on Market||6||N/A||16||20|
|Avg $ per Sq Ft||$693||N/A||$593||$787|