Mills Estates Real Estate - January 2013

Prices Up Noticeably

The real estate market in the Burlingame neighborhood of Mills Estates is titled heavily in the favor of sellers. Most homes are selling quickly, often with multiple offers above asking prices, and prices appear to be rising.

The average home sold in 2012 was on the market for less than two weeks. Many homes sold just a few days after being listed. Inventory has been very low. On average there is typically no more than one or two homes left unsold at the end of the month in Mills Estates. Buyers interested in the Mills Estates market need to continually stay up-to-date on new listings. In times like this, there is a real benefit to working with a Realtor who may know of listings before they officially come onto the market. Buyers will need as much lead time as possible, because given the fast sales pace, quick decisions are required.

Buyer demand is very strong with many homes receiving multipler offers. The average sales price to list price ratio was 106% in 2012! A reading above 100% suggests that buyers are regularly bidding above asking prices. The ratio is usually fairly close to 100%, as buyers and sellers often have a good idea of what the market will bear. A figure of 106% is a hugely positive sign for sellers and points to general price appreciation in the market. The summary pricing data confirms the appreciation. The average and median selling values in the neighborhood in 2012 were above $1.4 million for the first time since 2008. Likewise, the average price per square foot was above $600 for the first time since 2008. It is tough to put an exact figure down given the relatively few number of sales in Mill Estates, but overall, prices probably rose about 10% in 2012. The trend is pointing towards more price appreciation.

By The Numbers - Mills Estates Real Estate for 2012 and January 2013