Easton Addition Market Update - August 2011 - Seller's Market

Raziel Ungar

September 11th, 2011 - 2 min read
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All indicators are pointing to a seller's market in Burlingame's Easton Addition. There have been 32 single family homes sold through August, as compared to 45 at the same point last year. This decline has been driven by a lack of inventory, rather than lack of demand. The number of new listings is down more than 25% from last year. End of month inventory of Easton Addition homes for sale has been at or below 10 since May, compared to last summer when at one point there were 21 homes for sale at the end of the month. Less available inventory means that buyers have more competition and have to act quickly when new listings come on the market.

Indications that low inventory is contributing to a seller's market is firm pricing and homes spending less time on market.

Movement in price levels is difficult to measure in a small neighborhood. Most fluctuations of average or median prices are due to random changes in the type of home being sold, rather than actual changes in prices. However, when looking at price per square feet, Easton Addition homes have been been holding firm at nearly $650 a foot. Also, the ratio of the sale price to list price has averaged 99% in 2011, versus 97% in 2010. This suggests that fewer buyers are successfully negotiating contracts much below the asking price (this statistic does not factor into play the original list price of homes that were price reduced and then sold right away).

The average days on market -- a measure of how long a home has been on the market from list date to sale date -- has declined from 47 days in 2010 to 35 days in 2011.

To learn more about one of the most desirable neighborhoods of Burlingame, and to view the most up-to-date current listings, click here. Burlingame's Easton Addition is a tree-filled neighborhood with a wide variety of homes in different architectural styles.

Recent Sales in Burlingame Easton Addition

Address Recent Sale Beds Baths Square Feet Previous Sale Annual Change
1529 Bernal(sold by Raziel) Aug 2011 $986,000 2 1 1,380 May 2004 $865,000 1.8%
1329 De Soto Aug 2011 $2,195,000 5 4+ 2,890 Apr 2006 $2,230,000 -0.3%
1400 Alvarado July 2011 $1,392,500 4 4+ 2,790 Oct 1995 $420,000 7.8%

By The Numbers - Burlingame Easton Addition August 2011

YTD Total or Average
Jan - Aug 2010 Jan - Aug 2011
Sales 45 32
Days on Market 47 35
Average Price $1,503,400 $1,633,156
Median Price $1,484,555 $1,729,062

 

See below for all of the latest real estate market updates for August 2011:

San Mateo County (July 2011) Burlingame Hillsborough San Mateo San Carlos Burlingame neighborhoods (Burlingame Grove, Burlingame HillsBurlingame VillageEaston AdditionMills Estates, Ray ParkTerrace)

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