Burlingame Park Real Estate - April 2014
Most Homes Selling QuicklyMany listings are selling quickly in the Burlingame Park real estate market, where it is not uncommon for a home to sell after a single open house. Prices have risen sharply as well with buyers regularly paying above $800 per square foot and in a few cases going over $1,000 per square foot. Here are some highlights in this submarket as of April 2014:
- The 7 homes sold through April have spent just 7 days on the market before accepting an offer! In the past few years, the average home has spent closer to 25 to 30 days on the market before selling.
- Prices have risen significantly in the past six months. So far in 2014, buyers are paying an average of $906 per square foot. In 2013, they paid an average of $827 per square foot. In 2012, they were paid less than $650 per square foot. Prices have risen by 35% to 40% in the past few years.
- While the average sale so far in 2014 has been for 8% above asking price, we have seen variations from just under asking to 20% or more above asking. This makes it a very tough market for buyers to accurately gauge what the winning bid will be.
Prices appear to have risen by 20%+ in the past twelve months in Burlingame Park. The average price per square foot in 2014 has been $906, which is 24% above the level seen in the first four months of 2013.
The chart below shows the 12 month moving average values for the median price, average price and average price per square foot. It appears that the median price and average price have fallen in the past few months. This is statistically true, but misleading. There have been a handful of smaller homes sold in the past few months that have brought down the moving averages. However, prices are rising as evidenced by the continued ascent in average price per square foot. This is all part of normal random fluctuations that appear when looking at a single submarket, but something that prospective buyers may not be aware of if they are only looking at the headline data.
By The Numbers - Burlingame Park Real Estate
|Current Month||YTD Total or Average|
|April 2013||April 2014||Jan - Apr 2013||Jan - Apr 2014|
|Days on Market||DNR||11||46||7|
|Avg $ per Sq Ft||$725||$996||$730||$906|
Thinking of buying or selling a home in Burlingame Park?
If you're interested in learning more about the Burlingame Park real estate market, considering selling your home in Burlingame Park, or thinking about moving to Burlingame Park, please drop me a line and I'd love to connect with you.