Burlingame Real Estate Update October 2011 - Slow Month

As the seasons change from summer to fall, activity in the real estate market tends to decline, which is what's happened in Burlingame. In October in Burlingame , there were 12 homes sold, down from 20 in the prior month, and down from an average of 25 homes per month from May to September. While a decline is typical, the descent was a bit steeper than usual, and compared to past Octobers, 2011 was one of the slowest (hence the article title).

Alas, one month does not make a trend. Through the first ten months of the year, sales are actually up slightly from 2010. At the same time, there have been fewer listings coming onto the market. The result has been a dearth of inventory. At the end of October 2011, there were just over 35 homes for sale in Burlingame. Last year at this time, there were 56 homes on the market. Inventory has not been this low since 2004! So, if you're considering selling your home in Burlingame, now is an incredible time. Homes that are priced well and in good condition are selling fast -- two homes listed in the popular Burlingables neighborhood, for example -- a 3 bedroom, 2 bath (abbreviated as 3/2), 1,370 square foot (s/f) home at 601 Concord Way priced at $1,099,000, and a 3/2, 1,590 s/f home at 360 Lexington Way priced at $979,000 -- both sold in less than a week. At the opposite end of the spectrum, a gorgeous 5/4.5, 3,700 s/f home at 1509 Drake (in the cul de sac block, so a rare opportunity for a home of that size in that location), came on the market at $2,195,000 and sold with multiple offers in less than a week on the market, closing at $2,275,000.

So, properly priced homes are not staying on the market for long. The average home that sold in 2011 has done so in 39 days, about 16 days faster than in 2010. This is a huge drop and indicates the continued desirability of the Burlingame real estate market.

Price levels are holding steady. The price per square foot has averaged nearly $600 in 2011, which is about the same as 2010. The chart below shows price per square foot on a 12 month rolling average basis. It might look like the price per square feet fell sharply from the beginning of 2010 to the middle of 2011, but keep in mind that the chart is zoomed in to better show changes. The 'decline' in price per square foot selling prices from the beginning of 2010 to the middle of 2011 was only about 3%. There may have been some uptick in the past few months.

Median and average selling prices jump around a lot from month to month based on the size and type of homes being sold in a given month. Looking at the past year and a half, median selling prices remain in the $1.2 million range. On a year-over-year basis, medican prices are up six percent, due to higher prices in the summer months being weighted more heavily (because that is when most of the homes are sold).

If you're interested in learning more about the Burlingame real estate market, considering selling your home in Burlingame, or thinking about moving to Burlingame, please drop me a line and I'd love to connect with you.

 

By The Numbers - Burlingame Real Estate for October 2011