Belmont Home Sales – April 2010

Top of FormFirst we'd like to thank the many readers who have signed up on our web page for email newsletters which cut down dramatically on our costs and has helped us tread lighter on the environment.

There are many positive indicators in Belmont’s housing market from just a year ago. This data is from the MLS from April 2010, when the government tax rebate was still being offered. That said, only two of the 14 sales in April could have potentially qualified for the rebate since it was capped at a sale price of $800,000.

Below, we’ve added a new feature–a short summary of the homes which sold. We think this may help you gleam more information than just the address.

April 2010 Stats for Belmont 

(click on the window for a full size chart)

Wrap-Up Belmont Housing Market Review April 2010

Sales

Sales year over year for the month of April were almost unchanged at 14 for this year as compare to 13 last April.

Median Price

The median price jumped from $810,000 last April to $967,500 (19%) but the size home which sold in the two periods was also exactly 19% larger which effectively wipes out any real gain—but it looks good in the media.

Days on the Market

The time it took to sell a home dropped from 64 last year to only 44 this year.

Percent Received

Of course when homes sell faster that usually means the market is a bit stronger and we’d expect to see that this April 4 homes sold over asking, 1 at asking and 8 under asking as opposed to last year when none sold over, 4 sold right at asking and 9 sold for less—on average receiving 96.3% of their asking price last year compared to 99% this year.

Summary

It will be interesting to see what impact the end of the tax credit may have on real estate. We’ve already pointed out that it really shouldn’t impact Belmont that much however, if the media gets wind of sales dropping off in the coming months, you may see a pull-back on the part of buyers. The frenzied pace of the last few months caught on like a bad virus leading many to start bidding homes right back up again playing sort of a game of “musical chairs” to see who could get a home before the money ran out. All of which may slow back down—we’ll see…

706 ALAMEDA DE LAS PULGAS, Belmont 94002 (Belmont)
$445,000 Beds: 2 beds Baths: 3|0 baths

DOM: 41   MLS: 81011114 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

2, 3|0

SqFt:

1,880

Yr Built / Age:

1927 / 83 years

Assoc Fee:

Lot:

13,410 sq ft

Pricing/Dates

List Price:

$399,900

Sale Price:

$445,000

Sale Date:

03/22/2010

COE Date:

04/23/2010

OffMktDate:

Opportunity abounds with this private, tree-laden property nestled in the Belmont hills. Main house is 2 bed, 2 bath with a lower-level studio. One-of-a-kind secluded retreat, minutes from everything! Home needs some TLC but the value is in the land.

 

1950 ALDEN ST, Belmont 94002 (Belmont)
$670,000 Beds: 3 beds Baths: 1|0 baths

DOM: 5   MLS: 81010737 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

3, 1|0

SqFt:

1,390

Yr Built / Age:

1947 / 63 years

Assoc Fee:

Lot:

7,840 sq ft

Pricing/Dates

List Price:

$649,500

Sale Price:

$670,000

Sale Date:

03/13/2010

COE Date:

04/09/2010

OffMktDate:

04/10/2010

Lots of elbow grease and imagination required here. Bonus room down stairs may be non-conforming due to ceiling height. Large rear yard and patio area. Freshly painted inside and out. Great area and schools. Trustee Sale offered in "AS-IS" condition only.

 

1821 HILLMAN AV, Belmont 94002 (Belmont)
$800,000 Beds: 4 beds Baths: 2|1 baths

DOM: 77   MLS: 81003302 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

4, 2|1

SqFt:

2,210

Yr Built / Age:

1974 / 36 years

Assoc Fee:

Lot:

7,500 sq ft

Pricing/Dates

List Price:

$835,000

Sale Price:

$800,000

Sale Date:

04/10/2010

COE Date:

04/30/2010

OffMktDate:

HUGE PRICE REDUCTION!!Fabulous Bay views from this Belmont Hills home. Newly remodeled kitchen with granite counters & stainless appliances. Breakfast bar in kitchen, family room with fireplace, dining room & formal living room. Great views from master bedroom as well. Lots of storage, closets & storage shed outside. Lots of space for this price! Beautiful area, come see! Not a short sale!!!!

