An Unpredictable Year of Uncertainty

After the most tumultuous year we’ve experienced, and perhaps arguably one of the direst years in our nation’s modern history, we take a moment to reflect on home sales from 2020, the results of which were certainly not anticipated.

We’ve said it and seen it before—when there’s uncertainty in the world, homes sales tend to suffer, as buyers take a wait and see approach. 

We can’t predict what unknown events may arise in an upcoming year to forewarn our clients as to when will be the optimal time to make a move, except in an election year when there’s almost certain to be uncertainty in a mid-term or Presidential election year. It’s for that reason, that we encouraged our sellers not to wait until October to list their home for sale in 2020.

But then the pandemic hit, and apparently, all the norms—everything we’ve seen in market shifts in our 25+ years in business—went out the window.

In March, there was the stay-at-home order. Initially, our trade had yet to be determined an essential business, and thus we were essentially shut down. No open houses, offices closed, and even showings of occupied homes were disallowed.

That was relaxed in short order. Once declared an essential business, real estate offices could re-open, and with the new strict showing guidelines, occupied homes could once again be shown.

Many non-essential tech companies closed their offices, and ordered their employees to work from home. Schools also closed, and in-home learning became the norm.

A shift in home buying almost immediately transpired. People quickly learned they needed more space. Apartment dwellers found their cramped quarters no longer viable, and condos with common elevators and long hallway corridors were found to be ill suited for precautionary safe distancing measures.

In June, when the stay-at home-order was relaxed, it triggered a pent-up need for single family housing, and with sellers reticent to have throngs of strangers in their homes, the scant inventory of homes for sale had tilted the already unequal supply and demand equation and drove up prices.

Many homeowners found they could work from home in alternative areas, and chose to make a Bay Area exodus. That served to loosen the tight grip on low inventory, but it still fell shy of meeting the needs of eager home buyers wishing to gain more space, and prices continued to rise.

The following graphs illustrate the shift in the 2nd quarter of 2020, where increased sales and skyrocketing home prices ensued, eclipsing all records for new listings, sales and median prices over 2019.

Predicting the future of real estate is a fool’s game. If you’re interested in learning how Proposition 19 could help you make a move, and carry a low property tax base, start with our article outlining the opportunities and restrictions, then give us a call if you’re considering a move.

On a local level, these are the year-over-year comparisons for Belmont.

BELMONT NEW LISTINGS 2019 vs. 2020

BELMONT UNITS SOLD 2019 vs. 2020
SAN MATEO COUNTY MEDIAN HOME PRICE 2019 vs. 2020

On a slightly more macro-level, these are the same graphs for the entire san Mateo County.

SAN MATEO COUNTY NEW LISTINGS 2019 vs. 2020
SAN MATEO COUNTY UNITS SOLD 2019 vs. 2020
SAN MATEO COUNTY MEDIAN HOME PRICE 2019 vs. 2020

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 25 years of experience in helping sellers and buyers in their community. As Diamond recipients, Drew and Christine are ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California.  They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook at https://www.facebook.com/Morganhomes and on Twitter @ https://twitter.com/morganhomes

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.

Remember all of those propositions on the November ballot? Number 19 won, and might prove to be your winning number as well…

Some background

Proposition 13 established initial tax assessments based on property values, which took effect in 1978.   

Ad valorem property taxes are currently limited to one percent of a property’s assessed value, plus any voter-approved local taxes such as school or library bonds. Annual increases are limited thereafter to a two percent increase on the property’s compounded value each year.  

When a home is sold, the property is reassessed at its current market value. The market value of most properties grows faster than two percent per year, leaving many properties taxed at a value below market price.  

How does Proposition 19 change the rules on tax basis portability? 

Prop 19 allows a homeowner who is 55 years of age or older, severely disabled or whose home has been substantially damaged by wildfire or natural disaster to transfer the taxable value of their primary residence to: a) a replacement primary residence anywhere in the state, b) regardless of the value of the replacement primary residence (but with adjustments if replacement has a greater value), c) within two years of the sale and d) up to three times (or as often as needed for those whose houses were destroyed by fire).

