Mills Estates Real Estate - May 2012
A Healthy Demand for a Limited SupplyThe Burlingame neighborhood of Mills Estates has had only four homes sold in the first five months of the year, as compared to ten home sold in the same period in 2011. The first place one's mind goes when they hear that sales are down is that there must be very few buyers in the market. On the contrary, in Mills Estates, there are interested buyers, but few sellers. There have been only five homes listed all year. At the end of May 2012, there were no unsold homes on the market. Sales have been low because there is not anything to buy.
The listing that have been sold have gone for more than their asking price as buyers bid above each other. In March a home sold for $1.4 million, after being listed at $1.275 million. In May a home sold for $1.268 million, which was $70,000 above asking.
Homes have been selling quickly, often in less a month after being listed. With such limited inventory and short days on market, buyers interested in the Mills Estates neighborhood of Burlingame will need to be able to act fast and consider putting in a premium bid, if it is the right property.
By The Numbers - Mills Estates Real Estate for May 2012
|Current Month||YTD Total or Average|
|May 2011||May 2012||Jan - May 2011||Jan - May 2012|
|Days on Market||65||16||37||23|
Thinking of buying or selling a home in Mills Estates?
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