Buyers Compete for Limited Inventory
Over the past five years there has been an average of 10 sales per year in the desirable Burlingame neighborhood of Ray Park. 2013 is shaping up to be a similar year, with six homes closed to-date and another three homes in contract. Sales are limited almost exclusively by the number of sellers, as most listings are selling quickly and over the asking price.
Here are some highlights for the Ray Park real estate market as of August 2013:
- Average sold home was on the market for just 12 days! Buyers must be ready to act quickly when listings appear.
- The six homes sold so far in 2013 have gone an average of $819 per square foot, an increase in valuations of 20% over 2012.
- Buyers are bidding above asking prices. The average home has sold for 9% above the list price (that equates to around $150,000 given current sales prices).
- Inventory remains limited. Only one home was unsold at the end of August 2013.
Given the lack of sales (and therefore lack of comps) it's hard to be a seller or buyer in the Ray Park real estate market. The possibility of leaving six figures on the table or overpaying by a similar amount is a very real concern. It helps to work with a Realtor who has in-depth knowledge of the local real estate landscape.
By The Numbers - Ray Park Real Estate for 2013
|Current Month||YTD Total or Average|
|August 2012||August 2013||Jan - Aug 2012||Jan - Aug 2013|
|Days on Market||N/A||N/A||35||12|
|Avg $ per Sq Ft||N/A||N/A||$671||$819|