Here’s a snapshot of what’s going on in the Burlingame CA real estate market today. You can tell a lot by the number of houses on the market, or in real estate-speak, the Inventory, then the number of days a house sits on the market. Burlingame isn’t at a high for this year because it’s the middle of the summer but it’s really up there with 84 houses for sale.
Now let’s compare the Burlingame Inventory of houses for sale versus the Median Price. Remember, media price means the middle price, not the average price. It’s a great indicator of the real-time activity of a market. The Median Price is in orange the Inventory of houses is in black. We are definitely seeing prices receding from historic highs 3 years ago while inventory has climbed.
Now take a look at the Median Price for homes in Burlingame. Looking back one year we see the market bottomed in January 2010. This could have happened for any number of reasons, but probably because we see fewer homes on the market over the holidays and those that are for sale are there because they must be sold and prices reflect this. It’s also the best time to scoop up a bargain in real estate. This chart is showing both the 7 day Median Price, in black, and the 90 day Median Price in orange. First quarter 2010 was the time to find the great bargains out there. We’ve come up since then. One caution when looking at a chart like this is to be aware that a weekly statistic can be deceiving if there are only a few houses listed that week or sold that week. The 90 day picture is really a better snapshot of a market.
The Average Days on the market is another indicator of what’s going on. When we had a hot market in the mid- 2000’s, the average days on the market were short. Today it’s not, it’s around 75 days. Compared to the early part of 2010, it’s short, since we saw houses languish for several months before selling. We are really in a normal market for the number of days it’s taking to have a house sell. A normal market can take up to 90 days. This is the New Reality for Burlingame real estate.
The final chart for you is the Market Action Index, or MAI. This is data the Altos Research had developed to follow the quirks of the market between a Buyer’s Market and a Seller’s Market. They have set the divider of a Buyer’s Market and a Seller’s Market at 30. The closer the market gets to 30 the more balanced a market we have. Right now, Burlingame is at 17 and is still a strong Buyer’s Market. If you have the FICO score, money in the bank and have been pre-approved for a loan, you can find some great houses to choose from.
These charts are quick snapshots of the Burlingame market today. We have more in-depth information for our clients. If you want to see Burlingame homes, now’s a great time. Here are some of them below.
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