Month-over-Month Changes

The Burlingame real estate landscape has experienced some shifts when comparing October 2023 to the preceding month:

  • Homes Sold: There was a significant decrease of 37% in homes sold, down to 12 from 19 in September 2023.
  • Median Sale Price: There was a marginal increase in the median sale price, up 1% to $2,516,550 from $2,500,000 in September 2023.
  • Days on Market (DOM): The DOM saw a notable rise, increasing to 27 days in October from 16 days in September 2023.
  • Percentage of List Price Received: Sellers received an average of 102% of their listing price, showing an increase from 98% in the previous month.

Analysis

The month-over-month statistics suggest a cooling trend in Burlingame’s market, with fewer homes sold and an extended time on the market. However, the increase in the percentage of list price received and a slight uptick in median sale prices indicate a still competitive market environment.

Year-over-Year Comparison

Looking at the year-over-year data for October:

  • Homes Sold: There was a 20% decrease in the number of homes sold, from 15 in October 2022 to 12 in October 2023.
  • Median Sale Price: The median sale price slightly decreased by 3% from $2.60M in October 2022 to $2.52M in October 2023.
  • Days on Market: The DOM remained stable at 27 days, showing no change from October 2022.
  • Percentage of List Price Received: The percentage of list price received remained consistent at 102%.
  • Months of Inventory: There was a slight increase in months of inventory, from 1.5 to 1.6 months.
  • Average Dollar per Square Foot: There was a slight increase from $1,389 to $1,404.

Analysis

The year-over-year data reflects a market that is seeing fewer sales and a slight reduction in sale prices, which could indicate a shift towards a buyer’s market. However, the stability in DOM and the percentage of list price received shows that while the market may be cooling, it remains resilient.

Price Points and Quadrants

The sales data for October 2023 by quadrants are as follows:

  • Top Quadrant: 3 homes sold, Median Sale Price: $4,460,000, Median DOM: 84, Avg. $/Sq.Ft.: $1,297.
  • Second Quadrant: 3 homes sold, Median Sale Price: $2,600,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,492.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,450,000, Median DOM: 39, Avg. $/Sq.Ft.: $1,415.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,630,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,335.
  • Analysis

The quadrant analysis reveals a balanced distribution of sales across all price points, with no single quadrant dominating the market. This suggests a diverse buyer interest and a healthy market that caters to a wide range of price points.

Conclusion

Burlingame’s real estate market in October 2023 has shown signs of a slowdown in the number of homes sold both month-over-month and year-over-year. Despite this, the market dynamics, such as the median sale price and the percentage of list price received, indicate a market that continues to benefit sellers, albeit with signs of balancing. The quadrant data underscores the importance of pricing and market positioning, as homes across all tiers continue to attract buyers.

Data provided by MLSListings and is deemed reliable but not guaranteed.