Easton Addition Market Update - July 2011

Easton Addition Quarterly Market Review – 2011 Quarter 2

Sales Jump as Homes that Were Sitting on the Market Move

There were 23 single family homes sold in the neighborhood of Easton Addition in the second quarter of 2011. This is the most home sales for any three-month period in the neighborhood since the third quarter of 2006. It also represents a sharp rebound from the first three months of the year when only two homes sold.

When we see sales pick up, there is always a question of how much of it is due to demand and how much to sellers dropping prices. If it is the latter, we might see things like homes selling that had been on the market forever, lower price levels and price cuts.

The data is not showing any of that.

The average days on market, which measures the number of days from the listing date to the date when an offer is accepted was only 29 days in this April, May, and June time period. That compares to an average of 75 days over the prior 12 months. Homes were listing and then selling, quicker than they had in previous months.

Median prices jump around a lot depending on the mix of homes sold in a given quarter, but at around $1.6 million, it remains steady. We have seen a similar steady trend for the entire city of Burlingame, which has more sales and therefore helps to confirm the trend.

Lastly, we looked at the ratio of sales price to list price. In a very hot market, it will often be over 100% as buyers compete to snap up properties. In the second quarter in Easton Addition, it came in at 98.8%, which indicates some price cutting, but still, it was the highest rate since the second quarter of 2008.

Easton Addition is bounded by El Camino Road to the East, Adeline Road to the North, Alvarado Avenue to the West and Sanchez Avenue/Easton Drive to the East. It is considered to be one of the most desirable and sought after neighborhoods in all of Burlingame and is well known for its tree lined streets, laid back lifestyle, and beautiful homes.