Oct 22 2008
Recap: Q3′08 Home Sales for Burlingame.
Burlingame is viewed by some as one of the last bastions against the tide of bad news in the real estate market. Like a few other highly sought-after communities on the Peninsula, Burlingame has resisted the downward pull of the real estate market for most of the year. But no community is immune from such a prolonged slump, and Burlingame is no exception. Here’s a quick summary of single family residence sales for the past quarter (July – September 2008) in Burlingame:
| Trends | Jul-Sep 2008 | Previous Quarter | Year-over Year |
|---|---|---|---|
| Median Price | $1,212,000 | $1,335,000 (-9.2%) | $1,376,500 (-12.0%) |
| Average Price | $1,330,590 | $1,492,460 (-10.8%) | $1,508,390 (-11.8%) |
| No. of Sales | 57 | 55 (+3.6%) | 64 (-10.9%) |
| Active | 48 | 53 (-9.4%) | 59 (-18.6%) |
| Sale vs. List Price | 98.6% | 99.5% (-1.0%) | 101.8% (-3.2%) |
| Days on Market | 34 | 27 (+26.7%) | 20 (+68.7%) |
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Note that both the median and average prices, as well as the number of units sold, have all dropped by double-digit percentages from last year. Comparing it to Q2′08, with the exception of eking out a small gain in unit sales, the same phenomenon occurred. Here’s a graphical representation of the sales performance by quarter for the past two years.
Finally, in what’s probably the most telltale example of the paralyzed market we’re in right now, take a look at the year-to-year unit sales figures below. Clearly, the economy has spooked sellers as well and it’s understandable why with prices dropping the way they are.
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