The prior rule limited this exemption to a one-time transfer within the same county (Prop 60) or between certain counties (Prop 90) and only if the replacement property was of “equal or lesser value.” 

When does the tax basis portability portion of Prop 19 take effect? 

April 1, 2021 

If the replacement property is of equal or lesser value, does the tax basis of the replacement property change?


No. The taxable value of the original property may be transferred and become the taxable value of the new one. 

If the replacement property is of greater value, how is the new taxable value calculated? 

The new taxable value is calculated by adding the difference between the full cash value of the replacement property and the original property to the original taxable value. For example, if a seller of an original property has a $300,000 taxable value and a full cash value of $1M and then buys a replacement property for $1.5M, the taxable value of the replacement property would be $800,000. 

Can a replacement property be purchased before the original primary residence is sold? 

Yes. This is how the current rule under Prop 60 works, and Prop 19 uses nearly identical language. 

How does Prop 19 affect the rules on intergenerational transfers to children or grandchildren? 

It limits the exemption to those properties where the primary residence continues to be used as a family home by the child or grandchild transferee. If so, the taxable value will remain the same, subject to some upward adjustments if the property value, at the time of transfer, is more than $1M over the original tax basis. 

Not a fan of math? Lawyer’s Title now has a handy online calculator to estimate the benefit of carrying your property tax.

If the property is more than $1M over the original tax basis, what is the new taxable basis? 

The new taxable basis will be the assessed value of the property at the time of transfer minus $1M. 

When do these new rules on intergenerational transfers apply?

February 16, 2021. 

Where may a claim to transfer a tax basis be made? 

Claims may be made with forms provided by the local county assessor’s office. 

What if I don’t yet own a home—how will this help me?

The thinking goes like this. Most people who live in homes they’ve owned for many years could not afford to buy the house where they currently reside, let alone afford the new property taxes. 

For example, if one owns a home purchased in 1987 for $150,000, their property tax payment would have started at around $1,875 a year. Thirty years later, assuming the worst-case scenario that the property was reassessed at the maximum 2% each year, their property tax would increase to a minuscule $3,850 per year.

To purchase the same home 30 years later, using the S.F. Metropolitan Statistical Area (MSA) data provided by Case-Shiller, which shows a 1,836% increase in value during that time, our $150,000 house would now cost approximately $2,754,000, with an annual property tax bill of approximately $34,425.00.

It’s rather easy to see why a long-term homeowner would be reticent to make a move.

That could all change. 

Homeowners, who previously were likely to stay in place to preserve their low tax base, may now take that base with them, along with their substantial realized equity, to any county in California, opening up a myriad of retirement opportunities that were previously unavailable.

This is where future home buyers could benefit. As more homeowners become aware of the opportunities offered by Prop 19, they can now seek more affordable areas to live. This, of course, could be a boon for new homebuyers, as housing inventory is expected to increase, lessening the frustration of bidding wars and bringing some equilibrium to the market.

If you are a long-term homeowner looking to take advantage of this opportunity, be sure to consult with your tax or legal professional for advice on protecting your options. Additionally, please do not hesitate to contact us if you decide to make a move.

Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA, where they own and operate MORGANHOMES, Inc. They have assisted buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award, ranking among the top 50 agents nationwide and the top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or emailinfo@morganhomes.com.

For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook and on X.

This article provides educational information and is intended for informational purposes only. It should not be considered real estate, tax, insurance, or legal advice; it cannot replace advice tailored to your situation. It’s always best to seek guidance from a professional familiar with your scenario.

BROKER | MANAGER | NOTARY

2581 Hallmark Drive – JUST LISTED!

Four walls and a roof over your head isn’t the only way we define the word ‘home.’ Home is more than just a shelter, it’s where we love, it’s where we feel, it’s where we can be ourselves and it’s where life happens—this home fulfills all of those dreams. We could describe it as chic, luxurious, inviting, and comfortable, but one really must see this home in-person to appreciate the complete experience.

