Burlingables Real Estate - October 2013

Very Few Listings

There have been only eight listings (all of which sold) in the first ten months of 2013 in the Burlingables neighborhood of Burlingame. Every home listed since the middle of 2012 has sold, almost all of them for more than the asking price. Here are some highlights for the Burlingables neighborhood as of October 2013:

• Every home sold in the past year was on the market for less than a month. The vast majority of homes sold in less than two weeks. The average days on market has been just 11 days in 2013.
• Buyers have on average paid 11% above the asking price in 2013. (That is approximately an extra $125,000 per home).
• Inventory at the end of October 2013 was zero homes.
• Buyers interested in the Burlingables area need to act quickly when a home is listed. Strong initial offers are a must, as virtually every home see multiple offers above the asking price.

Note: while the chart below seems to show that median/average home prices have been mostly flat over the past twelve months, this is a random artifact. With so few sales, the average/median price changes are more based on what type of homes are selling rather than changes in the underlying value of homes. It happens to be that recently smaller homes have been selling so while underlying prices are rising (look at the average price per square foot), the total price is flat. The average price per square foot in 2013 is $891, which is a 25% jump from 2012. That is on top of the 5% to 10% price increases from 2011 to 2012. What buyers were able to get with $1 million in 2011, now costs closer to $1.3 million.

By The Numbers - Burlingables Real Estate for 2013