Last week Burlingame had 80 houses for sale with a prices ranging from a low of $540,000 to a high of $3,295,000. The Median Priced home last week was $1,386,500 and this house is about 71 years old with 3 bedrooms and 2 baths. The Average Price for a house in Burlingame last week was $1,537,536. We are still in a Cold Buyer’s market in Burlingame and buyers have much to choose from as these homes are sitting an average of 101 days. Prices are dropping since almost half of all listings are seeing price reductions yet Burlingame hasn’t figured it out. Prices have come down almost everywhere and these houses will need to be reduced in price, too, if the seller’s are serious about selling.
The Altos Research chart above shows the inventory of housing stock (yes, just like cattle it’s referred to as “stock”) and it’s at a high for the year which isn’t unusual for mid-summer it was like this last year, too. Burlingame offers a wonderful community with good public schools so people from San Francisco tend to flock down 101 to buy here. But, only 6 houses sold last week so what’s stopping the sales? Could it be PRICE?
Prices have been running about the same for over a year and a half with ups and downs but mostly little change. Is there something about homeowners in Burlingame that makes them think that they are immune to price reductions like other parts of the bay area? We’re seeing them in Marin. We’re seeing them in San Francisco but not too much in Burlingame. When we only see about 8% of all available houses selling, price may be the reason. Maybe. Then again, maybe not. Are people worried about buying right now? With the median priced house in the jumbo-jumbo loan range, one needs about 30% down to qualify yet the most expensive homes appear to be the ones selling in the shortest amount of time.
Dividing the market into quartiles gives us a clear picture of what priced houses are selling, and what priced houses are not. One would assume that the least expensive houses would sell before the most expensive but that is not the case. The inventory of houses is evenly split between the quartiles making it even simpler to see the stats.
Burlingame has bounced along the bottom of the market for almost 2 years. It’s been a strong Buyer’s Market for some time now. I think Burlingame is one of the prettiest cities on the Peninsula. It’s called the City of Trees and one knows they’ve arrived in Burlingame if they’re driving on El Camino Real, as trees line the roadway. The downtown is quaint and has a high walking score. Commuting from Burlingame is easy as public transit goes both to San Jose and San Francisco. SFO is a hop skip and a jump away. I think there are some great opportunities out there for serious buyers interested in living in Burlingame. Call us and we’ll help you find the right one for your needs.
I do want to mention that pricing a home is not an exact science. If it were we would never see price reductions. We look at the most recent houses that have sold in the immediate area when pricing a house. With so few houses selling right now, it is very hard to price accurately. This comment is made to help you understand that if the agent is given the opportunity to price the home we generally do a better job than the seller does because the seller doesn’t have their finger on the market. If you have a house to sell, don’t get upset when you hear the suggested listing price. If you want to sell your house for the most money in the shortest time, list to us. We know best.