Homes Selling Quickly
For-sale homes are not remaining on the market very long in the Burlingame neighborhood of Mills Estates. The average home sold in 2012 has done so in about two weeks. In prior years, the average home was on the market for five to eight weeks. Buyer demand is so strong that most newly listed properties have almost immediate multiple offers. The winning bids are often above the seller's asking price. The average sales price to list price ratio has been 105% in 2012! A reading above 100% suggests that buyers are regularly bidding above asking prices. The ratio is usually fairly close to 100%, as buyers and sellers often have a good idea of what the market will bear. A figure of 105% is a hugely positive sign for sellers and points to general price appreciation in the market.
The chart below confirms the notion of rising prices. It plots the 12 month moving average lines for median prices, average prices and average price per square feet. All of the have been rising since bottoming out in early 2011. In total, we estimate that prices have risen by approximately 10% and may be within 10% of their high watermark in 2007/2008.
While we are seeing strong buyer demand in Mills Estates, it is not readily apparent based on the number of sales. In the first eight months of 2012, there have been only 8 homes sold, well below the pace in prior years. At the same point in 2011, 18 homes had been sold. The reason for the lack of sales is a dearth of inventory and new listings. Almost every home that has been listed has ended up selling. For most of the year, there has been no unsold inventory at the end of the month.
By The Numbers - Mills Estates Real Estate for 2012
|Current Month||YTD Total or Average|
|August 2011||August 2012||Jan - Aug 2011||Jan - Aug 2012|
|Days on Market||24||10||38||15|
|Avg $ per Sq Ft||$605||$623||$547||$584|
Thinking of buying or selling a home in Mills Estates?
If you're interested in learning more about the Mills Estates real estate market, considering selling your home in Mills Estates, or thinking about moving to Mills Estates, please drop me a line and I'd love to connect with you.