BELMONTâ€™S MEDIAN HOME VALUE IN MARCH
Belmontâ€™s median price rose $13,000 in March of 2008 to $984,500 from $971,500 in March 2007â€”a 1.3% increase. As always, we further examine the median size home to see if larger or smaller homes selling during the sample period could influence the numbers. Since the median size home for both periods was essentially the same, no adjustment was made this month.
SALES CONTINUE TO BE DOWN
Only 14 homes closed escrow in March as compared to 28 for the same period last yearâ€”clearly underscoring the unease in the housing market and the economy as a whole.
STRIKING A BALANCE
The existing inventory of homes for sale is lower than usual for this time of year which helps bring equilibrium to the supply vs. demand impact on housing prices. Factors which are not as readily born out by statistics can also influence local housing values such as sellers who feel no pressure to sell and hold firm on their price. One indication of that can be seen in the time it takes a home to sell, or the â€œDays on Market â€œstatistic, (DOM) which has doubled from 9 days in 2007 to 18 in 2008.