Looking at homes sales statistics is always more interesting when there’s movement in the market.
As seen in the graph below for San Mateo County, the median home price dropped from the peak in April of 2018, and it took over a year to finally rebound which wasn’t until May of 2019 when the median price just barely eclipsed the previous year’s high.
But that’s not the end of the story, already we’re back down to a median home price matching that seen in October of 2018—when the market began a four-month decline.
Belmont has seen a similar pattern recently, although perhaps with swings more magnified due to the smaller transaction sample size.
This is the year-over-year comparison for Belmont:
Down by 5 over 2018 to 18—27% decrease
MEDIAN HOME PRICE
Down by $100,000 to $1,700,000 in 2019—down ~6%
DAYS ON MARKET
Down to only 16 on average, from 28 in 2018
Four more homes are currently available than in 2018—a 25% increase
Eight more listings in June of this year than last—44% increase
MONTHS OF INVENTORY [The time it would take to sell the current inventory at the current pace of sales.]
Up from less than a month of inventory in 2018 to 1.3 months.
What this is telling us is what we are also feeling from our own business and the sentiments of our colleagues—that the market is not as sizzling hot as it was just a year ago. It’s still a seller’s market, but the inevitable swing of the pendulum back to center before heading the other direction may be upon us.
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 firstname.lastname@example.org.
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.