Burlingame Park Real Estate Update October 2011 - Fast Sales
Through the first ten months of the year there have been 15 homes sold in the Burlingame neighborhood of Burlingame Park, as compared to 11 homes sold in the same period last year.
When a well priced home comes onto the market in Burlingame Park, if you're a buyer, it's important to decide quickly with your agent whether or not you'd to make an offer (not to mention be aware that there is a new listing).
Prive levels jump around a lot in a small neighborhood with few sales like Burlingame Park. Based on the available data, prices appear flat. The average price per square foot is approximately $600, which is the same average for all of Burlingame. However, median and average prices are in the $1.5-1.8 million range in Burlingame Park, as compared to the $1.25 million range for Burlingame. The reason is that the average home selling in Burlingame Park is 2,600 square feet, much bigger than the average home selling in Burlingame, which is still a sizable 2,100 square feet.
One sign pointing to buyer demand and a potential catalyst for higher prices is a recent increase in the ratio of sales price to list price. While the ratio can be impacted by sellers pulling their homes off the market and then re-listing at a lower rate, it can prove to be a useful indicator. In 2010, the ratio in Burlingame Park was 95%, but in 2011 it has increased to 98%. Moreover, in three separate months in 2011 it has been at or above 100%, whereas it was never at that level in 2010. This suggests that buyers are increasingly looking to bid at or above asking prices, and sellers may respond by firming up pricing.
If you're interested in learning more about the Burlingame Park real estate market, considering selling your home in Burlingame Park, or thinking about moving to Burlingame Park, please drop me a line and I'd love to connect with you.
By The Numbers - Burlingame Park Real Estate for October 2011
|YTD Total or Average|
|Jan - Oct 2010||Jan - Oct 2011|
|Days on Market||73||25|