Burlingame Terrace Real Estate - May 2012

A Year's Worth of Activity in Five Months

In just the first five months of 2012, the Burlingame neighborhood of Burlingame Terrace has seen about the same amount of activity as all of 2011 in terms of new listings and sales. There have been nine homes sold through May 2012 and there were nine homes sold in all of 2011.

The homes that are selling are doing so very quickly. The average days on market for a home sold in Burlingame Terrace in 2012 has been 10 days! In the past few years, the average home sold in about 50 days. Not all homes sell quickly (or at all). There have been 22 homes listed in the first five months of 2012, a huge increase from prior years when the number in all 12 months were never higher than 23 listings. At the end of May 2012, there were seven homes unsold on the market. When those homes sell it will certainly increase the average days on market.

Burlingame Terrace is too small of a neighborhood to accurately measure short-term movement in price levels. With so few sales, average and median prices are more influenced by the type of home being sold than market trends. However, there is one clear sign of positive price appreciation. On average, homes are selling for slightly more than there list price, a sign of multiple buyers competing against each other. Given that listing prices are derived from past comps, the fact that sales prices are higher than listing prices suggest that price levels are rising in general.

By The Numbers - Burlingame Terrace Real Estate for May 2012