Belmont’s Housing Activity–Week ending 8.08.08

Belmont Housing Activity                             Δ from prior week

New listings                                        3              ↓

Homes that went pending                   2              ↓

Homes that closed escrow                  1              ↓

Total Inventory                                  45             ↑

Only two homes received an offer last week and went pending, three new listings hit the market, and with only one sale the inventory rose slightly. Most closings are scheduled for the end of the month and there are currently have 15 set to close by then.

NEW LISTINGS

2503 Read Ave., Belmont 2 Bed/ 2 Bath 950 Sq. Ft. for $799,000.

2818 San Ardo Way, Belmont 3 Bed/ 2 Bath 1420 Sq. Ft. home for $725,000 * Our Belmont’s Best Deal pick of the week! OPEN SAT & SUN 8/9th & 10th from 2:00-4:00

San_ardo

807 Ruth Ave., Belmont 2 Beds/ 1 Bath 1,40 Sq. Ft. home for $719,000

SOLD HOMES

3614 Hillcrest 5 beds/3 baths 2840 Sq. Ft. sold for $850,000.

This home was simply entered for a comp. I’m not sure why because it’s a bad one at that. It never hit the market and apparently was a real contractor’s special.

MorganHomes.com

Information deemed reliable but not guaranteed.

The week ending August 8th of 2008 may have been the luckiest date in this decade but seller’s who wanted to move weren’t quite so fortunate. The Belmont housing activity was rather slow this past week.

Peninsula Home Values in the Bay Area

We’re testing out some fun fusion style charts for our blog page so we thought we’d throw this chart out to show the median price trends in various Peninsula cities as compared to San Mateo county as a whole. When a housing market adjustment happens, the old saying location, location, location (being the three most important things in real estate), takes on a whole new meaning. It’s not just about living in a nice place, it becomes also about living in an area where the prices are more stable.

Belmont Housing Activity-Week ending July 17, 2008

Belmont–New Listings & Sales

With 47 Active listings Belmont’s inventory is holding steady. Last week saw five new listings—five more than last week. Another seven homes went pending and 11 closed escrow. Here’s a quick summary:

Pine Knoll is a secluded street atop a knoll in one of Belmont older neighborhoods. This is a cute home which was originally a small summer cabin. In fact, it still is a small cabin and needs to be totally redone in order to make a real house out of it. One gets a sense of the fun summer vacations which were no doubt had at this location.

1504 PINE KNOLL DR, Belmont 94002 (Belmont)
$899,000 Beds: 2 bed(s) Baths: 1 bath(s)

DOM: 5  CDOM: 5   MLS: 80821315 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

2 / 1

SqFt:

1,330

Yr Built / Age:

1932 / 76 years

Assoc Fee:

Lot:

11,076 sq ft

Pricing/Dates

List Price:

$899,000

Sale Price:

Sale Date:

COE Date:

OffMktDate:

Excellent Locationg on Culdesac street. Unbelievable views of the Bay. Large 11k lot with huge potential to expand or build. Current structure is over 1300 squ ft and has a full unfinished basement. Large family roome with Oak hardwood floors. Build your dream home with Panaramic Views of the entire bay area!!!!!

Listed By Brendan Royer, Cashin Company

This home on East Laurel Creek made our best deal of the week list for price and value. It’s nestled down in the canyon and feels more like a home in Tahoe than the suburbs.

3224 E LAUREL CREEK RD, Belmont 94002 (Belmont)
$768,500 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 5  CDOM: 5   MLS: 80821373 

East

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,700

Yr Built / Age:

1971 / 37 years

Assoc Fee:

Lot:

5,650 sq ft

Pricing/Dates

List Price:

$768,500

Sale Price:

Sale Date:

COE Date:

OffMktDate:

Open Sat 7/19 1-4pm & Sun 7/20 1-3pm ~ Tahoe Style Chalet. Creek across the street so views are beautiful!! Beamed ceilings! Roof replaced! Huge windows with gorgeous woodsy setting!! 3 car parking! Updated baths!! Open kitchen! Big rooms lots of sqft!!! Huge family room! Big decks to entertain!

