Better Equilibrium Between Buyers and Sellers than Other Burlingame Neighborhoods
Although within Burligame, the real estate market of Burlingame Park often more closely resembles neighboring Hillsborough than nearby Burlingame submarkets. For one, price levels in Burlingame Park are typically in the $1.5 - $2.0 million range, certainly below Hillsborough's $2 million+ market, but likewise above Burlingame's <$1.5 average/median selling values.
The difference has been clear in 2012. Most of Burlingame is experiencing rising selling prices, a dearth of inventory and many homes are selling for above their asking prices. In Hillsborough, pricing is firm, though not noticeably rising, inventory is modest, but not constrained and there is not evidence of frenzied buyers regularly bidding above asking prices. Burlingame Park more resembles the latter, not the former.
At the end of October 2012, there were seven unsold homes still on the market in Burlingame Park, accounting for a fifth of the total in all of Burlingame, despite the area usually contributing less than ten percent of sales. Inventory is actually at the highest point in two years, meaning buyers have much more options from which to choose than other Burlingame neighborhoods where inventory is at historically low levels.
The average home sold in Burlingame Park in 2012 has gone for just under the asking price, similar to years prior. In all of Burlingame, the average home has sold for just over the asking price.
It is difficult to get an accurate read on price levels given the size of the Burlingame Park market and the varying square footage of homes in the neighborhood. In 2012, the average and median selling prices are down about 5% from 2011. However, this is due to smaller homes being the ones listed and sold. The average home sold in 2012 has been under 2,200 square feet. The average home sold in 2011 was over 2,600 square feet. This is a normal fluctuation in an area like Burlingame Park where there are usually 15-20 sales per year. Owing in part to the smaller size of homes being sold, the average price per square foot is nearly $660 in 2012, up from $616 in 2011.
Considering the healthy local economy, general price appreciation trend in the greater Peninsuala, and the strong local real estate market in Burlingame, underlying prices have probably risen in Burlingame Park in the past 12 months. However, if prices are up say 10% in all of Burlingame, this area has likely seen more along the lines of +5%.
While the market is not as pro-seller as other nearby areas, sellers need not despair. There are still many buyers out there. Through the first ten months of 2012, 17 homes have been sold in Burlingame Park, up from 16 homes sold in all of 2011. While some listings are lingering on the market, many homes are sold within 2 weeks of listing.
By The Numbers - Burlingame Park Real Estate for October 2012
|Current Month||YTD Total or Average|
|October 2011||October 2012||Jan - Oct 2011||Jan - Oct 2012|
|Days on Market||5||25||25||42|
|Avg $ per Sq Ft||$729||$557||$616||$659|
Thinking of buying or selling a home in Burlingame Park?
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