 

1815 HILLMAN AV, Belmont 94002 (Belmont)
$825,000 Beds: 5 beds Baths: 4|0 baths

DOM: 95   MLS: 80956110 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

5, 4|0

SqFt:

2,443

Yr Built / Age:

1964 / 46 years

Assoc Fee:

Lot:

7,500 sq ft

Pricing/Dates

List Price:

$825,000

Sale Price:

$825,000

Sale Date:

03/09/2010

COE Date:

04/16/2010

OffMktDate:

BAY VIEW!! Cozy and roomy tri-level home. Perfect set-up for in-law or au pair. Updated country kitchen and bathrooms. Huge closets. Laundry room. Spaces for theatre, pool table, game room, extended family.

 

Presented by Christine Morgan, Carlmont Associates, 650-508-1441, cmorgan@morganhomes.com

** Information contained on this report is designed for accuracy but is not guaranteed **

1825 OAK KNOLL DR, Belmont 94002 (Belmont)
$856,850 Beds: 3 beds Baths: 2|0 baths

DOM: 18   MLS: 81013424 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

3, 2|0

SqFt:

1,477

Yr Built / Age:

1950 / 60 years

Assoc Fee:

Lot:

8,593 sq ft

Pricing/Dates

List Price:

$879,000

Sale Price:

$856,850

Sale Date:

04/07/2010

COE Date:

04/20/2010

OffMktDate:

04/21/2010

A private and peaceful retreat. Adorable updated home. Master suite has bathroom with lots of natural light and a jetted tub. Living room/dining room combo includes custom stone-faced fireplace. Large back yard is decked for entertaining small and large groups. Access to yard from both kitchen and master bedroom. Vegetable garden. Detached 2-car garage plus additional workshop/storage area.

 

1930 BAYVIEW AV, Belmont 94002 (Belmont)
$859,000 Beds: 4 beds Baths: 2|1 baths

DOM: 51   MLS: 81007777 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

4, 2|1

SqFt:

1,960

Yr Built / Age:

1962 / 48 years

Assoc Fee:

Lot:

4,000 sq ft

Pricing/Dates

List Price:

$899,000

Sale Price:

$859,000

Sale Date:

04/11/2010

COE Date:

04/21/2010

OffMktDate:

Almost 2000 Sq. Ft. in great Belmont location. Warm & inviting Family Home with lots of room to grow. Hardwood Floors, Remodeled Master Bathroom. Separate Family Room, Living-Dining Room Combo, Large 2 Car Garage. Private Patio with Mature Landscaping. Easy Commute. Great School District & Quiet Location. Flat Level Back Yard. 4th Bedroom can be office/Bonus room. Fresh paint! New Carpet!

 

1935 HILLMAN AV, Belmont 94002 (Belmont)
$960,000 Beds: 4 beds Baths: 2|1 baths

DOM: 19   MLS: 81010508 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

4, 2|1

SqFt:

2,580

Yr Built / Age:

1980 / 30 years

Assoc Fee:

Lot:

7,242 sq ft

Pricing/Dates

List Price:

$998,000

Sale Price:

$960,000

Sale Date:

03/24/2010

COE Date:

04/27/2010

OffMktDate:

Sophisticated Tri-Level Contemporary in the Belmont Hills. Lovely Canyon views from many rooms. Soaring ceilings. Custom stained glass window. Arched walls. Hardwood floors and a fireplace. Huge master bath with Jacuzzi. Remodeled hallway & 1/2 bath. Wonderful secluded back deck for great entertaining. Move-in condition. This is your own private retreat. Don't miss your chance.

