Anyone trying to understand the wild fluctuations in Belmontâ€™s median home price need look no further than this chart.
Weâ€™ve tracked the median home price in Belmont over the last yearâ€”ever since the mortgage crises. What we were looking for was the impact it would have on home values. We sure were stunned to see a $200,000 median price increase last December, which lead us to go back and track the median size home selling too; this way, we could adjust for larger or smaller homes selling in a particular month.
Now that weâ€™ve plotted the data, itâ€™s easy to see that the dramatic swings in median value correspond directly to the large fluctuations in the size of the homes sold during a particular month.
Belmont only has 20 or so sales a monthâ€”sometimes far lessâ€”so just a few larger than average homes selling can really skew the true median price.
(click on the graph for a larger view)
Data retreived from the Multiple Listing Service–ProListing of San Mateo County