Last week the city of Burlingame saw 56 houses on the market sitting an average of 84 days. The Average price for all of these homes was $1,472,782. We saw a spread ranging from a low of $595,000 for a small cottage to $3,298,000 for a massive home. Last week 4 homes were absorbed from the inventory, meaning that they were either sold or had listings that were withdrawn, expired or canceled.
The Median Price for a home in Burlingame is $1,388,000 and it's held around that median price for a while. The median sized lot in Burlingame is 6000 square feet and on that sits the median sized house of 2000 square feet with 3 bedrooms and 2 baths. This house is likely about 68 years old. The homes in Burlingame are generally older, many much older than the median, and larger.
Inventory has dropped from early summer, which in itself isn't unusual but it's been at a plateau for several weeks. When this happens one expects the price to drop, but this is not the case for Burlingame, or for any of our local markets. Prices have come down a bit, but not dramatically. It's important to understand that the spike in the chart for 2008 doesn't mean prices jumped up a lot, because we have such a small number of homes for sale, it can take one high priced listing to skew the chart like that.
The Median Price, while far below the spike we saw in the frenzy market of 2006, is a little below what it as in 2007 but above the lows of this year. It's holding where it is. Altos Research, the company that we subscribe to for all of our data feels this is a good indicator for the durability of this market.