Burlingables Real Estate Update October 2011 - Healthy Market

Through the first ten months of the year there have been 18 homes sold in the Burlingame neighborhood of Burlingables, as compared to 14 homes sold in the same period last year.

Unlike most other neighborhoods of Burlingame, there have been more homes listed for sale in Burlingables in 2011, than in 2010. In the early part of the year, this caused the inventory of homes for sale in the submarket to reach seven homes. Buyers responded by purchasing 14 homes in the last five months (there were only 16 homes sold in all of 2010). As a result, inventory has fallen. At the end of October 2011 there were no homes listed for sale in this neighborhood, signifying the demand for homes in the neighborhood.

For most of the past few years, inventory has ranged from two to four homes. When a well priced home becomes available in Burlingables, buyers need to evaluate the property quickly.

Another data point suggesting continued healthy demand in the neighborhood is that the average sales price divided by list price is as often above 100% as it is below 100%. This means that buyers are regularly bidding above asking prices, more so than in other Burlingame neighborhoods where the ratio is not typically above 100%.

Burlingables is sometimes referred to as Oak Grover Manor. The neighborhood is close to Burlingame High School.  The average home selling in 2011 has been 1,600 square feet, smaller than for the entire city of Burlingame, at 2,100 square feet. However, the neighborhood does have a wide range of home sizes. The smallest home selling in 2011 was a 1,120 square feet, 2 bed/1bath. The largest home selling in 2011 was a 2,360 square feet, 4 bed/3.5 bath.

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

By The Numbers - Burlingables Real Estate for October 2011