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.

The homes that have sold are doing so in a much quicker time than last year. The average days on market measures the the average number of days between when a house comes on the market until  it enters into contract. Last year at this time, the 11 homes that sold did so in 73 days on average, much higher than in all of Burlingame, where homes that sold did so in 55 days on average. In 2011, the 15 homes that sold in Burlingame Park did so in 25 days on average, about 50 days faster than the prior year! Homes moved faster in all of Burlingame, but the average was still 39 days in 2011.  Amazingly, 9 of the 15 homes sold in Burlingame Park in 2011 did so in less than 15 days, which is pretty impressive considering a majority of Burlingame Park homes are larger than most in Burlingame.

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