 

1919 ARBOR AV, Belmont 94002 (Belmont)
$975,000 Beds: 4 beds Baths: 3|0 baths

DOM: 8   MLS: 81011925 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

4, 3|0

SqFt:

2,000

Yr Built / Age:

1955 / 55 years

Assoc Fee:

Lot:

6,750 sq ft

Pricing/Dates

List Price:

$949,950

Sale Price:

$975,000

Sale Date:

03/20/2010

COE Date:

04/21/2010

OffMktDate:

CHARMING 2 STORY HOME W/ WONDERFUL VIEWS OF THE HILLS-HW FLRS-GRANITE KIT NEW 2003-DUAL PANE WINDOWS-NEW ELECTRICAL, NEW DOORS, REMODELED MASTER BATH-FP IN LR-FP IN FR-SECLUDED FRONT SLATE ENTRY-2 LARGE STORAGE RMS DOWNSTAIRS-DECK & FLAT LAWN ARE IN BACKYD-ROOF NEW 2003-MBR ON MAIN FLR-BREAKFAST BAR IN KIT-WALK TO SHOPS,CAFES, SCHOOLS & PARKS

 

Presented by Christine Morgan, Carlmont Associates, 650-508-1441, cmorgan@morganhomes.com

** Information contained on this report is designed for accuracy but is not guaranteed **

2815 MONTE CRESTA DR, Belmont 94002 (Belmont)
$1,198,000 Beds: 4 beds Baths: 2|1 baths

DOM: 2   MLS: 81010747 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

4, 2|1

SqFt:

2,690

Yr Built / Age:

1978 / 32 years

Assoc Fee:

Lot:

8,500 sq ft

Pricing/Dates

List Price:

$1,198,000

Sale Price:

$1,198,000

Sale Date:

03/10/2010

COE Date:

04/23/2010

OffMktDate:

Exquisite Resort-like Belmont Hills Haskins Estates on cul-de-sac setting. Huge Lot! Just remodeled, New Everything: Bamboo hardwood floors throughout, dual pane Windows, Roof, kitchen cabinets, granite counter-tops, stainless steel appliances, bathrooms, pool plastering and tile, pool equipment, landscaping, concrete driveway. Wood-beamed vaulted ceilings. Wood burning fireplace. A true MUST SEE!

 

2736 WALTHAM CROSS ST, Belmont 94002 (Belmont)
$1,200,000 Beds: 5 beds Baths: 2|1 baths

DOM: 11   MLS: 81006597 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

5, 2|1

SqFt:

2,550

Yr Built / Age:

1968 / 42 years

Assoc Fee:

Lot:

10,449 sq ft

Pricing/Dates

List Price:

$1,199,900

Sale Price:

$1,200,000

Sale Date:

02/23/2010

COE Date:

04/13/2010

OffMktDate:

Premier family neighborhood in beautiful Belmont. This spacious 5 bedroom 2-1/2 bath home features a fireplace in the Living Room & Family Room. Formal Dining Room has large window overlooking fantastic backyard with mature landscaping, sprinkler system and attractive deck. Filtered views of hillsides. This home is perfect for childhood dreams and parent comforts. Extra loft storage in garage.

 

640 SOUTH RD, Belmont 94002 (Belmont)
$1,237,000 Beds: 4 beds Baths: 3|0 baths

DOM: 243   MLS: 80934224 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

4, 3|0

SqFt:

2,780

Yr Built / Age:

1953 / 57 years

Assoc Fee:

Lot:

10,800 sq ft

Pricing/Dates

List Price:

$1,299,000

Sale Price:

$1,237,000

Sale Date:

03/16/2010

COE Date:

04/06/2010

OffMktDate:

4BR/3BA HOME WITH PARTIAL BAY VIEWS, MANY UPGRADES, SEPARATE DINING & FAMILY ROOMS, SOLAR HEATED POOL, CABANA, 3 CAR ATTACHED GARAGE.

