September means fall has arrived and nowhere did we see more falling than in the number of home sales in Belmont for this time of year.
(click here for a full-sized image).
Here are the details:
Once again we had an increase in the median price over last September. The median price in Belmont for September 2010 was $865,000â€”an increase of 8% over last Septemberâ€™s $795,000. And this was once again mitigated (or negated) by the size homes which sold in the two periods.
This September the size home sold in Belmont was 1,900 Square feet compared to last year when it was only 1,600. The 300 square foot differential accounts for approximately $144,000 in price variance if you multiply it based on the $480 per square foot that homes sold for over the two periods. Effectively the size home which sold was 18.75% larger but only garnered an 8% higher price tag.
Does this mean that Belmontâ€™s median price is still dropping? Well it certainly means it has dropped in the past two monthsâ€”but price drops this time of year tend to be seasonal.
NUMBER OF SALES:
Sales of homes in Belmont last month were down by 33% from a year ago. And a year ago sale were down from normal levels. Now 33% wouldnâ€™t mean a lot if we had only three sales a month but we had 18 last September and only 12 this year.
This is no doubt a hangover from the housing stimulus bill that ran out earlier this year and attracted many of the buyers to move earlier in the year.
It could be temporary, but of the homes which sold, three sold for on average $10,000 over asking (even though one only sold for a dollar more), two sold for the sellerâ€™s asking price and seven homes sold for lessâ€”by on average $66,000. Compared to last year when no homes sold for more than the sellerâ€™s asking price, eight homes sold under and 10 sold at the asking price, this is relatively good news.
The time it took to sell the homes increased over last yearâ€”up from 45 days to 73.
With 64 homes available for sale in Belmont right now prices are sure to remain flat unless buyers begin to feel more comfortable with their job stability, or in some cases, the prospect of a job at all.
Once again the numbers are down from last September. A year ago the seller could happily receive on average 98% of their asking price and this year that number dropped to 96.65%.
September is typically a month that begins the fall push for housing before buyers go into their winter hibernation mode with brisk sales and sellers typically getting more for their home than during the summer months. This was clearly not the case this September so it will be interesting to see how the October numbers come in.
There are a lot of buyers still sitting on the fence. Itâ€™s our opinion that at the end of the year Belmontâ€™s median price will be higher than in 2009 and we expect that to continue at a tepid pace through 2011.
If you are a buyer thinking of making a move, statistically the winter is the best time to snag a deal. Call us is youâ€™d like to get started early!