Month-over-Month Changes

In February 2024, the Burlingame real estate market experienced several shifts compared to January 2024:

  • Homes Sold: There was a noticeable decline in homes sold, with only 3 transactions in February, marking a 50% decrease from the 6 sales in January 2024.
  • Median Sale Price: Despite the decrease in volume, the median sale price rose significantly, showing a 17% increase from $2,656,250 in January to $3,100,000 in February 2024.
  • Days on Market (DOM): Homes sold faster in February, with DOM dropping to 10 days, down from 12 days in January 2024.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, averaging 106% in February compared to 101% in January, indicating strong demand for available homes.

Analysis

The month-over-month statistics reveal a tightening market in Burlingame, characterized by fewer sales but increased competition for the homes that did sell. The rise in median sale price alongside quicker sales and sellers receiving more than their asking price highlights a market where demand continues to outpace supply.

Year-over-Year Comparison

Comparing February 2024 to February 2023, we observe:

  • Homes Sold: A sharp 62% decrease in the number of homes sold, from 8 in February 2023 to 3 in February 2024.
  • Median Sale Price: An increase of 9% in the median sale price, from $2.85M in February 2023 to $3.10M in February 2024.
  • Days on Market (DOM): A significant reduction in DOM, from 38 days in February 2023 to 10 days in February 2024.
  • Percentage of List Price Received: Improved from 97% in February 2023 to 106% in February 2024, suggesting a more competitive market.
  • Months of Inventory: Decreased from 2.4 in February 2023 to 1.6 in February 2024, indicating tighter market conditions.

Analysis

Year-over-year data underscores a market that has become more competitive despite fewer transactions. The substantial decrease in DOM and an increase in the percentage of list price received reflect a highly competitive environment for buyers, with sellers benefiting from increased valuation and faster sales.

Price Points and Quadrants

The breakdown of sales by quadrants in February 2024 highlights the diversity in the Burlingame market:

  • Top Quadrant: 1 home sold, Median Sale Price: $8,550,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,689.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,100,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,225.
  • Third Quadrant: 1 home sold, Median Sale Price: $1,725,000, Median DOM: 19, Avg. $/Sq.Ft.: $1,157.

Analysis

The distribution of sales across different price points and quadrants shows a dynamic market with activity across a wide range of price points. The presence of a very high-value transaction in the top quadrant, coupled with steady sales in the middle and lower quadrants, indicates a diverse buyer interest and a healthy market that caters to a wide range of preferences and budgets.

Conclusion

The Burlingame real estate market in February 2024 showed a decrease in the number of homes sold from the previous month and year-over-year. However, the market dynamics indicate a robust demand, as evidenced by significant increases in median sale prices, shorter DOM, and sellers receiving more than their list price. The variety in the price points and quadrants where sales occurred suggests a market that remains attractive to a broad spectrum of buyers. As we look towards March 2024, Burlingame continues to be a competitive and desirable market for both buyers and sellers.

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