 

2941 MONTE CRESTA DR, Belmont 94002 (Belmont)
$1,250,000 Beds: 5 beds Baths: 3|1 baths

DOM: 22   MLS: 81009245 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

5, 3|1

SqFt:

3,300

Yr Built / Age:

1970 / 40 years

Assoc Fee:

Lot:

5,000 sq ft

Pricing/Dates

List Price:

$1,298,000

Sale Price:

$1,250,000

Sale Date:

03/21/2010

COE Date:

04/23/2010

OffMktDate:

Exquisite Bay & City View-Home! Newly Remodeled in 2002. Gourmet Kitchen, High Ceilings, Hardwood Flooring, Tile Entry, Fireplaces, Large Master with fireplace, Large decks and more. Easy to show!

 

Presented by Christine Morgan, Carlmont Associates, 650-508-1441, cmorgan@morganhomes.com

** Information contained on this report is designed for accuracy but is not guaranteed **

2016 MEZES AV, Belmont 94002 (Belmont)
$1,325,000 Beds: 5 beds Baths: 4|0 baths

DOM: 10   MLS: 81013221 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

5, 4|0

SqFt:

2,393

Yr Built / Age:

1926 / 84 years

Assoc Fee:

Lot:

8,050 sq ft

Pricing/Dates

List Price:

$1,388,000

Sale Price:

$1,325,000

Sale Date:

03/29/2010

COE Date:

04/12/2010

OffMktDate:

Originally built in 1926,this charming hm is situated on a lrg.lot in a park-like setting.Gorgeous tree-lined character str. Stunning 2nd stry addition added in'08(396 sf).Richly appointed baths,sizeable mst.ste w/jetted tub & lrg.shwr+wlk-in closet.2nd suit up.Kit.w/caesarstone counters,Viking gas stove,dbl.ovens,farmhouse sink,lrg.banquette.Fam.rm w/built-ins & french doors to rear park-likyard.

 

2546 SOMERSET DR, Belmont 94002 (Belmont)
$1,350,000 Beds: 4 beds Baths: 3|0 baths

DOM: 10   MLS: 81013225 

Property Overview

Detached Single Family (Class 1)

Beds, Baths:

4, 3|0

SqFt:

2,500

Yr Built / Age:

1976 / 34 years

Assoc Fee:

Lot:

7,480 sq ft

Pricing/Dates

List Price:

$1,379,000

Sale Price:

$1,350,000

Sale Date:

03/29/2010

COE Date:

04/26/2010

OffMktDate:

Beautiful Hallmark home situated on a corner lot with tiled courtyard entry. Main level: formal entry,spacious living room w/fireplace and vaulted ceilings,Seperate dining room, kitchen overlooking the back yard,breakfast nook, Seperate family room with a fireplace, a full bath, three car garage, one converted into an exercise room.Upper level consists of a large master suite & 3 bedroos & 1 bath.

 

Presented by Christine Morgan, Carlmont Associates, 650-508-1441, cmorgan@morganhomes.com

** Information contained on this report is designed for accuracy but is not guaranteed **

Bottom of Form

Belmont Homes Sales Price Report for March 2010

Belmont had an interesting month this March.

The big news—which shouldn’t be news at all—is that the median price of homes in Belmont shot up 24% from $800,000 last month to $994,750 in March. Alas the size home also shot up 43% which more than negates any increase in the real median price of homes.

Belmont Mar 2010 

(Click on the spreadsheet for a full size image) 

That said, other factors are showing indication of a more robust sellers market than in previous months.

Not to be overlooked is the home on Bayview which listed for $688,000 and sold for $914,500—a whopping 133% of the asking price. Of course the home had many multiple offers and many which bid far above the original asking price—apparently grossly underpriced. 

Bayview

That’s only $390/square foot with the average Belmont home selling at $417. If this home had sold at what the agent had listed it fo,r it would have sold for $294/square foot a ridiculously low amount.

  
DOM

The time it took to sell a home was down a little bit form 81 days in February to 76 in March.

