Burlingame Gardens Real Estate - April 2014

Prices Rising, Few Sales

The small neighborhood of Burlingame Gardens which is bounded by California Drive and 101 to the east and west, and Broadway and Oak Grove Avenue to the north and south, typically has only one to two sales per month. In all of 2013, there were only 9 homes sold in the area. Through the first four months of 2014, there have been four homes sold. Given the limited data points it is difficult to draw conclusions specific to the Burlingame Gardens market. Here are some highlights in this submarket as of April 2014:

• Burlingame Gardens has typically been one of the lower priced submarkets in Burlingame due to smaller homes and lower prices per square foot. In 2013, the neighborhood returned to a $1 million neighborhood as both median and average selling prices crossed that threshold. So far in 2014, we have already seen three sales in excess of $1.2 million.
• Sellers remain very successful in the sense that there have no listings that were cancelled or expired in the past six months.
• Buyers need to remain prudent. While across Burlingame and in Burlingame Gardens, the majority of homes are selling for more than the asking price, there are still many homes that sell for less than what sellers are asking. Typically, this occurs with homes that have been on the market for more than a few weeks. In Burlingame Gardens, we have already seen sales for 15% above asking and 5% below asking in 2014. That represents a swing of around $250,000 on an average home in the area.
• The most recent sale in the neighborhood was a 3+ bed, 2 bath recently remodeled home at 523 Francisco. The 1,750 square foot home sold for $1,650,000 ($200,000 above the asking price). The price per square foot was $943. It sold in 11 days. Desirable and well maintained homes are regularly selling quickly and for more than the asking price. For comparison, the home previously sold for $355,000 in 1988 (which was close to another peak in real estate pricing). The current selling price represents an annual average increase of just over 6%. Of course, the sellers also made investments to upgrade and modernize the property.
• With so few sales the any chart showing the trend in home prices will look a little jumpy. However, there is nothing to suggest that the direction of prices in Burlingame Gardens is any different than the rest of Burlingame, where price increases are still in the double digits year-over-year.

By The Numbers - Burlingame Gardens Real Estate