Current Belmont Housing Update
When the tide of our housing market is in a state of flux, staying abreast of changes becomes more important for us than ever, lest like an unprepared captain, we be caught high and dry.
These are the most current numbers for Belmont homes sales. They illustrate that while homes values have decreased 9% from their high in May of 2022, they are still up 8% from the same time last year. Well priced homes that show well and are groomed for the market, still can command multiple offers and over asking sales. What has changed is buyers can be choosier, and the homes that are selling well reflect that in their presentation.
As of July 28, 2022:
ACTIVE BELMONT HOMES FOR SALE 22
DAYS THEY HAVE BEEN ON THE MARKET 48
$/FT² $1,204.00
PENDING BELMONT HOMES 9
DAYS THEY HAVE BEEN ON THE MARKET 31
$/FT² $1,188,.96
SOLD BELMONT HOMES 0
DAYS THEY HAVE BEEN ON THE MARKET 0
$/FT² 0
STATISTICS JUNE MAY
NEW LSITINGS 15 15
INVENTORY (# OF HOMES ON THE MARKET 16 16
ON THE LAST DAY OF THE MONTH)
HOMES SOLD 8 23
DAYS ON MARKET 12 10
MEDIAN PRICE $2,510,000 $2,900,000
% RECEIVED OF ASKING 107% 115%
MONTHS OF INVENTORY .9 .9
AVERAGE FT² OF HOMES SOLD 1,819 2,035
MEDIAN PRICE PER FT² $1,234 $ 1,256
Clearly the median home prices have dropped, but so did the size of the homes which sold in June which exacerbates the apparent drop.
One cannot use the price per square foot for adjustments since smaller homes always sell for more per square foot.
What we can do is look at the difference between the size homes selling in the two periods and use that multiplied by the price per square foot to come closer to the actual decrease in values between June and May.
The straight-line calculation arrives at a decrease of 13.4%. Adjusting for the size of homes selling, the decrease instead of $390,000 is closer to $270,000 for an adjusted 9.3% decrease in homes values between May, (which were April sales), and June.
The news may be that the interest rate increases and hits to the stock market have not had the extreme consequences for our local Belmont market as many have predicted. It would appear that stock market portfolio hits have had more of an effect of throttling down home activity than interest rate hikes have. Watch for changes in the S&P 500 for clues to where we may be headed in real estate.
S&P Dow Jones Indices LLC, S&P 500 [SP500], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SP500, July 27, 2022.
Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 25 years of experience in helping sellers and buyers in their community. As Diamond recipients, Drew and Christine are ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.
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The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.
Note: These are the most current released statistics for Belmont as reported in June. Some lag may exist in the data as of today.
