Despite homes being above water and values steadily increasing on the Peninsula, the overall market is not in top shape, as the number of transactions is at an all-time low.
Overview:
- Home values are consistently rising on the Peninsula.
- However, the number of home transactions is currently at an all-time low.
Recent Data (Q3 2023):
- In San Mateo County, new listings are down 6.7% compared to a year ago.
- Compared to a more typical year, 2018, new listings are down significantly by 18.3%.
- When compared to the Great Recession in 2008, new listings have plummeted by almost 60%.
Sales Trends:
- Sales have decreased by 15% from last year, 20% from 2018, and 26% from 2008.
Home Prices:
- Despite (or because of) the decrease in available homes, home prices are rising.
- Following the basic economic principle of supply and demand, the limited supply is driving up prices.
- In San Mateo County, home values have increased by 1% since last year, 13% since 2018, and an impressive 46% since 2008.
Local Impact in Belmont:
- In Belmont, the impact of higher interest rates is more pronounced.
- New listings are down by 4.5% from last year’s Q3, but significantly lower by 70% since 2018 and 80% since 2008.
In essence, while home prices are rising due to limited supply, the number of available homes for sale and overall transactions has significantly declined, especially when compared to previous years.
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA. They have been assisting buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award and ranked among the top 50 agents nationwide and top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or email info@morganhomes.com.
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This article provides educational information and is intended for informational purposes only. It should not be considered as real estate, tax, insurance, or legal advice, and it cannot replace advice tailored to your specific situation. It’s always best to seek guidance from a professional who is familiar with your scenario.
BROKER | MANAGER | NOTARY
