Is the Mills Estate Market Reminiscent of 2004?

Has the real estate market in Burlingame's Mills Estates neighborhood returned to its 2004 and 2005 levels?

As a REALTOR, I have seen many homes come on the market in Mills Estates, receive multiple offers within the first few days on the market, and sell for significantly over asking price.  This is a nice change, especially for sellers that we haven't experienced in recent years.

Based on 2012 market stats gathered from MLS data, we are seeing comparable stats from the boom years of 2004 and 2005. 

• Year to date, days on Market in Mills Estates stands at 17, compared to a year ago when days on market for a home averaged 37 days, a 54% decrease in time on market.
• The list price to sell price ration has risen 3.67% when comparing 2012 to 2011. While the list price to sell price averaged 100.8% in 2011, 2012 is seeing even healthier sales prices with final sales prices coming in at an average of 104.5% of list. The year will likely end on an even higher percent as there are still several houses slated to close in December 2012.
• Price per square foot in 2012 is averaging $616. In 2011, it averaged $548 – an incredible 12.4% increase!

Mills Estates has indeed gone through a time warp bringing back statistics that we haven't seen in recent years.   Mills Estates is an incredibly healthy neighborhood with all indicators showing that the real estate market in our neighborhood will continue on an upward trend into 2013!