Mills Estates Market Update - August 2011 - Inventory Constrained
Inventory is very constrained in the Burlingame neighborhood of Mills Estates. There have been 16 single family homes sold through August, as compared to 11 at the same point last year. At the same time, new listings have declined from 27 in the first eight months of 2010 to only 14 so far in 2011. A jump in sales and sharp drop in new listings has depleted the supply of homes for sale. End of month inventory of homes for sale in Mills Estates has been between zero and two for the entire summer. Last summer, inventory peaked at 12 homes unsold at the end of June. Less available inventory means that buyers have more competition and have to act quickly when new listings come on the market.
With less inventory, homes that do come onto the market are not staying as long as they did in 2010. 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 59 days in 2010 to 42 days in 2011.
A positive sign for sellers is that the ratio of the sale price to list price has improved to an average of 101% in 2011, versus 97% in 2010. Another way to look at the same data is that in seven of the last nine months, the ratio of sale price to list price has been at or above 100%. This did not occur in any of the prior 16 months. This suggests that some buyers are bidding above asking prices (this statistic does not factor into play the original list price of homes that were price reduced and then sold right away).
To learn more about this Burlingame neighborhood that is conveniently located for Highway 280 commuters, and to view the most up-to-date current listings, click here. There are many Eichler homes in Mills Estates, built by Joseph Eichler, and known for their large windows, open atriums and mid-century design.
Recent Sales in Mills Estates
|Address||Recent Sale||Beds||Baths||Square Feet||Previous Sale||Annual Change|
|2648 Martinez||Aug 2011 $1,160,000||3||2.5||2,100||Oct 1999 $643,000||4.8%|
|2 Las Piedras||Aug 2011 $1,515,000||4||3||2,608||May 1993 $660,000||4.7%|
|3018 Atwater||Jun 2011 $1,251,000||4||3||2,230||Nov 1997 $625,000||5.1%|
By The Numbers - Mills Estates August 2011
|YTD Total or Average|
|Jan - Aug 2010||Jan - Aug 2011|
|Days on Market||59||42|
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)