It seems the Belmont housing market is off to another strong start in 2014.
In every category we track, homes sales in February of 2014 were stronger than in 2013.
Sales were at a dead tie with last year. Considering there were fewer homes to sell, that’s a strong indicator of the urgency on the part of buyers to get a home before the prices (and/or interest rates) rise any further.
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This February Belmont had 20 new listings compared to 23 in 2013.
The number of available homes for sale this February was only 14—down from 17 last year during the same time.
DAYS ON THE MARKET (DOM)
The average time it took a Belmont home seller to sell their home this February was only 11 days, down from 17 last year.
Sellers for Belmont homes received on average 109.32% of their asking price compared to last February when they received 107.37%—still far above the state average.
MONTHS OF INVENTORY
The total months it would take to sell of the current inventory dropped from 1.55 months last February to 1.27 months this year. The national average is 5 months of inventory.
All indications are for another strong year—as we predicted. Next report we’ll wrap up Q1 with March’s numbers.
If you are considering a move this year, the spring time is a great time to get top dollar with competitive offers.
GOOD NEWS—you can sell your home quickly at the right price. Most homes are selling over asking if priced according to our current market conditions—that is to say most homes sell for +/ 10% over asking so pricing at what your homes is worth makes it overpriced to buyers.
Not all agents get you the same results—interview wisely.
BAD NEWS—this seller’s market won’t last forever. More homes are coming on the market because more sellers have equity to move. The days of paying too much for a home and windfall profits are nearing the end.
BUYERS—don’t think if you read the above that you can wait out the market. That’s a fool’s game as although the rate of appreciation will wane, it’s still in positive territory for the foreseeable future.
Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 years experience in helping sellers and buyers in their community. They may be reached at (650) 508.1441 or emailed at email@example.com.
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.
Drew & Christine Morgan did not necessarily participate in these sales.