Burlingame Hills Real Estate Update January 2012

Sales dipped in 2011 in Burlingame Hills to 22, from 29 transactions in 2010. In the first months of 2012, there was one home sold (and it had been on the market for awhile, over half a year). The beginning of the year is typically a slow period for real estate transactions, so we will have to wait and see what the trends will be in Burlingame Hills.

One thing to note in Burlingame Hills is that relative to other areas of Burlingame, inventory is at higher levels. In 2011, Burlingame Hills accounted for almost exactly 10% of the sales in the city of Burlingame. However, average inventory of for sale homes at the end of each month was 9 homes in Burlingame Hills, and 46 homes in all of Burlingame. So about 20% of the average inventory was in Burlingame Hills, a slightly higher proportion than we would expect, but nothing too out of the ordinary. At the end of January 2012, there were 13 homes for sale in the neighborhood, versus 34 for all of Burlingame. That is nearly 40% of the unsold homes on the market, much more than we would expect.

What does this all mean? If you are a seller in the Burlingame Hills neighborhood, marketing your property well and strategically pricing is more important than in normal markets. As a buyer, consider putting in an offer below asking price, especially for homes that have been on the market for some time. However, like all parts of Burlingame, well-priced attractive homes continue to sell quickly.

If you're interested in learning more about the Burlingame Hills real estate market, considering selling your home in Burlingame Hills, or thinking about moving to Burlingame Hills, please drop me a line and I'd love to connect with you.

By The Numbers - Burlingame Hills Real Estate for January 2012