Downtown Burlingame Real Estate - October 2012
Successful SellersThe 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.
At the most basic level, a seller is successful if they are able to sell their house. By that measure, sellers in the Downtown Burlingame condo market have been spectacularly successful in 2012. Through the first ten months of the year, only three listings have expired or were cancelled. In the four prior years, over 20 listings expired or were cancelled. Not all listings that are taken off the market in this manner represent a failure for sellers to sell their condo. They could have had a change of plans. However, in most instances, an expired or cancelled listings points to a lack of buyer interest or buyers making low bids.
Sales typically average one to two each month, with about 20 homes sold over the course of the year. Through the first ten months of 2012, there have been 23 sales, more than all of 2011, when 20 condos changed hands.
Inventory has been fairly tight the entire year, continuing a multi-year trend. In 2012, at the end of a given month, there has been an average of three unsold condos on the market. In 2011, monthly inventory averaged six condos. In 2010, inventory averaged 10 condos per month.
With fewer listings to choose from, and solid buyer demand, homes that do sell are doing so quickly. The average days on market in 2012 has been five weeks. In 2011, the average home that sold took eight weeks. In 2009 and 2010, condos regularly sat on the market for 10 weeks. When an attractive property comes onto the market, buyers are acting decisively. This is also apparent when looking at the ratio of sales prices to list prices. The average condo is selling for equal to the list price. In years prior, buyers were typically able to bid slightly below asking. The average does obscure variation seen from individual listings. Some condos sell for 10% above asking, while others are going for 10% below asking. A lot depends on what buyers happen to be in the market at a given time and how knowledgeable buyers are about the intricacies of the local market.
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 often sell in the $300-$400 price per square foot range, as compared to the normally $600 and up for most single family homes in Burlingame. However, there are also listings well over $1 million. In 2012 alone, there have been condo sales above $1.5 million and at $500,000.
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 October 2012
|Current Month||YTD Total or Average|
|October 2011||October 2012||Jan - Oct 2011||Jan - Oct 2012|
|Days on Market||106||16||53||34|