Mills Estates Real Estate - May 2012

Raziel Ungar

July 2nd, 2012 - 1 min read
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A Healthy Demand for a Limited Supply

The 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
Sales 2 1 10 4
Days on Market 65 16 37 23
Average Price $1,420,000 $1,268,000 $1,334,700 $1,331,500
Median Price $1,489,000 $1,268,000 $1,416,700 $1,377,000

Thinking of buying or selling a home in Mills Estates?

If you're interested in learning more about the Mills Estates real estate market, considering selling your home in Mills Estates, or thinking about moving to Mills Estates, please drop me a line and I'd love to connect with you.

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