Hillsborough, Burlingame Luxury Homes Real Estate

Last week Burlingame had 55 homes for sale and saw 5 homes sell.  The market in Burlingame has been rather static, inventory of homes for sale has stayed pretty even while the median price has gone up.  Last week, the median price was $1,388,000.  This house was probably a 3 bedroom 2 bath home sitting on a 6000 foot lot and was about 67 years old.  That’s the median house in Burlingame right now.  Homes in the Easton Edition are often much older than that.  More than half of all homes listed have had price reductions telling us that prices have adjusted downward and perhaps there might be some negotiation room.

Median Price

Prices had been pretty settled until a week or so ago, when they jumped up.  When you look at data showing the Median Price, you must keep in mind that it can only take one house to skew the numbers.  For instance, the highest priced home in Burlingame last week was $3,195,000 while the least expensive $599,000.  Quite a spread in price, size and quality. 

Property Inventory

If you read the papers or listen to news broadcasters talking about real estate they often talk about the high number of homes for sale in the bay area and the number of months it will take to sell them.  It is true in some areas but not in Burlingame.  The number of homes dropped from several weeks ago.  It’s certainly not as low as it was at the beginning of the year, but it’s not high by any means.  Yes, there are a number of homes for sale and if you happen to be searching for a home around $1,500,000 you will find much to choose from, but if your budget is lower there’s little for you. 

Market Action Index

If you’re a regular reader of this blog you know that our research comes from Altos Research and they use an index called the Market Action Index.  This shows the function of supply and demand in the market.  The orange line divides a Buyer’s Market from a Seller’s Market.  Burlingame has been bouncing along the bottom of the market for some time and sits at 22, a Cool Buyer’s Market. 30 is the delineate for a Seller’s Market and it isn’t likely that we’ll see movement upward any time soon.

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