Like the rest of Burlingame, prices are rising in Lyon Hoag. One thing that makes the area somewhat unique is how successful sellers have been. There has been only one cancelled or expired listing in the past year. Essentially all of the 25 or so homes listed for sale have sold. They are selling quickly and usually for more than the asking price. Here are some highlights as of October 2013:
- The average price per square foot through October has been $737. The average price per square foot was $619 in 2012 and $527 in 2011.
- The average days on market for a home before selling is 16 days in 2013. However, most homes are selling in less than two weeks.
- Inventory levels are quite tight. At the end of October 2013, there were no homes for sale. Three of the last four months have ended with no inventory. In the 90 months prior, every month ended with at least one unsold home.
This former "value" submarket of Burlingame has seen some of the highest price increases in the city. Prices are up around 20% in the last 12 months. This is in-line with the rest of Burlingame. However, prices started rising earlier and faster in Lyon Hoag than other areas. In the past two years, price increases have been upwards of 30% to 35%, as compared to ~25% for all of Burlingame. This has closed the gap in prices between Lyon Hoag and the rest of Burlingame.
For example, the average price per square foot in Lyon Hoag in 2011 was $527, which was 12% less than the citywide average. In 2012, the gap narrowed to 6%. So far in 2013, the average price per square foot in Lyon Hoag has been $737. This is just 2% less than the $753 per square foot average across Burlingame. The discount has narrowed by 10% in two years. While buyers can still usually get more for their money in Lyon Hoag, the difference is not anywhere as profound as it was just a few years ago.
By The Numbers - Lyon Hoag Real Estate for 2013
|Current Month||YTD Total or Average|
|October 2012||October 2013||Jan - Oct 2012||Jan - Oct 2013|
|Days on Market||19||14||34||16|
|AVg $ per Sq Ft||$658||$693||$609||$737|
Thinking of buying or selling a home in Lyon Hoag?
If you're interested in learning more about the Lyon Hoag real estate market, considering selling your home in Lyon Hoag, or thinking about moving to Lyon Hoag, please drop me a line and I'd love to connect with you.