Few Listings, Few Sales
From October 2012 to April 2013 there has been exactly one home sale in Burlingame Gardens (though one on Morrell did sell last Monday). The area typically averages one to two sales per month (and one to two new listings). The recent dearth in sales is solely due to a lack of new inventory. Over the past 18 months, nearly every home that has been listed has sold quickly, often for more than the asking price. In the past six months, there has been only one listing (which sold). At the end of April 2013, there were no unsold homes on the market in Burlingame Gardens.
With so few sales, there is no way to determine if Burlingame Gardens pricing trends are different than for Burlingame overall all. Likely, the trends are generally the same. Prices in Burlingame are up 10% to 15% over the past year.
At first glance, prices appear to be lower in Burlingame Gardens than the rest of Burlingame. The average sales price in Burlingame Gardens has been around $800,000 for the past few years, versus above $1.2 million for the all of Burlingame. However, this difference is almost entirely due to the fact that the homes in Burlingame Gardens are typically much smaller. The average sold home in Burlingame Gardens is around 1,400 s/f, versus over 2,000 square feet in all of Burlingame. The average price per square foot can adjust somewhat for difference in home sizes. By this measures, prices in Burlingame Gardens are typically on par, or 5% to 10% less than the rest of Burlingame.
By The Numbers - Burlingame Gardens Real Estate for October 2012
|Current Month||YTD Total or Average|
|April 2012||April 2013||Jan - Apr 2012||Jan - Apr 2013|
|Days on Market||10||31||41||31|
|Avg $ per Sq Ft||$788||$625||$592||$625|
Thinking of buying or selling a home in Burlingame Gardens?
If you're interested in learning more about the Burlingame Gardens real estate market, considering selling your home in Burlingame Gardens, or thinking about moving to Burlingame Gardens, please drop me a line and I'd love to connect with you.