Burlingame Real Estate Update January 2012

The beginning of the year is typically the slowest month for real estate in Burlingame and January 2012 was no exception. Nine homes sold in January 2012, though this does put us slightly ahead of last year's pace when only eight homes sold in January.

As most homes that end up selling in Burlingame do so in one to two months, the amount of new listings coming onto the market in a given month drives sales in the proceeding months. January (and sometimes February) sales are often quite low because very few people list their homes in December. There were only eight new listings in December 2011. New listings picked up to 21 homes in January 2012.

Inventory remains relatively constrained in Burlingame. At the end of January, there were 34 homes listed for sale, as compared to 39 homes listed at the same point last year. Keep in mind that average inventory in 2011 was at it lowest since 2007, so this a sign of a market with limited inventory becoming even more constrained.

Price levels are holding steady, with a trend possibly pointing upwards ever so slightly. Certainly, the sustained drop from the end of 2007 to late 2010 when prices fell around 15-20%, appears to be over. The price per square foot has averaged nearly $600 in recent months. The chart below shows price per square foot on a 12 month rolling average basis. It might look like the price per square feet is moving around a lot, but keep in mind that the chart is zoomed in to better show changes. The highest rolling average price per square foot selling prices in the chart below is $614, while the the lowest is $591, a spread of less than 5%.

Median and average selling prices jump around a lot from month to month based on the size and type of homes being sold in a given month. The decline from the beginning of 2010 to the beginning of 2011 coincided with a decline in the average square footage of homes sold, just a random fluctuation. Likewise, the recent upwards trend matches a period of larger homes being sold. All in all, we reiterate that prices appear to be steady, if not slightly pressured upward.

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

 

By The Numbers - Burlingame Real Estate for January 2012