Month-over-Month Changes

March 2024 witnessed remarkable shifts in Burlingame’s real estate landscape compared to February 2024:

  • Homes Sold: An astonishing 400% increase, with 15 homes sold in March up from just 3 in the preceding month.
  • Median Sale Price: Experienced a notable dip of 23%, falling to $2,401,000 from February’s $3,100,000.
  • Days on Market (DOM): Showed a reduction, decreasing to 6 days from 10, indicating a faster sales process.
  • Percentage of List Price Received: Slightly declined to 105% from 106%, suggesting a slight adjustment in buyer-seller negotiations.

Analysis

The surge in homes sold with a significant decrease in the median sale price and days on market suggests an increasing buyer interest in Burlingame’s offerings, potentially spurred by more attractive pricing. This adjustment might reflect a market correction or an increased inventory availability, creating a more buyer-friendly environment.

Year-over-Year Comparison

The comparison between March 2024 and March 2023 unveils noteworthy trends:

  • Homes Sold: Increased by 25%, indicating a growing market activity.
  • Median Sale Price: Saw a reduction from $2.79M in 2023 to $2.40M in 2024, marking a decrease.
  • Days on Market: Drastically reduced from 23 days to just 6, showcasing a quicker turnover.
  • Percentage of List Price Received: Improved from 100% to 105%, reflecting a seller’s advantage in negotiations.

Analysis

Year-over-year, Burlingame’s real estate market appears to be experiencing a shift towards efficiency and seller advantage, despite a decrease in median sale prices. The significant reduction in days on market coupled with an increase in the percentage of the list price received indicates a robust demand and a competitive market.

Price Points and Quadrants

Analyzing the market by quadrants reveals the diversity in Burlingame’s real estate dynamics:

  • Top Quadrant: Median Sale Price of $4,262,500 with homes selling in 3 days on average.
  • Second Quadrant: Median Sale Price of $2,860,500 with a 4-day average DOM.
  • Third Quadrant: Saw a Median Sale Price of $2,258,750 with homes taking 7 days to sell.
  • Bottom Quadrant: The most accessible, with a Median Sale Price of $1,300,000 and a longer DOM of 13 days.

Analysis

The quadrant data underscores a market characterized by variability across different price points. High-priced homes in the top quadrants are moving rapidly, suggesting a sustained demand for luxury properties. Conversely, the bottom quadrant offers opportunities for buyers seeking more affordable options, albeit with a slightly longer selling timeframe.

Conclusion

March 2024’s market data for Burlingame illustrates a vibrant and shifting landscape, marked by an increase in sales activity, a fluctuation in pricing, and varying dynamics across price quadrants. These insights not only highlight the current state of the market but also offer valuable indicators for future trends. Buyers, sellers, and investors alike can leverage this data to make informed decisions in the Burlingame real estate market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.