Inventory Way Down
The Downtown Burlingame neighborhood is composed largely of commercial businesses and residential condos (often referred to as attached housing), with fewer single family homes. This update is a review of specifically the condo market in the neighborhood, whereas in other reviews we are focusing solely on the single family homes.
Sales typically average one to two each month, with about 20 homes sold over the course of the year. Through the first seven months of 2012, there have been 11 sales, down from 13 sales in the first seven months of 2011.
Sales have been held by low inventory due to a lack of new listings. There have been only 15 units listed so far in 2012. At the same point in 2011, there had been 28 new listings. Fewer new listing, coupled with mostly flat sales has driven inventory down. The average inventory at the end of the month in 2012 has been 3 homes, versus 8 homes in 2011. A prospective buyer has about half the number of units from which to choose.
With fewer listings to choose from, but still the same solid buyer demand, homes that do sell are doing so quickly. The 11 units sold in 2012 did so on average in about 3 weeks. In all of last year, the average unit that sold did so in about eight weeks. In the prior two years it took 10 weeks for the average unit to sell in Downtown Burlingame. When an attractive property comes onto the market, buyers are acting decisively.
Price levels vary dramatically based on the type and size of property in Downtown Burlingame. For buyers looking to enter the Burlingame market at a lower price point, the neighborhood offers attractive options. Units regularly sell in the $300-$400 price per square foot range, as compared to the normally $500 and up for most single family homes in Burlingame. However, there are also listings well over $1 million. The range can really be seen in the last two months. In June 2012, there was a sale for $500,000. In July 2012, there was a sale for $1.75 million
One of the biggest benefits of owning a condo in the Downtown Burlingame area (or renting an apartment, for that matter) is the close proximity to Burlingame Avenue...it's only a few minute stroll from practically anywhere in the whole neighborhood.
By The Numbers - Downtown Burlingame Real Estate for July 2012
|Current Month||YTD Total or Average|
|July 2011||July 2012||Jan - Apr 2011||Jan - Apr 2012|
|Days on Market||26||71||34||24|
Thinking of buying or selling a home in Downtown Burlingame?
If you're interested in learning more about the Downtown Burlingame real estate market, considering selling your home in Downtown Burlingame, or thinking about moving to Downtown Burlingame, please drop me a line and I'd love to connect with you.