Listed By Laura Bertolacci, RE/MAX Today

Ridgewood Court is a cul-de-sac off of Hastings and these homes are all attached. Seems a little overpriced to us.

5 RIDGEWOOD CT, Belmont 94002 (Belmont)
$1,028,000 Beds: 4 bed(s) Baths: 2 1/2 bath(s)

DOM: 2  CDOM: 2   MLS: 80822165 

Ridge_2 

Property Overview

Attached Single Family (Class 1)

Bed/Bath:

4 / 2 1/2

SqFt:

2,280

Yr Built / Age:

1977 / 31 years

Assoc Fee:

Lot:

3,675 sq ft

Pricing/Dates

List Price:

$1,028,000

Sale Price:

Sale Date:

COE Date:

OffMktDate:

This home has been completely remodeled with quality materials and fine finishes. Dual pane windows throughout, Granite kitchen counters, fine birch cabinets, Brazilian cherry wood floors, tiled bathrooms, recessed lighting, crown moldings, tall baseboards, new rear yard fence and recently painted exterior.

Listed By George Chopoff, RE/MAX Star Properties

This home is so new on the market even we aren’t going to see it until nest Tueday’s tour. It’s open Sunday, July 20th  1:30-4:30 if you want to go by.

1400 ARDEN LN, Belmont 94002 (Belmont)
$975,000 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 1  CDOM: 1   MLS: 80822410 

Arden 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,730

Yr Built / Age:

1959 / 49 years

Assoc Fee:

Lot:

10,660 sq ft

Pricing/Dates

List Price:

$975,000

Sale Price:

Sale Date:

COE Date:

OffMktDate:

New Listing! This irresistible sunfilled immaculately maintained private California ranch home offers 3BD/2BA/FM, Formal LR & DR, 2 fireplaces, beautiful random plank hardwood floors, laundry rm and 2 car garage with extra storage.Peaceful retreat with views of the courtyard, decking, and patios can be seen from almost every room. Close proximity to commute routes, CalTrain, & trendy cafes.

Listed By Joan Tosetti, Alain Pinel Realtors

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 **

Waterloo is in the Belcrest Gardens—Hallmark Area—of Belmont. This one backs up to the open space watershed preserve. A little windy but nice views!

26 WATERLOO CT, Belmont 94002 (Belmont)
$1,550,000 Beds: 6+ bed(s) Baths: 2 1/2 bath(s)

DOM: 1  CDOM: 1   MLS: 80822427 

Waterloo_2

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

6+ / 2 1/2

SqFt:

2,750

Yr Built / Age:

1970 / 38 years

Assoc Fee:

Lot:

10,990 sq ft

Pricing/Dates

List Price:

$1,550,000

Sale Price:

Sale Date:

COE Date:

OffMktDate:

6 BEDROOM HOME IN HALLMARK AREA OF BELMONT. BACKYARD ADJACENT TO (SF WATERSHED) FABULOUS VIEWS OF WESTERN HILLS. DIRECT ACCESS TO TRAILS AND PARKS. PARTIAL VIEWS OF BAY. UPGRADED KITCHEN AND BATHS, THIS HOME HAS IT ALL. LOCATION, VIEWS, SPACE & CUL-DE-SAC!

Listed By Nathalie D.S.A, Coldwell Banker-Menlo Park-El Camino

The list below is for homes that closed escrow last week.

2761 YOSEMITE DR, Belmont 94002 (Belmont)
$955,000 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 8  CDOM: 28   MLS: 80813267 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,410

Yr Built / Age:

1957 / 51 years

Assoc Fee:

Lot:

6,000 sq ft

Pricing/Dates

List Price:

$974,500

Sale Price:

$955,000

Sale Date:

06/12/2008

COE Date:

07/11/2008

OffMktDate:

Dramatic Rancher in Immaculate Condition! Move-in Condition w/Open Great Room and Sheltered Backyard. Convenient location w/Fox Elementary School! Surround Sound included! Oversized 2 Car Garage plus Closets Galore!Beautiful Hardwood Floors, Soaring Ceilings, Recessed Lights, Double pane Windows & New Roof! Easy Living Here!

