The Burlingame neighborhood of Burlingame Grove is a small region of the city south of Broadway. The neighborhood typically averages one home sold every month or two. Through the first eight months of 2012, there have been eight homes sold.
There has been strong buyer demand in Burlingame Grove. A handful of homes have sold in less than 10 days. The average days on market in 2012 has been 24 days, less than half the level seen in each of the prior three years. The eagerness of buyers becomes even more clear when looking at the average sales price to list price ratio. While not all homes have sold for more than their asking price, on average, the eight homes sold in 2012 have sold for 6% more than their list price. This is a sign of multiple offers and offers above asking prices. In the prior three years, the average home that sold did so for about 3% less than the list price.
This shift in the marketplace is a hugely positive sign for price levels. However, measuring price levels is a bit difficult in an area with so few sales. If a particularly large or small home is sold it can skew the short term results. Looking at the chart below, which plots the 12 month moving average lines for median prices, average prices and average price per square foot, we see a general increase in values over the past two years in the Burlingame Grove real estate market.
Burlingame Grove is sometimes referred to as Burlingame Gate.
By The Numbers - Burlingame Grove Real Estate for 2012
|Current Month||YTD Total or Average|
|August 2011||August 2012||Jan - Aug 2011||Jan - Aug 2012|
|Days on Market||22||25||68||24|
|Avg $ per Sq Ft||$680||$508||$657||$698|
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