Burlingame market trends: October 2008 vs. October 2009. It’s a bit of a mixed bag but overall improved from 2008!

Coyote Point, Burlingame

I recently pulled data for a neighbor who is evaluating selling his Burlingame home.  It’s a bit of a mixed bag with trends but overall there is an improvement from October 2008.

Days on market is down slightly:

Burlingame AverageDOM_chart

Median price is up:

Burlingame Median Sold Price_chart

Inventory is down:

Burlingame home inventory

Units sold has been on a consistent upward trend with the exception of August & October 2009.

Burlingame_Units Sold_chart

There has been a steady up tic in buyer demand as of April of 2009 with properties going into contract at a 33% increase.

Burlingame UnitsUnderContract_chart

Then we hit the expireds.  Wow!!  A 129% increase in expireds. Expireds include withdrawn and canceled listings as well.  I did a little more digging & pulled these properties in the MLS.  Pricing was a good cross section of Burlingame properties ranging from ~2,000,000 to the low of $779K for a bungalow on the east side.

Apparently there was a rather large group of sellers for the month of October who didn’t have realistic pricing in place, putting their overpriced property on market & letting it linger for up to 6 months before taking it off market.

Who whee!!  We must have had a group of tired, frustrated agents who didn’t get paid at the end of the day (or more accurately at the end of 3-6 months).

Burlingame Units Expired_chart

October had a sale high of $3,050,000 and a low of $525,000, which was a short sale in Lyon Hoag (east side)-a super cute 2br/1ba Craftsman Bungalow with no parking (it’s pretty rare to come across homes without parking in Burlingame unlike S.F.) and a small lot (3125sf vs. the average 5000sf).  It so reminded me of a San Francisco property.

To wrap it up, Burlingame properties that are well priced & show well are selling within 30 days & sometimes within the first week with multiple offers.

Posted by:

Cheryl Bower, Realtor , GRI, ABR
Cell 415.999.3450

DRE #: 01505551

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About Cheryl Bower

Cheryl is a S.F. native & 17 year property investor/renovator, specializing in S.F. real estate including residential sales & leasing.

She represents sellers, first time buyers, move up buyers, investors, & landlords in San Francisco, San Mateo County & beyond.

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