Burlingame Real Estate Update August 2011 – Strong Summer Continues

After a relatively slow start to the year, home sales continued to remain strong throughout the summer in Burlingame. There were 28 homes sold in August, which makes four straight months with at least 25 sales, which is the first time that has happened since 2005. Through the first eight months of the year, there have been 157 sales, up ten percent from the same period last year and 48% from the same period in 2009.

Inventory remains incredibly low (frustrating many Burlingame home buyers), even by the normally tight standards in Burlingame, where properly priced homes do not sit on the market for long. At the end of August 2011, there were less than 50 homes actively on the market in Burlingame. Inventory normally increases in summer, along with sales activity. However, sales have increased faster than listings and the months of supply has fallen to less than two months at the current sales rate. For the year, supply has averaged 2.5 months, as compared to 3.5 months during the same period last year.

Price levels are holding steady and the market remains active in the higher end. Median selling prices for each of the last five months have been above $1.25 million, after only crossing that mark in two of the previous 12 months, indicating that higher priced homes are accounting for a bigger share of sales. The price per square foot has averaged nearly $600 in 2011, which is about the same as 2010.

Whereas buyers were often successfully bidding under asking prices in 2009 and 2010, more and more homes are being sold at or above their asking price. The sale price divided by list price has averaged 99% in 2011. The “normal” rate varies by area. In Burlingame, it had been averaging 97% for the prior two years.

By The Numbers - Burlingame August 2011

 

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 Hills, Burlingame Village, Easton Addition, Mills Estates, Ray Park, Terrace)