Downtown Burlingame Neighborhood Real Estate - April 2012
Inventory Way DownThe Downtown Burlingame neighborhood is composed largely of commercial businesses and residential condos (often referred to as attached housing), with fewer single family homes. This update is a review of specifically the condo market in the neighborhood, whereas in other reviews we are focusing solely on the single family homes.
Sales typically average one to two each month, with about 20 homes sold over the course of the year. Through the first four months of 2012, there have been six sales, the same number as the first four months of 2011.
Flat sales activity is indicative of a lack of inventory rather than modest buyer demand. There have been only seven listings to start the year, down from 14 in the same period as 2011. Fewer new listing, coupled with flat sales has driven inventory down. There were only two units for sale at the end of April 2012, down from six at the end of April 2011, and 11 the year prior to that.
With fewer listing from which to choose, buyers are having to compete. We are seeing evidence of this in two market statistics. One is the average days on market. The six units sold in 2012 did so on average in less than three weeks. Last year, the average unit that sold did so in about seven weeks. In the prior two years it took 10 weeks for the average unit to sell in Downtown Burlingame. When an attractive property comes onto the market, buyers are acting decisively.
Another sign of buyer demand is in the sales price to list price ratio. It has been 102% in 2012, meaning that on average buyers are bidding above the final asking price. This is a clear sign of buyer competition and points to multiple offers. The ratio was 97% in 2010 and 99% in 2011.Price levels vary dramatically based on the type and size of property in Downtown Burlingame. For buyers looking to enter the Burlingame market at a lower price point, the neighborhood offers attractive options. Units regularly sell in the $300-$400 price per square foot range, as compared to the normally $500 and up for most single family homes in Burlingame. However, there are also listings well over $1 million, including one in April 2012 that went on the market for $1.8 million.
One of the biggest benefits of owning a condo in the Downtown Burlingame area (or renting an apartment, for that matter) is the close proximity to Burlingame Avenue...it's only a few minute stroll from practically anywhere in the whole neighborhood.
Thinking of buying or selling a home in Downtown Burlingame?If you're interested in learning more about the Downtown Burlingame real estate market, considering selling your home in Downtown Burlingame, or thinking about moving to Downtown Burlingame, please drop me a line and I'd love to connect with you.
By The Numbers - Downtown Burlingame Real Estate for April 2012
|Current Month||YTD Total or Average|
|April 2011||April 2012||Jan - Apr 2011||Jan - Apr 2012|
|Days on Market||66||N/A||47||18|