Burlingame Home Values & Market Update
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Updated April 23, 2018

Market Snapshot – Burlingame (Recent Sales here)

Burlingame home values have cooled somewhat this past year, in spite of extremely limited inventory. Though the overall trend in the Bay Area is that values have continued to rise, we are starting to see a softening in the higher priced markets such as Burlingame, Hillsborough and Los Altos Hills.

The current Bay Area real estate market hinges on an extremely low supply of homes. This low inventory, combined with strong demand among home buyers, is largely responsible for the continued appreciation across most price points and markets. According to Trulia’s Chief Economist Ralph McLaughlin, this isn’t a bubble as we’ve seen in previous up cycles, but the result of basic economic forces of (lack of) supply and (strong) demand. Multiple forces are keeping home inventory low. There aren’t enough new homes being built to meet increasing demand. Additionally, current California property tax code provides a strong financial incentive for long-term homeowners to stay in their existing homes. McLaughlin also notes that the new congressional tax plan with its lower cap on the mortgage interest deduction may act to further limit supply. Under the new law, the cap on the mortgage interest deduction is reduced from $1 million to $750,000. Existing homeowners are grandfathered in at the $1 million level, giving them even more incentive to stay put.

Finally, the Fed raised interest rates in March, which will likely impact mortgage rates. Higher mortgage rates reduce buying power. Between reduced buying power and increasing prices, time is not on the side of buyers right now. Those who are ‘waiting it out’ may be waiting a long time.

The Numbers

Here are the numbers for March 2018. If you are curious about your Burlingame home value, you can receive a free online estimate, or request a custom evaluation which we are happy to give to you, free, without the hard sales pitch.

 

Mar-18 % Change Year Over Year Rolling 3 Month Average
Median Sales Price ($USD) $2,430,500 24.9%
Overbids (%) 109.90% 3.4%
New Listings (#) 9 -33.96%
Homes Sold (#) 10 -6.45%
Months of Inventory 0.8 -36.54%
Median Days on Market (DOM) 13 -15.38%
Average Days on Market (DOM) 23 -36.49%

 

Median Sales Price – Burlingame SFR

 

Ratio of List Price to Sold Price (Overbids) – Burlingame SFR

 

Number of New Listings vs Sold Listings, Burlingame SFR

 

Months of Inventory – Burlingame SFR

 

Median and Average Days on Market (DOM) – Burlingame SFR

 

Burlingame Single Family Home Closed Sales since 1/1/2018

Street Address Close Date Price/SqFt Sale Price RATIO Close Price By List Price DOM Beds Total Bths Sq Ft Total Lot Size
23 Alberta Glen 3/30/18 861.93 $3,290,000 0.969 65 5 4|1 3,817 26,925 Lot SqFt
1512 Alturas Drive 3/9/18 861.37 $2,386,000 1.071 11 4 3|0 2,770 7,680 Lot SqFt
3080 Arguello Drive 2/21/18 1,092.09 $2,500,880 1.198 15 4 2|0 2,290 9,153 Lot SqFt
1808 Ashton Avenue 3/7/18 693.28 $2,475,000 1.064 15 3 3|0 3,570 6,695 Lot SqFt
1448 Balboa Avenue 4/6/18 814.81 $2,200,000 0.957 23 4 2|0 2,700 7,000 Lot SqFt
1141 Bernal Avenue 1/30/18 1,023.49 $3,050,000 0.988 15 4 4|1 2,980 6,000 Lot SqFt
434 Bloomfield Road 1/22/18 1,480.77 $2,310,000 1 2 2 2|0 1,560 5,000 Lot SqFt
305 Burlingame Avenue 2/28/18 2,539.68 $1,600,000 1.067 4 2 1|0 630 4,738 Lot SqFt
3125 Canyon Road 3/8/18 808.38 $2,700,000 0.931 70 5 4|0 3,340 15,750 Lot SqFt
1401 Capuchino Avenue 3/5/18 1,427.69 $3,475,000 1.393 6 4 3|1 2,434 5,000 Lot SqFt
1324 Castillo Avenue 2/27/18 1,094.09 $2,500,000 1.044 16 4 3|0 2,285 6,000 Lot SqFt
961 Chula Vista Avenue 3/9/18 1,045.83 $1,757,000 1.046 29 3 2|0 1,680 5,750 Lot SqFt
146 Crescent Avenue 4/18/18 1,246.71 $3,795,000 1 50 4 3|1 3,044 6,046 Lot SqFt
1524 Cypress Avenue 2/12/18 1,430.61 $3,505,000 1.113 10 4 4|0 2,450 7,500 Lot SqFt
1555 Cypress Avenue 2/13/18 1,392.07 $4,037,000 1.223 8 5 4|1 2,900 6,000 Lot SqFt
141 Glen Aulin Lane 1/9/18 1,140.22 $2,098,000 1 31 3 2|1 1,840 20,037 Lot SqFt
21 Hayward Court 1/5/18 1,245.09 $3,170,000 0.962 31 4 2|1 2,546 15,840 Lot SqFt
409 Howard Avenue 4/13/18 1,418.25 $1,865,000 1.204 8 3 2|0 1,315 4,738 Lot SqFt
1016 Laguna Avenue 3/16/18 1,275.86 $1,850,000 1.122 12 3 2|0 1,450 5,750 Lot SqFt
632 Lexington Way 1/12/18 1,480.92 $1,940,000 1.388 7 2 2|0 1,310 4,800 Lot SqFt
134 Loma Vista Drive 1/16/18 1,080.75 $1,740,000 1.025 12 3 2|0 1,610 6,175 Lot SqFt
2701 Mariposa Drive 2/27/18 970.15 $2,600,000 0.963 15 4 2|1 2,680 10,375 Lot SqFt
2653 Martinez Drive 3/23/18 1,277.35 $2,312,000 1.168 13 3 2|0 1,810 12,600 Lot SqFt
1248 Paloma Avenue 1/19/18 1,398.31 $1,650,000 1.079 10 2 1|0 1,180 6,000 Lot SqFt
206 Peninsula Avenue 3/13/18 987.8 $1,701,000 1.216 8 4 3|0 1,722 4,876 Lot SqFt
208 Peninsula Avenue 1/4/18 2,190.48 $1,840,000 1.084 0 2 1|0 840 4,876 Lot SqFt
185 Pepper Avenue 2/5/18 1,257.14 $3,080,000 1.234 4 5 4|0 2,450 9,800 Lot SqFt
185 Pepper Ave 2/5/18 1,257.14 $3,080,000 1.234 5 4|0 2,450 9,800 Lot SqFt
1612 Ralston Avenue 2/9/18 1,248.85 $3,434,343 1.147 7 4 3|0 2,750 8,050 Lot SqFt
109 Stanley Road 1/12/18 906.36 $2,720,000 1.185 8 4 3|0 3,001 5,750 Lot SqFt
2648 Trousdale Drive 2/26/18 1,009.59 $1,988,888 1.053 19 4 2|0 1,970 25,110 Lot SqFt
1345 Vancouver Avenue 4/2/18 1,202.70 $2,225,000 1.31 26 4 2|0 1,850 6,000 Lot SqFt
827 Walnut Avenue 3/1/18 1,172.93 $3,120,000 1.008 0 4 2|1 2,660 6,192 Lot SqFt