 

3406 LODGE DR, Belmont 94002 (Belmont)
$915,000 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 16  CDOM: 16   MLS: 80809314 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,790

Yr Built / Age:

1960 / 48 years

Assoc Fee:

Lot:

4,500 sq ft

Pricing/Dates

List Price:

$898,888

Sale Price:

$915,000

Sale Date:

06/01/2008

COE Date:

07/11/2008

OffMktDate:

07/12/2008

Back on the market! You get a second chance! This wonderful home boast newly refinished hardwood floors, an eat in kitchen with granite counters, vaulted ceilings, family room, interior just painted. Family room on the lower level leads to the patio. Some bay views from the master bedroom. At this price, this won’t last long! Hurry!

 

1923 BAYVIEW AV, Belmont 94002 (Belmont)
$940,000 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 19  CDOM: 19   MLS: 80810297 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,810

Yr Built / Age:

1956 / 52 years

Assoc Fee:

Lot:

4,000 sq ft

Pricing/Dates

List Price:

$949,000

Sale Price:

$940,000

Sale Date:

06/09/2008

COE Date:

07/11/2008

OffMktDate:

New Cherry hardwood floors in the main floor level, kitchen, bedrooms ect Great view off the deck looking out toward Stanford. lower level can be used as bedrooms, familyroom and bedroom, many choices. New driveway and fences. Full grown Redwwod tree at the front of house.

 

802 HILLER ST, Belmont 94002 (Belmont)
$660,000 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 32  CDOM: 32   MLS: 80810405 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,150

Yr Built / Age:

1952 / 56 years

Assoc Fee:

Lot:

7,300 sq ft

Pricing/Dates

List Price:

$699,999

Sale Price:

$660,000

Sale Date:

06/23/2008

COE Date:

07/10/2008

OffMktDate:

3BR/2BA, 1150+/-SF, LR/DR COMBO, GARAGE CONVERTED TO FAMILY ROOM, LARGE STORAGE SHED ON SIDE OF HOUSE THAT CAN ACCOMODATE A CAR, HEATED POOL, FENCED YARD, CONVENIENT LOCATION CLOSE TO SCHOOL, SHOPPING, TRANSPORTAION AND HWY 101.

 

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 **

2323 CORONET BL, Belmont 94002 (Belmont)
$1,025,000 Beds: 3 bed(s) Baths: 2 1/2 bath(s)

DOM: 21  CDOM: 21   MLS: 80812139 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2 1/2

SqFt:

1,820

Yr Built / Age:

1977 / 31 years

Assoc Fee:

Lot:

6,200 sq ft

Pricing/Dates

List Price:

$1,077,000

Sale Price:

$1,025,000

Sale Date:

06/20/2008

COE Date:

07/11/2008

OffMktDate:

This sunny, bright and airy contemporary home has been carefully updated with an attention to European design and modern architecture. Providing peaceful privacy galore, the house is nestled away from the street, surrounded by mature oak, pine and redwood trees. Two-story gallery windows bring the outside in and offer breathtaking unobstructed views of the bay and peninsula hills.

 

412 HILLER ST, Belmont 94002 (Belmont)
$660,000 Beds: 3 bed(s) Baths: 1 bath(s)

DOM: 28  CDOM: 28   MLS: 80809737 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 1

SqFt:

1,010

Yr Built / Age:

1953 / 55 years

Assoc Fee:

Lot:

5,000 sq ft

Pricing/Dates

List Price:

$718,000

Sale Price:

$660,000

Sale Date:

06/16/2008

COE Date:

07/16/2008

OffMktDate:

Home sweet home – This is a sweet one! 3/1 in Sterling Downs. Great value in Belmont, in great location close to freeways 101 & 92. Great schools. Kitchen with skylights, new interior paint and carpet, double pane windows, surround sound in each bedroom.

