The big news for the past few weeks is not what’s going on in Belmont but rather the world economies. We’ll leave that analysis to economists and instead show you how the credit crisis is affecting Belmont home buyers and sellers.
In fact the greatest factor affecting home sales is probably not the credit crunch at all, but consumer confidence. We’ve been through enough recessions to note that when consumer confidence is down so are home sales—understandably. But as Warren Buffet said yesterday, he buys when others are fearful and he’s fearful when others are greedy. If one were to apply that philosophy to the real estate market they’d be in great shape right now.
This graph is for the month of September over four years.
The news for Belmont’s housing market is not so grim. There are 58 single family homes for sale, once again up from last week but in perspective, right in –line with historical trends for this time of year.
The number of new listings (3) for sale is down which is good because the number of sales (2) are down too. This ratio is an important factor in gauging the housing market’s health. Currently the month’s supply of homes for sale in Belmont stands at 6.1—double that of just last month.
NEW LISTINGS
Pocket Listing:
What’s a pocket listing? It’s a home that an agent has listed but it’s not on the open market yet.
We have just such a listing which is scheduled to come on the market in time for this Tuesday’s agent tour.
2824 Hallmark Drive in Belmont—4 Bed 3 Baths 2,430 Sq. Ft. home LISTED for $1,298,000. Many updates–just needs some maintenance. Shows great and has a hard-to-find level rear yard with pastoral canyon views—backs up top 300+ acres of open space and Water Dog Lake.
OPEN SUNDAY OCTOBER 26th 1:30-4:40
Drew & Christine Morgan—Call us for details or a private showing (650) 508-1441.
2116 Pullman 3 Bed 2 Bath 1,810 Sq. Ft. home for $1,069,000. This remodeled home should sell fast. There’s no open house listed for it but watch in Sunday’s Open House guide just in case. Listed By Charles Rauch, CR Properties
2030 Arbor-3 Bed 2 Bath 1,780 Sq. Ft. home listed for $879,000. Too new to review but it looks well priced. Check it out on Sunday’s open houses
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Listed By Mary Duvall, Coldwell Banker-San Carlos
1218 North Road 3 Bed 2 Bath 1,270 Sq. Ft. home for $900,000.
Well, it’s not entirely a new listings but it was listed so long ago that we’ll qualify it as new. Originally listed back in August of 2007 for a whopping $1,250,000, it lasted until January 2008 when it was pulled from the market at $1,050,000. Nice house but a real cliff clinger home and no yard.
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Listed By Michael Robles, Coldwell Banker-Burlingame
SALES
↑2404 Palmer 3 Bed 2.5 Bath 2,120 Sq. Ft. home LISTED for $1,085,800 SOLD for $1,100,000 in 4 days. One of our Belmont’s Best Deal picks of the week when it was listed.
↓2606 Carlmont Drive-4 Bed 2.5 bath 2,268 Sq. Ft. home LISTED for $1,068,000 SOLD for $1,050,000 in 7 days.
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