Month Over Month Changes

The Burlingame real estate market has seen some notable changes from June to July 2023. Here’s a detailed breakdown:

  • Homes Sold: A decrease from 19 to 10 homes sold, marking a 47% drop.
  • Median Sale Price: A significant increase of 12%, from $2,494,000 in June to $2,800,000 in July.
  • Days on Market (DOM): A rise to 17 from 12 in June, indicating a slightly slower market.
  • Percentage of List Price Received: Sellers received 98% of their asking price in July, down from 102% in June.

These figures suggest a market that is slowing down in terms of sales but seeing an increase in median sale price.

Year Over Year Changes

Comparing July 2023 to July 2022, the Burlingame market has seen the following year-over-year changes:

  • Homes Sold: 10 in July 2023 vs. 14 in July 2022, a decrease of 29%.
  • Homes Listed: 21 in July 2023 vs. 31 in July 2022, down by 32%.
  • Median Sale Price: $2.80M in July 2023 vs. $3.44M in July 2022, a decrease of 19%.
  • Average Dollar per Square Foot: $1503 in July 2023 vs. $1343 in July 2022, up by 12%.
  • Median Days on Market: 17 in July 2023 vs. 8 in July 2022, an increase of 113%.
  • Months of Inventory: 1.7 in July 2023 vs. 2.5 in July 2022, a decrease of 32%.

The year-over-year data shows a trend towards fewer sales and listings, lower median sale price, but an increase in the average dollar per square foot.

Quadrants Analysis: What’s Selling?

Here’s a breakdown of what’s selling in Burlingame by quartile:

  • Top Quartile: 3 sold, Median Sale Price: $3,200,000, Median DOM: 30, Avg. $/Sq.Ft.: $1,472
  • Second Quartile: 3 sold, Median Sale Price: $2,800,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,505
  • Third Quartile: 2 sold, Median Sale Price: $2,519,001, Median DOM: 21, Avg. $/Sq.Ft.: $1,226
  • Bottom Quartile: 2 sold, Median Sale Price: $2,085,000, Median DOM: 22, Avg. $/Sq.Ft.: $1,415

This data reveals that properties across all quartiles are moving, with the top quartile experiencing the longest time on the market.

Conclusion

The Burlingame real estate market in July 2023 has shown mixed trends, with fewer sales but a significant increase in median sale price month over month. The market appears to be more balanced, with properties across all price points moving, but at a slightly slower pace.

The increase in the average dollar per square foot year over year indicates that quality properties are still in demand, and sellers are achieving good value. Buyers and sellers must be aware of these trends to make informed decisions in this evolving market.

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