Downtown Burlingame Real Estate - April 2014
Listings Selling Quickly in 2014The 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. Here are some highlights in this submarket as of April 2014:
- The time it takes to sell an average condo has been falling. In 2009 and 2010, the average sold condo was on the market for over 10 weeks. Many listings did not end up selling as sellers did not receive offers they deemed reasonable. Since then, days on market has fallen (and a greater percentage of listings are selling). So far in 2014, the average days on market has been just 9 days. It was 19 days in 2013.
- The six condos sold in the first four months of 2014 have gone for an average of 3.5% above the asking price.
- Prices are rising. Just a few years ago, many condos sold for $375 to $450 per square foot. The chart below shows the 12 month smoothed average sales price, median sales prices and average price per square foot. Over the past year, prices are up around 20%. They have risen by 35% to 40% since reaching bottom in early 2012. Given the recent price increases, the 12 month average understates the situation a bit. So far in 2014, most sales have been at or above $600 per square feet.
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.
By The Numbers - Downtown Burlingame Real Estate
|Current Month||YTD Total or Average|
|April 2013||April 2014||Jan - Apr 2013||Jan - Apr 2014|
|Days on Market||10||3||28||9|
|Avg $ per Sq Ft||$536||$710||$522||$657|