Multiple Offers Seen in Ray Park
Like most areas of Burlingame, many Ray Park sellers experienced the thrill of multiple offers and offers above list prices. The average ratio of sales price to list price in Ray Park in 2012 was 104%. As the ratio climbs above 100% it is a sign that buyers are regularly bidding above asking prices, and is highly suggestive of rising prices. This appears to be the case in Ray Park in 2012. On the surface, it appears prices may have declined as both average and median selling prices were lower in 2012 than 2011. However, that is due to the fact that smaller homes happened to be listed and sold in 2012 than 2011. In 2012 the average home sold was just under 1,900 square feet, which was 200 square feet smaller than 2011. Looking at price per square foot, which helps to remove some of the random fluctuations in home sizes, there was a clear increase. The average price per square foot was $680 in 2012, up from $633 in 2011, and the highest since 2008, when it was $700.
Inventory continues to be in short supply in Ray Park. At the end of January 2013, there were no homes listed for sale. Buyers looking at Ray Park should be actively monitoring all new listings and be ready to act decisively if the right property at a fair price comes onto the market. Prospective sellers that have been on the fence should view the current market as a good opportunity to make a move.
By The Numbers - Ray Park Real Estate for 2012 and January 2013
|Current Month||YTD Total or Average|
|January 2012||January 2013||Jan - Dec 2011||Jan - Dec 2012|
|Days on Market||N/A||N/A||21||31|
|Avg $ per Sq Ft||N/A||N/A||$633||$680|