Strong buyer demand has led to a situation where there has been no unsold inventory at the end of the month in the Burlingame neighborhood of Burlingame Village since April. Newly listed properties (of which there have been very few) have been scooped up in 3 weeks or less. The average days on market has been 16 days in 2012, down from an already low 38 days in 2011.
Burlingame Village typically averages one sale every two months. There are not a lot of sales due to the fact there are not a lot of homes in this small neighborhood (and therefore not a lot of listings). Through August 2012 eight homes have sold. In all of last year, six homes sold.
It is tricky to track price trends in Burlingame Village. It is such a small neighborhood that changes in price levels are more determined by which homes were recently sold, than whether the price of those homes are rising/falling. However, when we look at a two year trend in the chart below, which shows the 12 month moving average level for median prices, average prices and average price per square feet, it does appear that prices in Burlingame Village are rising. This correlates with what we are seeing in the broader Burlingame real estate market.
By The Numbers - Burlingame Village Real Estate for 2012
|Current Month||YTD Total or Average|
|August 2011||August 2012||Jan - Aug 2011||Jan - Aug 2012|
|Days on Market||N/A||6||38||16|
|Avg $ per Sq Ft||N/A||$693||$649||$593|