Prices Zooming Upward
Prices are increasing rapidly in Lyon Hoag, which may be the 'hottest' submarket in Burlingame. Sellers are incredibly successful. Nearly every listed home is selling, often in less than two weeks. Buyers are bidding well above asking prices. In the last year, the average home has sold for 10% above asking prices, even as sellers have adjusted their asking prices upward to account for the rising prices.
In the last year, prices have increased somewhere in the range of 10% to 20% (after rising by around 5% in the prior 12 months to that). This former "value" neighborhood was priced 10% to 15% below the rest of Burlingame in prior years. In 2012 and now 2013, selling values in Lyon Hoag have been on par with the rest of Burlingame.
Buyers have to act quickly and decisively in Lyon Hoag. The majority of listed homes are selling in less than two weeks and many remain for sale for just a few days (long enough for a single open house). Buyers that check the market every week or so will miss out on most listings. It is important in an environment like this to work closely with a Realtor who has a good pulse on the real estate marketplace.
|Current Month||YTD Total or Average|
|April 2012||April 2013||Jan - Apr 2012||Jan - Apr 2013|
|Days on Market||8||7||20||13|
|AVg $ per Sq Ft||$587||$784||$589||$706|
Thinking of buying or selling a home in Lyon Hoag?
If you're interested in learning more about the Lyon Hoag real estate market, considering selling your home in Lyon Hoag, or thinking about moving to Lyon Hoag, please drop me a line and I'd love to connect with you.