Changes to the Belmont home market seemed to have slowed recently.
(click the graph for a full sized image) Data retreived from the MLS.
In 2008 the median home price stood at $960,000 in the month of October. This year, it has dropped to $865,000.
Once again the numbers are a bit misleading. The size home which sold last year in October was 150 square feet larger. The adjusted median home price for Belmont this year should be $938,000 which would put the median drop at a paltry 2.2% year over year.
The sellers in Belmont are still receiving around 99% of their asking price, just that they have to ask a little less this year.
Sales dropped from September but were almost double what they were last year at this time–reflecting more confidence in the market. Of course this number may be influenced by a mad dash of buyers availing themselves of the $8,000 tax credit.
So far 1.2 million buyers have qualified for the $8,000 tax credit. 40% of those said they would not have considered buying a home without it. 70% said it weighed heavily on their decision to purchase e home. Really? All it takes is an $8,000 credit and people are willing to buy a home?
The graph below shows the sales in Belmont for the month of October 2009. Since homes are sometimes relisted, the total days on market and original list price totals can be skewed. We searched the records and reported the actual dataâ€”noted by the green dots in the columns. This helps portray a more accurate picture of the time it takes to sell a home and the price a seller receives. Of the 14 sales in October one sold for asking in ten days. Seven sold for less than asking and were on the market an average of 113 days when they received, on average, ~$14,000 less than their LOWERED asking price. The sellers that appropriately priced their home fared much better, receiving on average $2,000 more than their asking price (we defined pricing a home right when it sells within the first month) and sold on average in only 33.5 says. More money, faster sale, one wold think every seller would try to price their home right.