We just had a discussion with an old friend asking how bad the local real estate market was in 2011 and she was absolutely blown away when we said Burlingame’s 2011 market was vibrant. She doesn’t live in San Mateo County but in another area of California that has seen great decreases in housing value so she was really amazed to hear us tell her that. Yes, Burlingame rebounded in 2011.
There were 221 closed sales of single family homes in 2011 with an average of 51 days on the market. For those of you who don’t know what that means, it is the time it takes from the listing to the close of the escrow and recording of the new owner with the county.
- The average price was $1,257,035 and the median price was $1,196,000.
- The largest number of homes sold was in the $1,200,000 to $1,300,000 price range, with 25 sold.
- Then 19 were sold between $1,100,000 to $1,200,000
- There were 18 sold between $1,400,000-$1,500,000 and 18 sold over $2,000,000. The top end of the market was selling very well in 2011.
- The sale prices were averaging between 96% at the list price and 98% of sold price.
The condo market is Burlingame isn’t a huge one compared to the other communities around us but there were 31 closed sales of condos in 2011 with an average of 77 days on the market.
- The average price was $616,461 and the median price was $535,000.
- The majority of these sales was between $475,000 and $600,000 with 12 sold.
- Luxury condos do sit in Burlingame and there were 3 sold above $950,000.
- The sale price was averaging between 94% at the list price and 97% of sold price
So, what does it mean when there are two sales prices listed? The list price is the original price that a listing comes to market, and homes were selling between 94-96% at that price, which isn’t shabby. If there was a price reduction, the second number is the percentage of homes selling at that price. 97-98% of all of the properties with price reductions sold at the reduced price. This means demand is strong in Burlingame for real estate and prices are holding.
The old saying is if you want to live here you’ll pay the price, is holding true. Burlingame has great schools, weather and location. Let us know how we can help you find your dream home by calling us now.
Here are some current Burlingame houses for sale.
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Here are some current Burlingame condos for sale.
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