Mills Estates Real Estate - August 2013

Most Homes Continue to Sell Quickly

Most homes continue to sell quickly in the Burlingame neighborhood of Mills Estates. It is a sellers market; prices are rising.

Here are some additional highlights for the Mills Estates real estate market as of August 2013:

• After rising by 5-10% in 2012, prices are up another 15%-20% in 2013.
• The average home has sold in just 18 days, with many homes selling in less than ten days.
• The average home has sold for 8% more than the final list price (but not all homes sell for more than the asking price).
• There was only a single unsold home on the market at the end of the month. Inventory has been low for the past few years.

Three recent sales in Mills Estates illustrate some interesting points about the neighborhood. First, all three homes were 3 bed and 2 bath.

Th first is a 1,930 square foot home on the 2900 block on Arguello that went in 8 days for $832 per square foot. The selling price of $1,605,000 was $255,000 above the asking price.

The second is a 2,140 square foot home on the 1800 block of Loyola that went in 16 days for $663 per square foot. The selling price of $1,419,333 was about $31,000 less than the final asking price of $1,450,000.

The third is a 1,840 square foot home on the 2600 block of Martinez that was on the market for 45 days. It sold for $679 per square foot. The selling price of $1,250,000 was $48,000 below the final asking price of $1,298,000.

Here are some lessons learned (though by no means are these three homes fully representative of all sales in Mills Estates in the past year).

Not all homes are selling above the asking price, but there are definitely properties going well over asking after extensive bidding wars. Buyers have to be careful and work with a Realtor to have a better idea if a listing is going $50,000 under asking versus $250,000 over asking.

All of the homes sold for more than $650 per square foot. Last year, the average home sold for about $630 per square foot in the Mills Estates neighborhood.

Most homes continue to sell quickly. Even those that don't go over asking often sell in a few weeks as sellers recognize that they may have priced too aggressively (and are still okay given that they are receiving record level valuations).

By The Numbers - Mills Estates Real Estate for 2013