Burlingame real estate market

Jun 10th

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The Burlingame real estate market, a small portion of the larger San Bruno and Bay Area housing markets, showed a decrease in sales but an increase in prices. According to a May 20, 2010 article from Reuters, “Home sales in the nine-county San Francisco region continued to shift toward its more expensive markets in April, reducing overall sales and lifting the area’s median sales price from year-earlier levels, a report from MDA DataQuick said on Thursday.” The report went on to note that “The region posted 7,003 sales of houses and condominiums in April, up 0.2 percent from March and down 1.9 percent from a year earlier, while the area’s median home price last month of $370,000 marked a decline of 2.6 percent from march and an increase of 21.7 percent from a year earlier, the report by the real estate information service said.”

The average purchase price of a Burlingame and Bay Area home for sale increased considerably in the month of April. According to a May 21, 2010 article from the San Francisco Chronicle, “Median resale home prices in the Bay Area rose 30 percent in April compared with the prior year, in a market that featured fewer foreclosures and more activity in higher end neighborhoods, according to a real estate report released Thursday.” The piece by Robert Selna went on to note that “Meanwhile, the total number of homes resold in the Bay Area – that is, not newly constructed – fell slightly year-over-year as the higher-priced sales activity could not offset declines in the more affordable areas, according to data analyzed by MDA DataQuick, a San Diego real estate research firm that produces monthly market updates.”

Both of these trends in the Burlingame and Bay Area real estate markets – the decrease in sales and the increase in prices – were also mentioned in a May 20, 2010 article from the Contra Costa Times. This piece, written by Eve Mitchell, stated that “Bay Area home sales in April were down slightly from a year ago while the median sales price rose sharply. The sales slowdown was tied to some buyers delaying escrow until May 1 to get a bigger home-buying tax break.”

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La Jolla real estate market

May 23rd

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Seal of San Diego County, California
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The La Jolla real estate market, a subsidiary of the larger San Diego real estate market, is one of the most strongly recovering areas in the nation. According to a May 18, 2010 article in the San Diego Daily Transcript, “Local homebuilders are reporting that despite our lackluster economy, new homebuyers are making commitments to purchase at a much faster pace than in the recent past. We’re not at the campout stage yet, but it is nice to know that the market recognizes the shortage of new homes. There has been particular strength evidenced in single-family housing in the $600,000-plus range, mostly in north coastal county.” The piece, written by Alan Nevin, also said that “…we will have a return to the musical chairs game of 2005-2006 when more and more homeowners are out to buy fewer and fewer larger homes…And that results in higher and higher prices, especially when interest rates are as low as they area and low down payments are plentiful (which they still are). In short, it is my contention that we are heading into a return to the good old days.”

The average price of a San Diego home rose dramatically in the month of March, a sign of the continued demand for La Jolla homes for sale. According to a May 10, 2010 article in the San Diego Union Tribune, “San Diego County led the nation in rising home values in March even though prices nationwide dropped 3.8 percent, according to a report released today by Zillow.com.” The article by Roger Showley continued to say that “In San Diego County, 32.1 percent of homes sold in March had gone through foreclosure in the previous year and 22.9 percent of homes were underwater. Nationally, the figures were 22.2 percent and 23.3 percent, respectively.”

This same positive news for La Jolla real estate was echoed in an April 27, 2010 article also in the Union Tribune. This piece found that “San Diego County’s housing market was the strongest in the nation in February, the widely watched Standard & Poor’s/Case-Shiller Home Price Index reported Tuesday. The price index for San Diego was up 0.6 percent from January, the only market out of 20 surveyed nationally with an increase.”

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