Burlingame Hills Market Update - August 2011 - Seller's Advantage

Sellers have the advantage in the Burlingame neighborhood of Burlingame Hills, as compared to real estate markets for the region overall. There have been 15 single family homes sold through August, as compared to 22 at the same point last year. This decline has been driven by a lack of inventory, rather than lack of demand. The number of new listings is down about 25% from last year. End of month inventory of Burlingame Hills homes for sale was at five and six, in July and August, respectively.  Last summer, there were regularly 10 to 12 unsold homes on the market at the end of each month. Less available inventory means that buyers have more competition and have to act quickly when new listings come on the market.

Prices appear to be holding firm in Burlingame Hills. The ratio of the sale price to list price has averaged 99% in 2011, versus 94% in 2010. This suggests that fewer buyers are successfully negotiating contracts much below the asking price (this statistic does not factor into play the original list price of homes that were price reduced and then sold right away...so some of the increase may be due to more aggressive pricing).

The average price per square foot in 2011 has been $570, up about 5% from 2010, certainly a welcoming sign for Burlingame Hills residents. This increase is probably due to the fact that smaller homes are selling in 2011 and as a general rule of thumb each additional square foot sells for less, especially if the lot sizes are similar. Of course, "smaller" homes is all relative. Burlingame Hills has some of the largest homes in Burlingame. The average size of homes sold in Burlingame Hills in 2011 is 2,600 square feet, as compared to 2,800 square feet in 2010. For all of Burlingame, the average home sold in 2011 is 2,200 square feet.

Homes are not staying on the market for as long as they did in 2010. The average days on market -- a measure of how long a home has been on the market from list date to sale date -- has declined from 55 days in 2010 to 40 days in 2011.

To learn more about the Burlingame Hills neighborhood of Burlingame, and to view the most up-to-date homes for sale, click here. As the name suggests, Burlingame Hills is indeed up a hill, and many of the street names such as Summit, Hillside, Los Altos, and Skyline continue the trend.

Recent Sales in Burlingame Hills

By The Numbers - Burlingame Hills August 2011

 

See below for all of the latest real estate market updates for August 2011:

San Mateo County (July 2011) Burlingame Hillsborough San Mateo San Carlos Burlingame neighborhoods (Burlingame Grove, Burlingame Hills, Burlingame Village, Easton Addition, Mills Estates, Ray Park, Terrace)