The post-Labor Day market is traditionally a busy listing season. Yet after a sizzling hot year in Burlingame real estate, the available supply of homes for sale is currently at only 12 listings in the whole city. Multiple offers and low days on market reflect those rare new listings going into escrow quickly within 6 - 13 days of being listed. Many of the most popular and premium neighborhoods such as the Easton Addition and Burlingame Park are at virtually zero availability as of this writing. The only listing available on MLS in the Easton Addition is a bit of a shadow inventory house, or white elephant, as it is listed while under construction at $5,280,000. Six Easton Addition homes are currently Pending in contract, with an average days on market of just 6 days, and average price per sq .ft. of $1,405 (list price). Burlingame's other trophy neighborhood, Burlingame Park, currently has zero homes available for sale on MLS. The average price per sq. ft. for homes sold in Burlingame Park for 2021 is $1,374, with one sale on Costa Rica reaching $1,717 per sq. ft.
Astute buyers will stay in close touch with their agents on Off-Markets and Coming Soons. The inside network of a seasoned real estate professional cannot be underestimated in these market conditions. Buyers should also be as liquid as possible, while remembering that "if you can check 7 out of 10 boxes on your dream home, you are doing very well indeed!" No home at any price point will be a 10 out of 10.
Just a few recent overbids in the Easton Addition include: 1327 Carlos, (list $3,950,000, sold $4,425,000); 2115 Roosevelt, (list $3,640,000, sold $4,150,000); 2205 Hale (list $3,498,000, sold $3,865,000), 1308 Castillo (list $4,385,000, sold $5,000,000 for $1,663 per sq. ft.)
Cell/Text Geoffrey any time for more info: 650-455-3735
Coldwell Banker Realty, Downtown Burlingame.