â†‘With Belmontâ€™s April home sales behind us we are able to compute the data and thereâ€™s a silver lining to the news. For the first time this year homes sales are up over the same period a year earlier. Admittedly, at 21 sales this month compared to 20 last year in April itâ€™s not a huge increase, but any increase is a welcome event given the current state of the market.
â†”The days it took to sell a home was essentially unchanged at 13.
â†˜Last month, nine homes sold over asking, two sold at asking and 10 homes sold under the asking priceâ€”on average for $32,000 less. That compares to last year where 13 homes sold for over their asking price, four sold at asking and only three sold under.
â†”Of the sellers that received their asking price all of the homes sold within the first 13 days on the market
â†”Though the reported median price fell we feel prices are holding relatively steady–accounting for larger or smaller homes selling in a particular period. The median price dropped from $970,000 in 2007 to $930,000 in April of 2008 but the median size home that sold was 165 square feet larger in 2007. At the current price per square foot, that could account for as much as $94,000 in the differential pushing the true median value in 2008 to $1,024,000.
May is typically a very active month in real estate and it will be interesting to see if this monthâ€™s event becomes a trend.
As always, full market reports with interactive graphs for Belmont and adjoining towns will be available on our web site at MorganHomes.com when statistical data is availableâ€”usually by the tenth of each month.
â†‘Positive market force
â†“Negative market force
â†—â†™Probable trend upward or downward
Data extracted from the San Mateo County ProListing serviceâ€”the MLS for San Mateo County. Note: This list represents the all single family homes which sold through the MLS in April 2008 and does not necessarily reflect home which were sold exclusively by Drew and Christine Morgan.