Ray Park Real Estate - May 2012
Ray Park Remains a Desirable AreaRay Park continues to be one of the most desirable neighborhoods in Burlingame, with the average days on market typically one of the lowest of any neighborhood in the city. Of course, not all homes sell quickly (or sell at all) -- they have to be properly priced and marketed -- but there are definitely buyers out there waiting for the right Ray Park home to come onto the market.
Through the first five months of 2012, there have been six homes sold in the neighborhood. Last year, 16 homes were sold, but only four by the end of May 2011, so things are still on pace for another active year. In prior years, there were less than 10 transactions total in Ray Park.
The homes selling in 2012 are frequently going for more than their asking price as sellers entertain multiple bids. The average sales price to list price ratio was 106%, meaning that the average home has sold for 6% more than the asking price. For the typical home in Ray Park, 6% equates to about an extra $75,000.
There is typically very little inventory on the market in Ray Park. The end of May 2012 was no exception, as there was only one home for sale. Low inventory, coupled with strong buyer demand and recent high comps, may lead to positive price appreciation.
Buyers looking at Ray Park should be actively monitoring all new listings and be ready to act decisively if the right property at a fair price comes onto the market. Prospective sellers that have been on the fence should view the current market as a good opportunity to make a move.
By The Numbers - Ray Park Real Estate for May 2012
|Market Profile & Trends Overview||Month||LM||L3M||PYM||LY||YTD||PriorYTD||PriorYear|
|Median List Price of all Current Listings||$2,800,000|
|Average List Price of all Current Listings||$2,800,000|
|May Median Sales Price||$1,160,250||$1,089,000|
|May Average Sales Price||$1,160,250||$1,129,750|
|Total Properties Currently for Sale (Inventory)||1|
|May Number of Properties Sold||2||6|
|May Average Days on Market (Solds)||36||36|
|Asking Price per Square Foot (based on New Listings)||$646||$643|
|May Sold Price per Square Foot||$694||$671|
|May Month's Supply of Inventory||0.5||1.1|
|May Sale Price vs List Price Ratio||104.8%||105.0%|