How’s the Market – Burlingame CA – 03.28.2012

The City of Trees, Burlingame CA, has charm and location going for it.  There are no tract homes in Burlingame and that’s one of the reasons people want to live there.  Here’s a look at how the real estate market is doing in Burlingame today.  Like our other communities, we don’t have enough new listings for the demand and prices are going up because of this.

If you want to live in Burlingame you pay the price to do so.  Prices have gone up this year and we’re seeing a split with smaller homes staying under a million and larger ones moving up and up.

The number of homes for sale has gone up this month but still doesn’t meet demand.  We just don’t have a lot of listings to show buyers right now.  This makes it hard for everyone and is now bringing the hated multiple offer situation we used to see.

Houses are selling in a little over 2 months, which is a healthy market.

Price per square foot is high.  The average lot size in Burlingame is 6000 square feet.  The average house is about 2400 square feet, and newer ones are bigger, older are smaller but if you had to replace the home it is expensive.

 

The median Market Action Index is now sitting at about 20, still making it a Buyer’s market. It has held as one for about a year.  Will this index move up this year?  I bet it does if we still see too few homes for the number of buyers who are out there.  We’re almost at a balanced market, meaning neither the buyer or seller has the advantage.  Offers are being negotiated even in multiple situations.

In this kind of real estate market it is critical that you have good representation as a buyer or seller. Negotiation is key and understanding of the market in Burlingame is very important.  Here are some of the homes for sale today.  Should you see one here that you’d like to see in person give us a call at six five zero, eight six seven, two nine zero nine.

 

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