We’re officially at the midpoint of 2024, and the real estate market is showing some exciting signs of resurgence!
San Mateo County—For a More Macro Look:
- New Listings have surged by 12%.
- Sales also climbed by 12%.
- Median Home Prices increased by 11%, even though homes sold this year are 6% smaller.
- Sellers are seeing an impressive 107% of their asking price, which is a 3% jump from last year’s second quarter.
- The inventory is incredibly tight, with less than a month’s worth of homes available for sale, compared to California’s average of three months.
Zooming in on Belmont:
- New Listings skyrocketed by 58%.
- Sales jumped by 30%.
- Median Prices rose by 12%, even though the average home size is 23% smaller than last year. To put that into perspective, a home that’s 23% smaller is now selling for 12% more—a clear indicator of soaring property values.
- Sellers in Belmont are now getting 110% of their asking price, up 6% from the same time last year.
- As with San Mateo, inventory is exceptionally low, with less than a month’s worth of homes on the market.
What’s Ahead
So, is it a good time to sell your home? If you’ve been considering a move, now might be the perfect opportunity. We’re seeing the strongest market conditions since the beginning of 2022, making it a prime moment for sellers looking to capitalize on current trends.
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA where the own an operate MORGANHOMES, Inc.. 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 the 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 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
