Month-over-Month Changes

In January 2024, the Burlingame real estate market experienced several shifts from December 2023:

  • Homes Sold: There was a significant decrease in the number of homes sold, from 12 sales in December 2023 to 6 in January 2024, marking a 50% decrease.
  • Median Sale Price: The median sale price saw a slight decrease of 4%, from $2,781,000 in December 2023 to $2,656,250 in January 2024.
  • Days on Market (DOM): The DOM decreased, moving from 16 days in December 2023 to 12 days in January 2024.
  • Percentage of List Price Received: Sellers received an average of 101% of their asking price in January 2024, a slight increase from 100% in December 2023.

Analysis

The month-over-month data indicates a cooling in the Burlingame market, with a notable decrease in the number of homes sold and a slight decrease in median sale prices. However, the decrease in DOM and the percentage of list price received above 100% suggest that, despite fewer transactions, the market remains competitive for well-priced homes.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe the following trends:

  • Homes Sold: Increased by 50%, from 4 sales in January 2023 to 6 in January 2024.
  • Median Sale Price: Saw an increase from $2.32M in January 2023 to $2.66M in January 2024.
  • Days on Market: Decreased significantly from 35 days in January 2023 to 12 days in January 2024.
  • Percentage of List Price Received: Improved from 98% in January 2023 to 101% in January 2024.
  • Months of Inventory: Decreased from 1.8 months in January 2023 to 0.7 months in January 2024, indicating a tighter market.

Analysis

Year-over-year, Burlingame’s real estate market has shown signs of increased activity and demand, with more homes sold, a higher median sale price, and a faster sales cycle. The increase in the percentage of list price received and the decrease in months of inventory further highlight a market favorable to sellers, with competitive buying conditions.

Price Points and Quadrants

The January 2024 sales data by quadrants in Burlingame shows:

  • Top Quadrant: 2 homes sold, Median Sale Price: $3,715,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,173.
  • Second Quadrant: 2 homes sold, Median Sale Price: $2,656,250, Median DOM: 27, Avg. $/Sq.Ft.: $1,142.
  • Third Quadrant: 1 home sold, Median Sale Price: $2,320,000, Median DOM: 105, Avg. $/Sq.Ft.: $1,254.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $2,000,000, Median DOM: 0, Avg. $/Sq.Ft.: $1,257.

Analysis

The distribution of sales across different price quadrants in January 2024 indicates a varied market activity, with the top and second quadrants seeing the most sales. The data suggests that while there is activity across all price points, the higher-priced segments of the market are particularly dynamic, reflecting a continued interest in premium properties.

Conclusion

The Burlingame real estate market in January 2024 showed a decrease in the number of homes sold month-over-month but an increase year-over-year. The market dynamics indicate a competitive environment, especially for well-priced and premium properties, despite the overall decrease in transactions. The year-over-year improvements in median sale price, DOM, and percentage of list price received underscore a robust market that benefits sellers while presenting opportunities for buyers in various price quadrants.

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