Burlingame, California, 94010 is one of the coveted communities on the Peninsula. Last week there were 75 homes on the market, averaging 65+ days waiting for a new family. That’s a reduction from previous weeks and months. That’s good. Prices are remaining steady. The most expensive home listed last week was
for $2,699,000. The least expensive one, $634,000. Median price: $1,323,950 and average price: $1,417,959.
This average Burlingame house likely sits on a 6000 square foot lot and could be 67 years old. There are some areas in Buringame with large lots, but only a handful. This average house has 3 bedroom, 2 baths and loads of charm and character, sitting on a tree-lined street.
Last week saw 5 homes enter into escrow. There are lots of people out looking but they’re taking their time about making an offer. We’re seeing more houses for sale today, and that’s greatfor the buyer. We haven’t seen this many homes on the market in Burlingame in a long time.
Median Price
The Median Price Index shows how prices have held steady for several months. The red line for the Median Price is looking at the 90 day index and the black line shows the weekly index. The Market Action Index is a good leading indicator for the durability of the pricing trends. It makes no difference where the house is priced, low, medium or high, all levels have paralleled each other and remained strong.
Market Action Index
The Market Action Index sits at 22, or a Cool Buyer’s Market. It’s been rising gently the last few months. That Red Line delineated between the Buyer’s Market and Seller’s Market. We don’t anticipate any trends upward for a while with so many homes to choose from. In real estate jargon, there are several months of
homes on the market to be absorbed. Meaning? Until almost everything gets sold, prices will likely remain steady and within the Buyer’s Market part of the chart. About half of all of the listings in Burlingame came on the market within the past month.
What Does This Mean to Me?
If you want to live in Burlingame, you’ll have to get used to paying for it. The charm of the city has to do with the tree-lined streets, unique homes, great downtown (two of them, in fact), top schools, and mid-Peninsula location making it a great place to live and commute from.
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