SALES

The exact same (ten) number of homes sold in March which was down from 13 a year ago. That’s a bit of a surprise since the market should be getting better. Our take on this is that in January and February of 2009 sales were so low—a combined ten for the two months—that in March of 2009 there were was a slight pent-up demand caused by the slow start to the year, increasing March’s sales figures.

Four homes sold under asking again and on average each took around a $50,000 price reduction. Three of those had to accept an even lower price of on average $40,000 more from where they had already lowered the price.

PERSPECTIVE

Watch for rate hikes to initially spur home sales as buyers scramble like musical chairs to get into a home before the rates start to climb. The Fed has halted its purchasing of mortgage backed notes which means it up to the public appetite for these investments to set the pace and the rates. If rates climb too much too fast, watch for homes sales to drop off and values to continue to dip.

 

 

Super Bowl XLIV brings you Belmont Home Sale Stats for January 2010

Before the Super Bowl XLIV gets started we thought we’d take a look at what happened in Belmont in January 2010.

We’re including two spreadsheets—one for this last January and to help put in perspective, the one from last January.

Most statistics across the country point to January of 2009 as the low point for the real estate market. But what are they saying? The lowest point for sales, median price or what?

Many pundits are saying that home values hit bottom in January of 2009 and in fact in many of the hardest hit areas like Phoenix that may well hold to be true. But for areas that initially fared better, indications are that the price erosion is continuing.

January 2010

Belmont January Blog

January 2009

Belmont Jan 2009

(Clicking on either chart will deliver a larger picture.) 

Looking at these two data samples, it’s easy to see that sales in Belmont are indeed up—way up. January of 2009 was simply dismal with only four sales and reflected that overall uncertainty of the future as buyers chose to sit on the sidelines and wait to see how much more prices will tumble.

SALES

This January’s sales reflect more buyers entering the market and buying homes. In January of 2009 there were 31% more listings available yet sales increased this year by 175%!

What accounted for the huge increase in homes sales? Part of it appears to be the resignation by sellers that they must take less for their homes than they had hoped for a year earlier. Note that all but five homes which sold this January not only had a price reduction but on average all received only 94% of their already reduced price.

MEDIAN PRICE

Most sellers had to lower their initial asking price by $50,000 and then accepted offers another $50,000 less than that. On a median home price of $850,000 that represents a huge disparity between what sellers (or their agents) think their home is worth, and what buyers are willing to pay.

Sales were up indeed but at deeply discounted prices. The Median home price in Belmont was $850, 000 which is about 4.7% less than January of last year. But not only can you get a home for 4.7% less than last January the home you get will be 6% larger. Another way to look at it of course is that prices have really dropped closer to 11% year-over-year.

DOM

Have the price reductions and lower asking prices helped sell homes faster? Just the opposite turns out to be true. The days it takes a seller to seller their home has almost tripled from 42 to 125.

Enjoy the game!

 Data provided from the Mulitple LIsting Service.

The information contained in this blog is educational and intended for informational purposes only. It does not constitute legal, real estate or tax advice, nor does it substitute for profesional advice.

Belmont – Market Report for December 2009

It’s official. Belmont’s median home price dropped 9.4% last year from $920,000 in 2009 to $833,827 in 2009.

Belmont Dec 2009

(click on the graph to enlarge)

There’s not much good news in the way of these numbers which would hint that the market is improving anytime soon with the exception of the “months of inventory” (*see below).

There seems to be a pervasive attitude within the real estate community to spin statistics any way possible to portray a happy healthy market but in reality real estate is experiencing some of the most volatile years in our nation’s history. And things are not stabilizing at any appreciable rate; in fact, many indicators point to just the opposite. That doesn’t mean you should no longer consider real estate a viable investment. It just means that you need to go in with eyes wide open. The recent market corrections (and even over corrections as in the case of many areas) has opened up some opportunities which may not be seen again for years.

