Burlingame Real Estate Update November 2011 - Strong Sales

Last month, our headline was "Slow Month".  This month, it is "Strong Sales". The reason is that there were 25 homes sold in Burlingame in November, versus 13 in October. Usually home sales decline as we enter the winter months, however November sales were well above normal activity. However, just as last month's low sales did not augur a lack of demand, this month's spike does not necessarily signfiy the start of a new trend.

Through the first eleven months of 2011, sales are up five percent over the same period in 2010. 2011 sales activity is shaping up to the highest since 2006.

At the same time that sales are up, there have been fewer listings coming onto the market. The result has been a lack of inventory. At the end of November 2011, there were just 33 homes for sale in Burlingame. Last year at this time, there were 44 homes on the market. Thirty-three homes of inventory is the lowest amount of inventory in any month since April 2007, and the lowest November since November 2004. If you're considering selling your home in Burlingame, now is a great time to do so with less competition from other sellers.

Properly priced homes are not staying on the market for long. The average home that sold in 2011 has done so in 41 days, about two weeks faster than in 2010. This 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, just a tick higher in 2010. 2011 is likely to be the first year since 2007 that selling values per square foot do not decline in Burlingame. 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, median prices are up seven 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 November 2011