Month Over Month Changes

In August 2023, the Burlingame real estate market saw a 30% increase in homes sold compared to July 2023, with 13 homes sold. The Median Sale Price remained stable, showing no significant change. Days on Market (DOM) decreased to 13 days in August from 17 days in July. Sellers received an average of 102% of their asking price, up from 98% in the previous month.

Year Over Year Comparison

When comparing August 2023 to August 2022, the following changes were observed:

  •  Homes Sold: Decreased by 32%, from 19 to 13.
  •  Homes Listed: Remained the same at 22.
  •  Median Sale Price: Slightly decreased by 1%, from $2.82M to $2.80M.
  •  Average Dollar per Square Foot: Increased by 8%, from $1261 to $1356.
  •  Median Days on Market: Decreased by 35%, from 20 to 13.
  •  Percentage of List Price Received: Increased by 3%, from 99% to 102%.
  •  Months of Inventory: Increased by 12%, from 1.7 to 1.9.

Price Points and Quadrants

The August 2023 sales details were broken down by quadrants:

  • Top Quadrant: 4 homes sold, Median Sale Price: $3,982,500, Median DOM: 10, Avg. $/Sq.Ft.: $1,249.
  • Second Quadrant: 3 homes sold, Median Sale Price: $2,910,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,310.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,430,000, Median DOM: 14, Avg. $/Sq.Ft.: $1,296.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,960,000, Median DOM: 32, Avg. $/Sq.Ft.: $1,507.

Conclusion

The Burlingame market in August 2023 showed an increase in homes sold compared to the previous month but a decrease in the median sale price compared to the previous year. The market remains competitive, with properties selling quickly and sellers receiving more than their asking price. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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