The government is spending millions of dollars to keep interest rates low and offering tax incentives to spur homeownership. These conditions are temporary and indeed the end of special incentives may mean things get worse before they get significantly better.

Looking at the year-end numbers for Belmont, CA we see several statistics which put in perspective the tumultuous year real estate had in 2009.

The time it takes to sell a home in Belmont increased this year from 39 days in 2008 to 56 in 2009.

The amount a seller received of their asking price dropped from 98% in 2008 to 97% in 2009.

The median sale price dropped 9.4% in 2009.

*Month’s Inventory seems to be one bright spot in a rather dark spreadsheet.

The months of inventory refers to the time it would take to sell the remaining homes listed for sale at the current sales pace. Two major factors in this are how many homes are selling each month and how many new listings are coming on the market. The lower the months inventory the fewer homes there are to choose from and price stability invariably creeps back into the market.

Last December the three month moving average for Belmont stood at 5.47 months and this December that had fallen to only 3.61 months.

There were slightly fewer listings this year (10) and 18 more sales which accounted for this favorable statistic.

Read our next post on the buying opportunity window which is closing fast.

Mid Peninsula Housing Trends–2009

What happened in 2009 and what might be in store for 2010?

THE PAST2010 Key

The median price in San Mateo County ended the year at $678,750 which is a dramatic drop from 2008’s year-end median price of $795,000. It continued to drop precipitously throughout the beginning of 2009, though it appears that January of 2009 was its lowest level when the median price reached $553,750—the median price has not been that low since 2000.

It wasn’t until April of 2009 that the median price reached the $600,000’s and the last four month have seen small but steady increases culminating in December’s median price of $750,000. But don’t read too much into these increases. Much of the median price increase is a result of larger homes selling do to the low interest rates and higher conforming limits.

Belmont and much of the mid-peninsula were less affected by the declines. The median price in Belmont dropped from $920,000 in 2008 to $833,725 in 2009 (9.4%). There are several factors which contributed to mid-peninsula cities faring better in declining markets.

THE BACK STORY

Beginning around 2001, many first time buyers entered the market with very little cash and qualified for adjustable teaser rate loans at an artificially low interest rate. Zero down financing meant that that if prices were to drop, they’d be in a negative equity position, making it impossible to refinance out of their adjustable loan. When the banks allowed people to qualify for a loan based at the artificially low teaser rate, when rates adjusted many could no longer make the minimum payment. Without the ability to refinance into a new loan, they were forced into foreclosure.

There are far fewer entry level homes in many of the mid-peninsula communities (Redwood City excepted). Therefore, these cities were spared the bulk of the foreclosures and resulting price declines. Furthermore, many people in these communities have ample equity from previous home sales and were able to refinance, or sit on the sidelines and avoid a distress sale.

THE FUTURE

We won’t pretend to have a crystal ball, so we’re not going out on a limb to try and predict the future. The real estate landscape has changed dramatically in the last several years and how it will shake out is anyone’s guess. But what we imagine could be a probability is that in 2010 will see much more of the same. We expect the record number of foreclosures which have been temporarily withheld from the market to be released and continue to put downward pressure on prices—especially in areas which have yet to be affected. Interest rates are sure to climb above their historical low levels making the cost of home ownership rise. This could easily offset any momentum which could otherwise spur normal home sales. Investors will continue to snap up good deals on distressed properties causing the number of sales to increase, but the median price to decrease, or stay flat. In fact, we wouldn’t be surprised to see a period of flat home prices for many years before any appreciable increase. People will first have to return to the job market before they will consider buying a home. Frustratingly, home sales have a huge effect on creating jobs so it’s easy to see why the government wants so desperately to have people buy a home (and extended the $8,000 tax credit). Once more people are being hired than fired consumer confidence will begin to slowly return. Folks will invariably reenter the housing market but at a less frenetic pace. Lasting memories of the “Great Recession” will haunt many homebuyers; and with higher interest rates and the days of easy money gone, it will be harder for prices to climb at rates seen in the first decade of the new millennium.

