Downtown Burlingame Real Estate - April 2013
Successful SellersThe Downtown Burlingame neighborhood is composed largely of commercial businesses and residential condos (often referred to as attached housing), with fewer single family homes. This update is a review of specifically the condo market in the neighborhood, whereas in other reviews we are focusing solely on the single family homes.
The condo market is mirroring the single family market. Sellers are regularly receiving multiple offers, often culminating in a bid above the asking price. Most listings are selling and they are not staying on the market for long. Not surprisingly, prices are rising. Over the past year, selling prices are up somewhere in the range of 5% to 10%.
It can be difficult to calculate specific changes in prices levels because they vary dramatically based on the type and size of property in Downtown Burlingame. For buyers looking to enter the Burlingame market at a lower price point, the neighborhood offers attractive options. Units often sell in the $300-$400 price per square foot range, as compared to the normally $600 and up for most single family homes in Burlingame. However, there are also listings well over $1 million. In 2012 alone, there have been condo sales above $1.5 million and at $500,000.
One of the biggest benefits of owning a condo in the Downtown Burlingame area (or renting an apartment, for that matter) is the close proximity to Burlingame Avenue...it's only a few minute stroll from practically anywhere in the whole neighborhood.
By The Numbers - Downtown Burlingame Real Estate for 2013
|Current Month||YTD Total or Average|
|April 2012||April 2013||Jan - Apr 2012||Jan - Apr 2013|
|Days on Market||11||10||17||28|
|Avg $ per Sq Ft||$425||$536||$433||$522|