Mills Estates Real Estate - February 2014

No Inventory

There were no unsold homes on the market at the end of February 2014 in the Burlingame neighborhood of Mills Estates. There has also been a dearth of recent sales activity, in line with normal seasonal patterns and the lack of inventory.

Here are some highlights for the Mills Estates real estate market as of February 2014:

• Only one home sold between December 2013 and February 2014 giving little indication if there have been any recent changes in market pricing.
• Sales have been constrained by a lack of inventory.
• Bidding wars have been commonplace for many (but not all) listings in Mills Estates. The average sold home in both 2012 and 2013 went for 6% above the asking price.

There have not been very many recent sales in Mills Estates with only one sale in the past three months. This not atypical for the December, January and February timeframe. Overall, the neighborhood averages about two sales per month, but the majority of the sales activity happens in the spring, summer and fall.

The proximate cause for the lack of recent sales activity is also due to a lack of inventory. At the end of February 2014, there were no unsold homes in Mills Estates.

The aforementioned sale was a 5 bed, 2.5 bath home at 2965 Trousdale which sold for $1,579,000. The home had not sold in many years as evidenced by the prior property tax roll of just over $150,000.

By The Numbers - Mills Estates Real Estate