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By , June 13, 2010 7:12 pm

Despite a decrease in sales volume, the Millbrae real estate market is showing mostly signs of strength, such as a fall in foreclosures and a higher median sales price. 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 by MDA DataQuick said on Thursday.” The piece went on to state 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 Millbrae home for sale jumped in the month of April, along with the median price in the rest of the Bay Area. 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, written by Robert Selna, went on to say 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.”

The number of distressed mortgages in nearby markets such as East Bay declined in the month of May, a development that should decrease negative pressure on Millbrae real estate. According to a June 10, 2010 article from the Contra Costa Times, “Default notices – the first step in the foreclosure process – fell by about half in the East Bay during May from a year ago as more homeowners opted for short sales…In the Bay Area – which RealtyTrac.com defines as Alameda, Contra Costa, Marin, San Francisco, and San Mateo counties – a total of 2,230 homeowners received a notice of default, down 38.9 percent from a year ago.”

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By , April 7, 2010 7:59 pm

Burlingame, a city in San Mateo County in Northern California, has a resilient real estate market. Despite falls and drops in prices brought about because of the U.S. financial and credit crisis, the Burlingame real estate market has fought on. Though prices still remain below where they were during the pre-recession highs, they are still high compared with other regions in the country.

According to statistics compiled by local realtor Vicki Moore, at the end of 2009, December saw 43 active listings of Burlingame homes for sale, with nine new listings. This was an improvement on November’s market, when there were 70 active listings and 20 new listings. There 26 homes sold in Burlingame in December, an improvement upon November’s 17 sales.

The prices of homes in Burlingame in December were on the rise as well. The median sales price in the month was $1.25 million, up from $1.05 million in November and the highest median since September. This figure is just slightly less than the median sales price during the boom years: In 2007, the median sales price in the city was $1.35 million.  December’s average price was $1.4 million, also up from November’s $1.05 million and nearly meeting September’s average.

Burlingame sellers are getting a good proportion of the asking prices on their homes for sale. In December, the sale price-to-list price ratio was 96.9%. In November, it was 96.7% and in October it was 98%. The average number of days homes in Burlingame spent on the market in December rose from November, when it was just 47, to 60, back to constant with levels in October, when the average was 61 days.