Mills Estates Real Estate - February 2013

Bidding Wars Continue...

It is a sellers market in the Burlingame neighborhood of Mills Estates. Most homes are selling quickly, often with multiple offers above asking prices, and prices are rising.

The two home sales in February 2013 exemplify recent trends.

The first home is a 4 bed, 2.5 bath, 2,680 square foot home on the 2700 block of Mariposa.  It was listed on January 18th for $1,595,000 and sold within 11 days. The property closed in February for $1,675,000, which was $80,000 above the asking price.

The second home is a 3 bed, 2 bath, 2,060 square foot home on the 3000 block of Rivera Drive. It was listed on December 14th for $1,380,000 and 14 days later it was already pending. The property closed escrow in February for $1,525,000, which was $145,000 above the asking price.

In the last 12 months, prices are up around 10%. Mills Estates was one of the first neighborhoods to notice an increase in pricing, as prices started rising in 2011. In total, selling values in Mills Estates appear to have fully recovered to match the peak years of 2007/2008.

Mills Estates 2012 Market Summary

Excerpted from the 2012 Burlingame Annual Report -

Mills Estates was a seller’s market in 2012. The average days on market was just 13 days and only two homes sold in more than 16 days.

Only two homes sold for less than the asking price, as multiple offers on properties were common. The average sales price to list price ratio was 106%, meaning that homes on average sold for six percent above the final asking price. If all homes that sold had done so at their asking price, the average sales price would have been $1.32 million. Actually, the average sales price was $1.42 million. The average sellers received $100,000 more than they were asking (though a handful sold for less than the list price).

Average and median sales prices rebounded to the same levels as 2008, erasing all of the losses from 2008 to 2010. There were no sub $1 million sales in 2012. In fact, the lowest sale was $1.22 million for a 1,660 square footage home with 3 beds and 2 baths.  The average price per square foot was $631, the first time above $600 since 2008.

By The Numbers - Mills Estates Real Estate for 2013