Belmont gets hit with lower returns for sellers this month as the market stall continues in November.
Comparing home sales for the month of November in 2017 to this year, it’s inescapably obvious that there’s been a shift in the market.
This data reflects many homes which actually sold in September, but have only recently closed in November. This market shift has become even more accentuated in October and November, and we expect the coming months data to reflect that.
This market correction has come upon us so quickly, that Standard & Poor’s Case-Shiller study which tracks among other things, the nine bay area county homes sales over time, and amalgamates that date into an index for investors, has yet to show any decline—their findings lag the market by three months.
This Metropolitan Statistical Area (MSA) index often does turn-down in the two months near the end of the year—November and December, only to rebound the following spring. We’re following this indicator closely as we are many others.
2018 TOP DATA AND 2017 LOWER DATA—BELMONT HOME SALES
Key take-ways:
Note that the percentage sellers are receiving of their asking price has dropped from an average of 109% last year to 98% this year during the same period (November).
The time it took to sell a home (DOM) went from 19 last year to 26 this year.
The median price really didn’t change, except that the since homes that sold were a tad bit higher this year, so there was some incremental increase in the median price.
Think it’s time to sell? We say, not now. Wait and see if this is a temporary fluctuation. But get ready now to come out of the gates in February if you want to try and get top dollar.
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. 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 or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.
