Month-over-Month Changes

In April 2024, the Burlingame real estate market displayed some fluctuations compared to March 2024:

  • Homes Sold: There were 12 homes sold, marking a 20% decrease from 15 sales in the previous month.
  • Median Sale Price: Increased by 16% from $2,401,000 in March 2024 to $2,780,000 in April 2024.
  • Days on Market (DOM): Increased to 9 days from 6 days in March 2024.
  • Percentage of List Price Received: Sellers received 105% of their asking price, showing a positive trend in buyer willingness to pay above list price.

Analysis

The data from month-over-month shows a cooling in terms of the number of sales but a strong competitive market where homes are still selling for above the asking price. The rise in median sales price alongside a quick turnover in DOM suggests that while fewer homes are selling, the ones that do are highly desired.

Year-over-Year Comparison

Comparing April 2024 to April 2023, we observe the following changes:

  • Homes Sold: Increased by 20% from 10 homes sold in April 2023.
  • Median Sale Price: Decreased slightly from $2.91M in April 2023 to $2.78M in April 2024.
  • Days on Market (DOM): Significantly reduced from 28 days in April 2023 to 9 days in April 2024.
  • Percentage of List Price Received: Increased slightly from 101% in April 2023 to 105% in April 2024.
  • Months of Inventory: Decreased from 2.1 months in April 2023 to 1.7 months in April 2024, indicating a tighter market with fewer available homes.

Analysis

Year-over-year data reveals a market with increasing sales activity and more competitive pricing dynamics. The substantial decrease in DOM and lower months of inventory highlight a market that is moving towards favoring sellers, with properties selling faster and for closer to or above asking price.

Price Points and Quadrants

Sales data from April 2024 detailed by quadrants show the following:

  • Top Quadrant: 3 homes sold, Median Sale Price: $5,265,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,228.
  • Second Quadrant: 3 homes sold, Median Sale Price: $2,915,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,494.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,500,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,292.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $2,150,000, Median DOM: 8, Avg. $/Sq.Ft.: $892.

Analysis

The distribution across the quadrants illustrates a balanced activity throughout the market, with high-value properties in the top quadrant fetching premium prices and quicker sales. The average price per square foot across the quadrants suggests that buyers are investing heavily in higher-end properties, pushing up the median prices in these segments.

Conclusion

The Burlingame market in April 2024 demonstrates a complex landscape where fewer properties are being sold compared to the previous month, but with increased sales activity year-over-year. The strong seller’s market is evidenced by homes selling quickly and for above the asking price. This dynamic offers both challenges and opportunities for buyers and sellers, indicating a competitive and swiftly moving market.

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