If you are in the market to buy a home in Burlingame you are keenly aware that the market has become red hot in some price ranges. We are seeing multiple offers pushing prices well above the list price and these are appraising, too, so the banks are in line with what’s happening in Burlingame. The average days on the market, which is how long it takes for a house to sell has dropped. Prices are rising and the market is shifting from a Buyer’s market to one that is close to even. Here’s the data for you to read.
The Median price for Burlingame homes has risen over the past year. This chart, below, shows you both the weekly changes (in black) and the quarterly changes (in orange). Week by week changes can be affected by little or no sales or many sales. The 90 day changes are more realistic to view trends.
Inventory, the number of homes for sale at any one time, was very low a few weeks ago and now we’re finally seeing homes to show buyers. The selection is good enough for someone to have some choices, but the ability to choose leisurely has gone. Good homes are snapped up fast with multiple offers. If you only want to consider a home totally renovated then be prepared for a bidding war. If you’re the kind of person looking for sweat equity, where you do the work, you don’t have as much competition but there is some, and it’s usually a contractor or flipper, so again, you must be prepared to write that offer quickly.
Burlingame didn’t have the long days on the market that other areas were seeing during the last couple of years, so we rarely saw it taking many, many months to sell. Today the average amount of time it takes to list and then sell the home is just under 90 days. This is a fairly normal time frame.
The MAI stands for Market Action Index and it’s the way to answer the question of how the market is really doing. It measures the current rate of sales versus the amount of inventory, or number of homes for sale. An index above 30 says the Seller owns the market and under 30 the Buyer has the advantage. Right now Burlingame is edging up to the 30 mark where neither the buyer or seller is at an advantage. This means we have a balanced market.
Here are some homes currently for sale in Burlingame today. We’d be happy to answer questions on buying or selling in Burlingame so give us a call or pop us an email.
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