February sales data for Belmont is available but thereâ€™s not much to talk about. There were only five sales (homes that closed escrow) in the month of February. That means only five sales were consummated in January. Thatâ€™s down more than 50% over last year. While that may sound like a huge percent decrease, itâ€™s important to remember in terms of actual units, it means eight fewer homes sold.
The median price decrease could make headlines though. It dropped from $900,000 a year ago to $750,000 for the same February period. Of course with only five sales these numbers are easily skewed. In fact, the median size home which sold in February 2007 was 1,680 square feet in size compared to this yearâ€™s five sales where the median size home was only 1,010. Thatâ€™s more than enough to explain the difference in the median year-over-year price change. If one was to account for this differential at the going cost per square foot the adjusted median price would be $ 1,122,000 for 2008.
In February, the average home took over 40 days to sell and the seller received only 96% of their asking price.
In every category we measureâ€”the time it takes to sell a home (DOM), the number of new listings vs. sales, the percentage the seller received of askingâ€”the performance was markedly down over last year. Yes the real estate market has slowed and if we were to measure it as we do the economy, you could say itâ€™s in a recession.