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2009 September 28 Burlingame and Hillsborough real estate market report
The latest estimates show average property listings in Burlingame around $1.5 million. While this is in-line with the regions higher price points, a rise of about 5% in the average listing price (over the previous month) points to a positive sing towards recovery in the area. However, the median sales price of closed deals show a decline of about 4.5% down from the previous quarter, meaning that customers are very insistent about paying what they feel is a fair price and not a penny more. The number of Burlingame homes for sale listed in the area is 149, which is fairly abundant, meaning there is a supply of home for sale. While this points at increasing customer awareness, it also shows that the post recession recovery, though in progress, still has a way to go. Hillsborough is the home of high-flyers and thus, Hillsborough homes for sale show fairly higher listing prices. Prices generally start around $1.5 million but can go up to $3 million or even more. Presently, single family homes are most prevalent in the market. There are, however, a few listings of larger villa style homes with 4 or more bedrooms and bathrooms, notably in the golf course area. Prices for these are close to the upper echelon of $3 million. Presently, about 74 homes are listed in the area for sale. Again, the number shows that sales have been steady but slow.
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