Hillsborough, Burlingame Luxury Homes Real Estate

Last week the city of Burlingame saw 56 houses on the market sitting an average of 84 days.  The Average price for all of these homes was $1,472,782.  We saw a spread ranging from a low of $595,000 for a small cottage to $3,298,000 for a massive home.  Last week 4 homes were absorbed from the inventory, meaning that they were either sold or had listings that were withdrawn, expired or canceled.

Median Price

The Median Price for a home in Burlingame is $1,388,000 and it’s held around that median price for a while.  The median sized lot in Burlingame is 6000 square feet and on that sits the median sized house of 2000 square feet with 3 bedrooms and 2 baths.  This house is likely about 68 years old.  The homes in Burlingame are generally older, many much older than the median, and larger.

Inventory

Inventory has dropped from early summer, which in itself isn’t unusual but it’s been at a plateau for several weeks.  When this happens one expects the price to drop, but this is not the case for Burlingame, or for any of our local markets.  Prices have come down a bit, but not dramatically.  It’s important to understand that the spike in the chart for 2008 doesn’t mean prices jumped up a lot, because we have such a small number of homes for sale, it can take one high priced listing to skew the chart like that. 

Median Price

The Median Price, while far below the spike we saw in the frenzy market of 2006, is a little below what it as in 2007 but above the lows of this year. It’s holding where it is.  Altos Research, the company that we subscribe to for all of our data feels this is a good indicator for the durability of this market.

Median Price by Quartile

One of the measurements that Altos Research uses is tracking prices by Quartile; low, medium low, medium high, and high.  Over the past two years you can see the quartiles parallel each other with the exception of this year where the highest prices homes have gone up in pricing and the others, not so much. 

Market Action Index

The Market Action Index continues to show that Burlingame is bouncing along the bottom portion of the market.  One week it’s up a little and the next week it is down a little.  It has been consistently around  a Cold! Buyers Market sitting at the 20 marker.  The divider for a Buyer’s Market and a Seller’s Market is at 30, the red line.  Now, Burlingame is not at a low because that would mean it was at a 3 or 5 on the scale, but what it does mean is that it’s firmly set in the Buyer’s region and it doesn’t look like it will migrate up wards for a long while.

Is this a good time to buy in Burlingame?  You Bet!  If you have wanted to live in this charming community, with its great schools, and can afford to, by all means this is a great time to buy a home here.  We’re here to help you, too!