Burlingame Real Estate Update September 2011 - Inventory Constrained
Inventory for sale is getting increasingly strained (continuing to frustrate many Burlingame home buyers), even by the normally tight standards in Burlingame. At the end of September 2011, there were less than 40 homes for sale in Burlingame. While we normally see inventory (and sales) start to decline as we move into the less active fall and winter months, this is well below historical standards. At the end of last September, for example, there were 68 homes on the market. Even wilder, there have not been this few homes on the market at the end of September since 2004! Properly priced inventory is not staying on the market for long. The average home that sold in 2011 has done so in 38 days, about 14 days faster than in 2010, which is a huge drop and indicates the continued strength of the Burlingame real estate market.
Price levels are holding steady. The price per square foot has averaged nearly $600 in 2011, which is about the same as 2010, and it was $608 in September 2011.
The median selling price in September was $950,000, the first month below $1 million in any month for many years. The reason for the lower selling price is not due to falling prices. Rather, there were a lot of smaller homes sold last month. The average square footage of home sold was 1,740 square feet, as compared to over 2,200 square feet during most of the summer.
By The Numbers - Burlingame September 2011
|Current Month||YTD Total or Average|
|September 2010||September 2011||Jan - Sep 2010||Jan - Sep 2011|
|Days on Market||67||51||52||38|
|Months of Supply||3.6||2.0||3.6||2.6|
San Mateo County Belmont Burlingame and neighborhoods (Burlingame Grove, Burlingame Hills, Burlingame Village, Easton Addition, Mills Estates, Ray Park, Terrace) Foster City Hillsborough and neighborhoods (Upper Hillsborough, Tobin Clark Estate, Lower Hillsborough) Redwood City Redwood Shores San Carlos San Mateo