Last week Altos Research reported that the city of Burlingame, California had 61 properties listed for sale. That number has been steadily increasing each week so it’s a good time to find a house in Burlingame, if that’s your pleasure. There are currently 10 short sales, too. The Median priced house was $1,198,000 and we saw a price spread between the low of $529,900 to a high of $2,880,000. What you get for the Median house is 3 bedrooms and 3 baths, a house that’s about 66 years old, is just around 2200 square feet and that sits on a 6000 foot lot. You also get great schools and a beautiful community to live in.
Burlingame is a Buyer’s market and has been one for a long time. This week saw a large number of new listings come out, something we haven’t seen in a long while. There were 2 houses close escrow last week, and there are currently 23 houses in various levels of pending sale. The market has heated up now that loans are available at this price level. The overall price trend has been down from last year but we are still looking at the low million dollar range for a median sized house in Burlingame.
Now that we are in a Spring market, prices will likely move up as demand increases. Will some of these houses that are currently on the market be short sales if they don’t sell? It’s hard to tell right now. My lender’s are seeing many people upside down in their mortgages, and Burlingame likely has their fair share of these people. Whether one sells or holds out depends on the individual’s circumstances. If they have an ARM resetting now, it’s resetting low so that can buy them a year if they’re employed. But, if they’re among the huge number of people laid off, they will have no choice but to sell.
The question I am always being asked is “How’s the Market?” and if you look at the chart above you can see a snapshot of the Burlingame market from 2005 to today and clearly see the bubble. A market that is balanced sits at 30. A market above is a Seller’s market and below is a Buyer’s market. Clearly that’s where we sit today, in a Buyer’s market and with 61 houses to choose from, you should in theory find a good home.
The Wilkas Group is here to assist you in finding that house and turning it into your home. You can find us by clicking on the “Contact Us” button on the left. We’re here to help.
For more recent market data about Burlingame take a look at here.