Don’t forget you can always check out the stats for a city near you on our web page.

Belmont Housing Market Report for November 2009

Well it’s another one of those tricky months where the numbers tell an inaccurate story when it comes to the value of Belmont homes.

Nov Stats for Bel

(Click on the graphic for a full size view)

MEDIAN HOME PRICE

Looking at the raw numbers, the median home value in Belmont dropped from $912,500 last November to $784,000 this year. That’s a whopping 14% decrease but wait—let’s look at what really happened.

This November Belmont had three short sales which greatly impacted the results. More importantly was that the majority of the homes sold were much smaller than they were last year. Larger homes sell for less per square foot (since land is a constant). Therefore if many smaller homes sell in a given period the price per square foot statistic will rise while the median home price will fall. Watch for this inversely proportional relationship to guess when there might be more to the story than meets the eye.

The median size Belmont home which sold in 2008 was 2095 Sq. Ft. and only 1568 in 2009. The difference of 342 square feet multiplied by the smaller price per square foot median of $488 last year means the adjusted median home value in Belmont this November would be $950,000, or an increase of 4%.

NUMBER OF SALES

The most impressive statistic is the number of sales which at 22 almost tripled from 2008. That speaks volumes as to consumer confidence in the local market. If sales were up because values were dramatically depressed, that would not be nearly as impressive. Of course the artificial interest rates people are enjoying right now are no doubt a contributing factor in the number of buyers who see an opportunity to lock in a home with a 30 year mortgage for under 5%–better move soon if that’s an important factor in your home buying decision.

DOM

The time it took to sell a home is virtually unchanged but it’s interesting to note, after much analysis, that the actual DOM this November was 121, not 39. This is because several of the short sales which took FOREVER to sell (usually because the banks are really bad at getting around to looking at offers) skewed the numbers (see the lower row of adjusted sales).

% Received

The percent a seller received of asking remains as a statistic, virtually unchanged; however this number varies dramatically from home to home.

What’s our take on this?

The Belmont market appears to be stabilizing in a comfort zone where buyers can still get reasonable deals and most sellers still have ample equity.

Call today if you are thinking of a move in 2010!

Belmont-July 2009 Home Sales (by request)

We’re posting the sales for Belmont from back in July at the insistence of one of our readers (thanks for being so patient). We skipped that month since we were so busy ourselves. Quite a few buyers came out of the woodwork in July and we noticed it on one of our listings in San Carlos that had multiple offers. In our estimation, the Peninsula real estate market has not recovered significantly enough to warrant such activity but the low interest rates probably spurred people into action—all at once.

July Belm 2009

At 24, July had the most sales and of any month this year.  The median price was also the highest it has been all year at $926,500. But just look at how many homes sold over a million dollars! There were some very large homes selling which definitely propped up the median price temporarily.  We’ll go out on a limb and say that will probably hold for the remainder of the year—and well into the next; mostly because of the seasonal nature of real estate.

The prices that the sellers accepted were far under what their homes were listed for, indicating some tough negotiations by buyers and capitulating by sellers. Fifteen of the 24 homes sold under asking for on average of $ 43,000 less.

Sales in July were still less than half of what they were just a few years ago when homes were flying off the shelves. Still, it’s nice to see a momentary blip—unless you are a buyer. Speaking of that, if you are a buyer, the best time to buy a home is coming up soon. Don’t start your winter hibernation too soon and miss out on what we expect will be some great deals in December and January.

Belmont Market Report–October 2009

Changes to the Belmont home market seemed to have slowed recently.

Belmont October 2009 

(click the graph for a full sized image) Data retreived from the MLS.


 MEDIAN PRICE

In 2008 the median home price stood at $960,000 in the month of October. This year, it has dropped to $865,000.

