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October Home Sales Are Good News for Sellers

The higher prices are a good sign for sellers and cities that rely on property taxes to fund city services. For buyers, the news may not be so good.

The median price for a home in Burlingame and Hillsborough was $1.45 million in October 2012, a 16.5 percent increase over October 2011 prices.

The price data was released on December 13 by the San Diego-based real estate tracking firm DataQuick.

According to DataQuick, nearly 7,800 Bay Area homes changed owners in October. The median price for a Bay Area home was $416,000.  Sales volume was up 160 percent in Burlingame and Hillsborough as well. 

The San Francisco Chronicle reports that the generally higher prices for homes are due to a confluence of tight supply, high demand and low interest rates on mortgage loans.

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Community Zip code Number Sold Percent Change Median Price Percent Change Highest Price Price per Square Foot Percent Change

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Burlingame 94010 52 160% $1,450,000 16.5% $4,900,000 $722 6.2%

More Burlingame and Hillsborough real estate info:

           .        Homes for sale in Burlingame and Hillsborough

           .        Rentals

           .        Home values

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If there’s something in this article you think should be corrected, or if something else is amiss email the editor at burlingame@patch.com.


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