Built by Blackwell, this home is the highly coveted single-level “Carlmont” model in prestigious Upper Hallmark. It has been lovingly enhanced, remodeled, and remade in a contemporary style best described as “living at the same time; belonging to the same time”. The result? Gracious, streamlined spaces that radiate harmony.

Step from the slate tiled front porch, inside to the formal entry and step upon rich hardwood flooring that emanates throughout the entire living area. We first come to the large open office and spacious remade great room which includes a custom modern gas fireplace with tiled mantle façade.

Soaring ceilings guide you through the open style formal dining room to a copious entertainment area encompassing a family room with a glass gas fireplace and granite hearth, nearby an expansive gourmet kitchen. 

This remarkable kitchen was redesigned with soaring ceilings and a generous island offering a place for casual meals, conversations or food preparation station. Here we also find a butler’s bar with built-in wine storage, and a smart glass doored pantry. Crisp white cabinetry wakes up one’s senses and are keenly offset by the warm Caesarstone® counters. A welcoming array of high-end stainless appliances including a large LG® refrigeration unit, Viking® combination microwave and convection oven, Dacor® six burner gas stove top with Viking®stainless hood, and Bosch® dishwasher make this kitchen deeply functional while staying true to the sensible flow for guests and home chefs alike.

Down the hallway we uncover three more bedrooms and several more baths—all updated to today’s demanding standards. The owner’s ensuite enjoys its own private place to bathe in luxury with a grand walk-in shower and seamless glass doors. A secluded water closet with Toto commode, dual sinks, while the fine cabinetry even has powered drawers to keep the Caesarstone® counters uncluttered while the adjacent full walk-in closet can accommodate the most extensive wardrobe.

The level rear yard is perfect for entertainment options which features a wood deck with overhead LED illuminated lighting, patio dining area and grass play area. Dine alfresco and enjoy the wooded Hallmark Park backdrop in this delightful rear yard.

Prestigious Belmont Heights, also known as the Hallmark area of Belmont, is an admired and picturesque location. This area is adjacent to over 1,000 acres of open space and trails, with sweeping panoramic views of San Francisco and the Bay. Over the back fence is Hallmark Park which has tennis courts, children’s play area, with views of neighboring Crystal Springs Reservoir and the open space. 

Belmont is ideally located on the Peninsula between San Francisco and the Silicon Valley with SFO International airport just a short drive away. It’s close proximity to major travel arteries—Highway 101, 280 and Caltrain are only a few miles away. For this very reason, many who choose to live here select this strategically ideal location. The Carlmont Village Shopping Center offers a variety of retailers and restaurants including Starbucks, Hassett Ace Hardware, Lunardi’s, Bank of America and Ladera Nursery. Nearby popular gathering spots include, Vivace Ristorante, Iberia Restaurant, Waterdog Tavern and the Farm House Restaurant.

Contact us to find out why more people are moving to the Mid-Peninsula. 650-508-1441

  • Four bedrooms—one currently employed as an office
  • Two and 1/2 updated baths—shower over tub
  • Owners ensuite—hardwood flooring, Toto® commode, walk-in closet with built-in organizers, recessed lighting and soaring ceilings.
  • Updated island kitchen with newer sleek appliances including L.G Refrigerator and Bosch® dishwasher, Dacor® six burner gas stove, Viking® stainless hood and oven including microwave and convection oven.
  • Large open communal kitchen and family room—granite façade glass rock gas fireplace
  • Large great room with soaring ceilings, recessed lighting—full wall tiled gas fireplace
  • Approximate sq. ft. ~2,210 sq. ft. home
  • Substantial ~7,800 sq. ft. lot
  • Built in 1974—updated by current owner
  • Rich engineered hardwood flooring
  • Multiple outdoor dining and entertainment deck areas—level rear grass yard area
  • Newer heating and air conditioning—NEST® controls
  • Solar panels (owned) with German Sonnen® battery storage system
  • New electrical panels and wiring
  • Rachio® smart watering system
  • Ring® security cameras
  • Three-car attached garage—completely finished space
  • RV or boat parking with power and dump station
  • Award winning Belmont schools
  • Conveniently close to San Francisco International Airport, Half Moon Bay and Coastal towns, major commute arteries, nearby parks and plenty of excellent shopping and dining options

Reports available to qualified parties

Click here for a 3D tour of this fantastic home!

