Burlingame Hills Real Estate - August 2013

Prices Increasing in Burlingame Hills

The Burlingame Hills real estate market is like a cross between neighboring Hillsborough and the rest of Burlingame. The homes in Burlingame Hills are larger (over 2,700 square feet, as compare to around 2,000 square feet in the rest of Burlingame). Homes spend a lot longer on the market (the average days on market is 40 days in 2013, compared to 26 days in Burlingame and 64 days in Hillsborough). Buyers bid above asking prices (102%), but not as much as they do in the rest of Burlingame (105%). In Hillsborough, the average home sold for 98% of the final asking price.

One way that Burlingame Hills is the same as the rest of the Burlingame (and Hillsborough for that matter) is that prices are rising sharply. Selling values are up 20%+ in the past twelve months.

Here are some additional highlights for the Burlingame Hills real estate market as of August 2013:

• Average price per square foot is $701 in 2013, up over $100 from 2012!
• Average and median prices are over $1.8 million (though of course there are many homes both above and below that amount). As an aside, if prices were to rise by 10% next year, we could see the $2 million threshold broke.
• Although the average sold home is on the market for 40 days, this is more of a combination of a handful of homes that sell in less than two weeks and others that remain on the market for a few months. It takes a savvy buyer to know which is which.

 

By The Numbers - Burlingame Hills Real Estate for 2013