Few Sales, But Those That Do Going Quickly
From 2008 to 2011, the average home sold in the Burlingables neighborhood of Burlingame was on the market for approximately one month. While that is a fairly quick turnover, the pace has quickened in the past year and a half. Since the start of 2012, the average home sold was on the market for about 10 days! Prospective buyers need to constantly stay on top of the market or risk missing out on most new listings. Periodically checking the market every week or so in Burlingables will likely lead to a frustration as a buyer will see mostly pending listings, not for-sale homes. In markets like this, it can be helpful to work with a Realtor, who is monitoring all of the new listings.
In addition to selling so quickly, homes are selling for well above their asking prices. The average sales price to list price ratio was 109% in 2012, meaning that the average home has sold for 9% above its list price. It has been 110% for the two homes sold thus far in 2013. That is an extra $100,000+ on the average homes in Burlingables, great news for sellers and homeowners. However, buyers should not blindly bid above list prices. Sellers have seen past comps from earlier in the year and are adjusting their asking price accordingly.
There is very little inventory in the Burlingables market. There has been only one new listing since the end of 2012. There has not been an unsold home sitting on the market since the end of November 2011. Inventory has not been above a single home since late 2011. Buyers simply do not have much from which to choose.
Note: while the chart below seems to show that home prices have actually been flat or declined since the middle of 2012, this is a random artifact. With so few sales, the areas average/median prices change more based on what type of homes are selling rather than changes in the underlying value of homes. Home prices are rising in Burlingables, despite what the summary statistics happen to show.
By The Numbers - Burlingables Real Estate for 2013
|Current Month||YTD Total or Average|
|April 2012||April 2013||Jan - Apr 2012||Jan - Apr 2013|
|Days on Market||7||N/A||10||11|
|Avg $ per Sq Ft||$639||N/A||$651||$742|
Thinking of buying or selling a home in Burlingables?
If you're interested in learning more about the Burlingables real estate market, considering selling your home in Burlingables, or thinking about moving to Burlingables, please drop me a line and I'd love to connect with you.