COVID CAUSES HOUSING WOES

As the dust settled following the March shelter in place order, and real estate transactions slowly crept back to pre-COVID levels, it took until July of 2020 for sales to finally start rebounding.

How We Were Affected

We had to change how we do business a bit, as regulations made open houses a thing of the past. No more flyers, paper contracts—everything is now in the digital realm. We already employed virtual 3D tours, drone videos, electronic flyers downloadable from QR codes on our For Sale signs. All of our paperwork is in the digital universe and has been for several years now. In short, we were ready to meet the needs of these unprecedented challenges. 

We also employ sanitizing stations at our listings. Showings are limited to a selling agent and immediate family members of the same household. Required is a liability release to protect our sellers, and proof the buyers have been pre-approved and are qualified to purchase the home.

How the Market Rebounded

What surprised us, was following the shelter in-place order how the housing market rebounded so quickly. Especially given the unprecedented times people have endured—the unknowns and uncertainties that typically will cause buyers looking for a home, to take pause.

But it appears the magnitude of the situation had the opposite effect.

Cooped-up buyers began seeking larger homes—and second homes—while taking advantage of record-low interest rates. With sellers being reticent of the throngs of strangers touring their homes. This, compounded by the initial directive stating only vacant homes can be viewed in-person, low inventory levels emerged. The result was predictable—an increase in prices.

The Numbers Don’t Lie

This link shows a macro view—the Case-Shiller 20 major city composite index.

As seen in this index, the 20 major city composite index rose 2% between March and July. The Bay Area specific MSA showed a decline of .4% during the same period.

Why did some Bay Area county’s median home price essentially go stagnant while other’s thrived? It’s because of the make-up in the index, which includes several more price sensitive and volatile counties.

Looking at the semi-macro view—San Mateo County statistics—we see a 1% median home price increase. On a micro-level, Belmont showed a 3% YOY increase for the same period. This illuminates that some cities and counties were harder hit than San Mateo County or Belmont.

  • 2019-2020 Home Comparison

What May be in Store?

What’s in store in the coming months? If past performance is any indication of future results, in a Presidential election year—especially in a hotly contested match-up as we’re seeing this year—the housing market typically goes into a stall. Then again, if this year has taught us anything, nothing is predictable…

HOMES SALES TANK DURING SHELTER IN PLACE

When Critical Thinking Skills Vanish

We’re not sure what housing market the National Association of Realtors are referring to, but their headlines continue the “glass is half full” mentality which only serves to mislead the public in an effort to bolster their own organization—one which I might add, we are forced to be a part of, for better or for worse.

Take these headlines ripped from the email blasts by NAR just today…

This first one is a classic example. Sight unseen offers are growing from what? From when before the shelter in place order when no buyer in their right mind would buy a home sight unseen?

Then there’s this glass half full headline. All this tells me is that 75% of buyers do NOT accept the virtual buying scenario. And it’s not as if buyers really have a choice right now, so 25% took a leap of faith and dove in to the pool of house hunting no matter what is happening in the world.

What we do not know for certain yet, but soon will find out, is that these buyers are probably taking advantage of desperate sellers, and getting deep discounts on home prices. We’ve been hearing anecdotal stories from our colleagues of prices renegotiated downward immediately following the COVID outbreak.

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And lastly, the electronic signature platform Docusign’s CEO pronouncing that they have yet to see a slowdown. Wonder why? Since sales have dropped in San Mateo county by 78% this year compared to last year during the same period, from when the shelter in place order was initiated until today (one month).

Perhaps it’s because today, that is the ONLY way one can sign a contract, when before it was optional?

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Here are the facts. In San Mateo County during the period from March 17th until April 17th of this year, during the COVIT 19 shelter in place order, when it became illegal to show an occupied home, sales of single-family homes have dropped 78% over the same period in 2019.

