Month-over-Month Changes

In September 2023, the Burlingame real estate market experienced notable shifts compared to August 2023:

  • Homes Sold: 17 homes were sold, marking a 31% increase from 13 sales the previous month.
  • Median Sale Price: Decreased by 16% from $2,800,000 in August 2023 to $2,350,000 in September 2023.
  • Days on Market (DOM): Rose to 17 days from 13 days in August 2023.
  • Percentage of List Price Received: Sellers received 98% of their asking price, down from 102% in August 2023.

Analysis

The month-over-month data indicates a mixed market. While the number of homes sold increased, the median sale price and percentage of list price received decreased. The rise in DOM suggests that homes are taking longer to sell, potentially indicating a slight cooling in the market.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were observed:

  • Homes Sold: Decreased by 39%, from 28 to 17.
  • Homes Listed: Decreased by 21%, from 33 to 26.
  • Median Sale Price: Decreased from $2.46M to $2.35M, a 5% drop.
  • Median Days on Market: Decreased from 22 to 17 days.
  • Percentage of List Price Received: Decreased from 101% to 98%.
  • Months of Inventory: Increased from 1.9 to 2.3.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, along with a drop in sale prices. The faster sales cycle and lower percentage of list price received suggest a market that is less favorable for sellers compared to the previous year.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,220,000, Median DOM: 54, Avg. $/Sq.Ft.: $1,291.
  • Second Quadrant: 4 homes sold, Median Sale Price: $2,700,000, Median DOM: 16, Avg. $/Sq.Ft.: $1,223.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,250,000, Median DOM: 19, Avg. $/Sq.Ft.: $1,182.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,640,500, Median DOM: 22, Avg. $/Sq.Ft.: $1,336.

Analysis

All quadrants are active, but the top quadrant saw the highest median sale price. The bottom quadrant, despite having the lowest median sale price, had the highest average price per square foot, indicating that smaller homes in this range are selling at a premium.

Conclusion

The Burlingame market in September 2023 showed an increase in homes sold compared to the previous month but a decrease in homes listed year-over-year. The drop in median sale price year-over-year and the increase in DOM indicate a market that is less favorable for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that the top quadrant is particularly competitive.

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