Once again the numbers are a bit misleading. The size home which sold last year in October was 150 square feet larger. The adjusted median home price for Belmont this year should be $938,000 which would put the median drop at a paltry 2.2% year over year.

DOM

The sellers in Belmont are still receiving around 99% of their asking price, just that they have to ask a little less this year.

SALES

Sales dropped from September but were almost double what they were last year at this time–reflecting more confidence in the market. Of course this number may be influenced by a mad dash of buyers availing themselves of the $8,000 tax credit.

So far 1.2 million buyers have qualified for the $8,000 tax credit. 40% of those said they would not have considered buying a home without it. 70% said it weighed heavily on their decision to purchase e home. Really? All it takes is an $8,000 credit and people are willing to buy a home?

The graph below shows the sales in Belmont for the month of October 2009. Since homes are sometimes relisted, the total days on market and original list price totals can be skewed. We searched the records and reported the actual data—noted by the green dots in the columns. This helps portray a more accurate picture of the time it takes to sell a home and the price a seller receives. Of the 14 sales in October one sold for asking in ten days. Seven sold for less than asking and were on the market an average of 113 days when they received, on average, ~$14,000 less than their LOWERED asking price. The sellers that appropriately priced their home fared much better, receiving on average $2,000 more than their asking price (we defined pricing a home right when it sells within the first month) and sold on average in only 33.5 says. More money, faster sale, one wold think every seller would try to price their home right.

 

Belmont Home Sales–September 2009

Belmont closed out the month of September with less than a stellar performance. There were 18 sales which is respectable–a couple more than last month–but still shy of even a normal market.

Bel-September 2009

Is this still a Buyer’s market? We think so.

 

 

 

 

(Click on thechart to see an enlarged version).

 

Look at the percent a seller receives of their asking price. Few homes are selling over the asking price and if they are it's usually because the home is deeply discounted in the first place.

Another sign is the time a home languishes on the market, as expressed in Realtor speak as D.O.M. or Days on Market. Currently it stands at 45 days with six of the sales being listed for 3/4 of a year or more. One sale had to of broken the all time record when it finally closed after being on the market 700 days!

The median price took another beating in Belmont as the raw numbers show another 5% decrease over July values. Adjusted for smaller or larger homes selling, that percent is halved, but still, a 2.5% decrease is a downward trend that we hope will soon slow.

Belmont Home Sales — August 2009

August turned out to be a respectable month for Belmont sales with at 16 it was just one sale shy of last year.

Bel Aug Stats

 

 

 

 

 

 

 

 

DOM

You might notice a few oddities in the Days on Market stat. First, our MLS did away with Original Days on market vs. Days on Market as they felt it was simply too confusing. Original Days on market counted from when the home was first listed for sale and the old DOM stat simply kept tract of the most recent listing. Now, the DOM stat is for as long as the home was listed for sale—even with various brokers—with the caveat that if a home was de-listed for more than 30 days it resets to zero.

Percent of Asking

True to form homes that languish on the market received less than their faster selling counterparts. Note that of the ten homes that sold in their first 25 days of being listed did not have to lower their price with six selling on average for $23,000 over their asking and the remaining four for $22,000 under.

Of the six homes that were listed for more than 25 days ALL sold for under their ORIGINAL asking price—on average the seller received $86,000 less or 97% of asking as compared to well priced homes which received 104% of asking (Read was originally listed at $1,125,000 and Arroyo at $769,000 before being re-listed at a lower number that skews the results).

Median Price

The median price of homes selling in August was $837,500 and the median size home sold was 1655 square feet. Last month the median price was $917,000 but the home sold were larger at a median point of 1,860 square feet.

Last year in August the Median price was $947,000 but the size home was also much larger at 2,030.

If you work out the numbers the values really haven't changed much at all over last August, though for the entire year they are down closer to 12%.

The fall selling season is just getting started with another full quarter soon to review. If you are thinking of selling this year now’s the time to take action—the best time is between now and Thanksgiving.