The amount a seller has received from the few sales that have already closed, indicates that sellers are receiving on average 100% of their asking price. Not bad, all things considered, yet that’s a 5% downswing over the same period last year.

Truth be told, it’s too early to measure the damage that the mishandling of the COVID 19 outbreak will inflict upon the housing industry, or the economic health of the U.S. as a whole. 

We seem to be getting enough mixed messages from our leaders, and we would hope that the REALTOR trade organizations wouldn’t fall into the same trap, as if our fragile sanity relied upon drinking Kool-Aid from a glass always half full. 

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 25 years of experience in helping sellers and buyers in their community. As Diamond recipients, Drew and Christine are ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California.  They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook at https://www.facebook.com/Morganhomes and on Twitter @ https://twitter.com/morganhomes

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.

COVID 19—Impact on San Mateo County Home Sales

We hope that you and your family are safe and healthy, and implementing practices to remain so. This is such a challenging time for all. 


As one can imagine, the real estate industry is not immune to these uncertain times, and for the next several weeks or longer, we seem headed for more unpredictability.


It’s the unknown that makes people hesitate, whether it be an election year , recession or freefall in the stock market—all of which we are experiencing this year. Of course, unknown factors have always made for instability, although the risk of an epidemic never seemed as imminent as, for example, a threat of a local earthquake. But now that we’re amid this pandemic, there is much uncertainty of when it will end, and what effects may remain.


Real estate is now considered to be an “essential” service industry although some of the services we can offer are limited. Some of what we can do and what we should do are at odds with each other. The Multiple Listing Service (MLS) that all REALTORS ®  rely on for marketing homes, has disallowed broker tours or open houses, and all showings are being discouraged in order to suppress the transmission of the COVID-19 virus.


We are finding innovative ways to continue to help our clients regardless of the necessity or desirability to buy or sell homes. Today there are favorable conditions with less competition and low interest rates to help keep the industry moving. Mortgage lenders have eased practices and appraisers are now doing “drive-by” inspections. Title insurance and escrow companies are arranging for private home and “drive-thru” signings—enabling buyers and sellers to sign documents from the comfort and safety of their car. These measures aim to keep home sales healthy. 

In an effort to put into perspective and quantify the COVID 19 impact on our local real estate market and your home’s value, we examined the period between March 14th, when the Shelter in Place order was implemented, until March 30th for both years—2019 and 2020 in San Mateo County.

As one can see in the graphs below, the number of homes brought to the market—new listings—are down 33%, and the percentage of those that went pending during this period down 50%.

This clearly indicates that we are seeing a shift to a buyer’s market as supply outpaces demand.

What isn’t evident in this data, due to the lack of tracking algorithms, is the number of cancelled or withdrawn listings, or the number of sales that have a contingency in their offer—estimated to be up more than 60%.

Speaking of which, pending sales in February, released today, showed strong housing demand. Although March numbers will certainly begin to reflect the challenges the pandemic is creating, today’s numbers are a sign that the underlying fundamentals of the market are strong.

If you need real estate advice during this time, please know that we’re here to help. We are keeping a watchful eye on how this is affecting our industry, and the market values. We are here to help you regardless of when you find it necessary or desirable to transact real estate. 

We’re available to advise you on a personal case-by-case basis to determine the best opportunity for your needs. 

Editor’s note: The feature image is the ugliest picture we’ve ever posted.

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 25 years experience in helping sellers and buyers in their community. As Diamond recipients, Drew and Christine are ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California.  They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook at https://www.facebook.com/Morganhomes and on Twitter @ https://twitter.com/morganhomes

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.

2019 Housing Round-Up Let Down

2019 Housing Round-Up

We’re just stepping into the 2020 housing market and it’s too early to tell how the housing it will play out this year. That data typically starts to develop in February-May, as buyers come out of winter hibernation and begin looking at homes in earnest. And with the better weather on the horizon, sellers are more inclined to put their home on the market.

These two forces converge each year to dictate the supply and demand balance, thus determining the strength of the market for sellers, or advantages for buyers. A shortage of supply could continue to drive up values, while a shortage in demand would have just the opposite effect.

