Downtown Burlingame Real Estate Update October 2011 - Low Inventory
The 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.
Through the first ten months of the year there have been 16 condos sold in the Downtown Burlingame area, as compared to 17 condos sold at the same point last year.
While sales have been flat, new listings are down nearly 25 percent for the year. With fewer condos coming onto the market, but the same amount of condos being sold, the inventory of for sales condos has declined. At the end of October 2011, there were five condos for sale. At the same point last year, there were 11 condos for sale.
The Downtown Burlingame neighborhood offers a much lower price point for buyers looking to live within Burlingame city limits. The average and median selling values in Downtown Burlingame are around $650,000, which is about half of the $1.25 million an average home sells for in Burlingame. The lower purchase price is driven by two factors. One, price per square feet are in the $400-$425 range, which is about 30 percent lower than the price per square foot of a home in all of Burlingame. Second, the average condo in Downtown Burlingame is about 600-800 square feet smaller than the average home in Burlingame. Smaller floor plans and lower price per square feet lead to lower purchase prices.
Price levels appear flat/slightly up in Downtown Burlingame. While median and average selling values are up more than 10% on a year-over-year basis, most of the increase has been driven by the size of condos that are selling. In 2011, the average condo has been 1,575 square feet, versus 1,375 square feet last year. In a small neighborhood like Downtown Burlingame, fluctuations like that are normal. When we adjust for the size of condos, the price per square foot has been mostly flat in the $400-$420 range.
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.
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 October 2011
|YTD Total or Average|
|Jan - Oct 2010||Jan - Oct 2011|
|Days on Market||49||53|