We had been indicating this trend may be on the horizon with this very blog back in 2018 with this post about lower returns.

San Mateo County results which provides a more macro-scale, illustrate this.

SAN MATEO COUNTY REPORT

The median home value dropped 1.3 percentage points YOY, which, in and of itself is not an earth-shattering indicator, but the amount sellers received of their asking price is—it dropped 5% YOY.

The leftover inventory of homes for sale at year-end grew 22%, while the number of new listings YOY dropped 6.24% and sales dropped 3.1%. It also took six more days to sell the average home.

BELMONT HOME REPORT

Being a much smaller market sample, the data is less reliable than looking at the entire county, but by examining the entire year—rather than an isolated YOY comparison for each month, the data spikes and troughs tend to somewhat smooth out.

In Belmont, home sales dropped 6.35%, new listings dropped by 10.65%, the percent a seller received down 6%, the median sale price—dropping 4.26%, and the DOM, or time it took to sell a home, up, 30%.

The housing market had a tumultuous end in 2018, and yet comparing the year-end results for 2018 and 2019, we can see that this balance shifted even further away from the unsustainable and feverish seller’s market of the past seven-year bull run, to a more normal, balanced market. We’re seeing the pendulum move from that of a seller’s market, to a more evenly balanced market in full swing.

If you want to know what we believe may very well be in store for us in 2020, read our newest blog post on Election Year Jitters—How it will Effect the Market.

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 25 years of experience in helping sellers and buyers in their community. As Diamond recipients, Drew and Christine are ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California.  They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook at https://www.facebook.com/Morganhomesand on Twitter @ https://twitter.com/morganhomes

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.

2519 Carmelita Avenue, Belmont $1,6798,000

  • Three generous bedrooms including the owners ensuite
  • Two updated baths

We just listed this really neat home nestled in the hills of Belmont, yet very close to the Carlmont Shopping Center.

We love the circular driveway. More homes on Belmont’s notoriously narrow streets would benefit from one of these.

The rear yard is also very cool. It’s landscaped with a sort of nod to Sonoma’s minimalistic natural foliage, and has outcroppings of bedrock adding a natural interest feature.

The home has newly refinished hardwood floors which cover the split level home from top to bottom. The sophisticated layout, offers the Owner’s en-suite upstairs alongside a large duet office with view decks.

If you are looking for a move-in condition home on a quiet street in Belmont, look no further than this link to more information.

Belmont Home Values in State of Flux

Looking at homes sales statistics is always more interesting when there’s movement in the market.

As seen in the graph below for San Mateo County, the median home price dropped from the peak in April of 2018, and it took over a year to finally rebound which wasn’t until May of 2019 when the median price just barely eclipsed the previous year’s high.

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But that’s not the end of the story, already we’re back down to a median home price matching that seen in October of 2018—when the market began a four-month decline.

Belmont has seen a similar pattern recently, although perhaps with swings more magnified due to the smaller transaction sample size.

This is the year-over-year comparison for Belmont:

SALES

Down by 5 over 2018 to 18—27% decrease

MEDIAN HOME PRICE

Down by $100,000 to $1,700,000 in 2019—down ~6%

DAYS ON MARKET

Down to only 16 on average, from 28 in 2018

CURRENT INVENTORY

Four more homes are currently available than in 2018—a 25% increase

NEW LISTINGS

Eight more listings in June of this year than last—44% increase

MONTHS OF INVENTORY [The time it would take to sell the current inventory at the current pace of sales.]

Up from less than a month of inventory in 2018 to 1.3 months.

What this is telling us is what we are also feeling from our own business and the sentiments of our colleagues—that the market is not as sizzling hot as it was just a year ago. It’s still a seller’s market, but the inevitable swing of the pendulum back to center before heading the other direction may be upon us.

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 25 years of experience in helping sellers and buyers in their community. As Diamond recipients, Drew and Christine are ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California.  They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

For all you need to know about Belmont, subscribe to this blog right here. You can also follow us on Facebook at https://www.facebook.com/Morganhomesand on Twitter @ https://twitter.com/morganhomes

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.