 

508 ALAMEDA DE LAS PULGAS, Belmont 94002 (Belmont)
$890,000 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 46  CDOM: 46   MLS: 80808120 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,570

Yr Built / Age:

1947 / 61 years

Assoc Fee:

Lot:

8,200 sq ft

Pricing/Dates

List Price:

$969,000

Sale Price:

$890,000

Sale Date:

06/27/2008

COE Date:

07/18/2008

OffMktDate:

Remodeled Home featuring Old World Charm on an 8,200sf lush landscaped level lot in the lower Belmont Hills! Three bedrooms and two baths, Gourmet kitchen has granite counters and designer cabinetry, plus modern gas range and appliances. Romantic Master Bedroom features cozy fireplace and vaulted beamed ceilings. Fireplace in LR and Separate Dining Room feature craftsman style beamed ceilings.

 

68 EDGEWOOD PL, Belmont 94002 (Belmont)
$910,000 Beds: 3 bed(s) Baths: 2 1/2 bath(s)

DOM: 14  CDOM: 14   MLS: 80811434 

Property Overview

Attached Single Family (Class 1)

Bed/Bath:

3 / 2 1/2

SqFt:

2,090

Yr Built / Age:

2003 / 5 years

Assoc Fee:

$173

Lot:

2,030 sq ft

Pricing/Dates

List Price:

$949,000

Sale Price:

$910,000

Sale Date:

06/11/2008

COE Date:

07/03/2008

OffMktDate:

Exclusive Ross Woods home with spectacular bay views. Three bedrooms, 2.5 baths, formal living room, formal dining room, family kitchen, soaring ceilings, and walls of glass doors and windows let in tons of natural light. A beautiful home for the discriminating buyer who does not want a yard to maintain.

 

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 **

3425 LODGE DR, Belmont 94002 (Belmont)
$945,000 Beds: 3 bed(s) Baths: 3 bath(s)

DOM: 11  CDOM: 11   MLS: 80812113 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 3

SqFt:

1,800

Yr Built / Age:

1974 / 34 years

Assoc Fee:

Lot:

3,900 sq ft

Pricing/Dates

List Price:

$949,000

Sale Price:

$945,000

Sale Date:

06/10/2008

COE Date:

07/15/2008

OffMktDate:

Ablsolutely gorgeous! Come by & see for yourself. This home had been updated w/loving care. 3BR/3 full BA’s. Remodeled eat-in kit w/granite countertops, maple cabs & stainless steel appl opens to fam rm w/sliding doors & access to rear level yd. LR/DR with lge bay window & gas fireplace. Bonus room off 3rd BR great for office or playroom. Double pane wndws thruout. Central heat & air w/2 zones.

 

1502 WINDING WY, Belmont 94002 (Belmont)
$769,000 Beds: 3 bed(s) Baths: 2 bath(s)

DOM: 2  CDOM: 2   MLS: 80816411 

Property Overview

Detached Single Family (Class 1)

Bed/Bath:

3 / 2

SqFt:

1,290

Yr Built / Age:

1958 / 50 years

Assoc Fee:

Lot:

6,000 sq ft

Pricing/Dates

List Price:

$769,000

Sale Price:

$769,000

Sale Date:

06/21/2008

COE Date:

07/23/2008

OffMktDate:

Beautiful bay views, family room off kitchen, fireplace in living room and family room, large deck off family room, attached two-car garage with workshop area and plenty of storage.

 

52 HERITAGE CT, Belmont 94002 (Belmont)
$900,000 Beds: 3 bed(s) Baths: 2 1/2 bath(s)

DOM: 15  CDOM: 61   MLS: 80817085 

Property Overview

Attached Single Family (Class 1)

Bed/Bath:

3 / 2 1/2

SqFt:

1,910

Yr Built / Age:

1972 / 36 years

Assoc Fee:

$375

Lot:

1,656 sq ft

Pricing/Dates

List Price:

$949,950

Sale Price:

$900,000

Sale Date:

07/08/2008

COE Date:

07/17/2008

OffMktDate:

LOCATED ON TREE FILLED CULDESAC.UNOBSTRUCTED,PANO VIEWS! WALL/WALL WINDOWS! FORML ENTRY, SPACIOUS FAM RM, OFFIC,DEN,. LR W/MANTLED GRANITE FRPLC,MEDIA ALCOVE & 54WINE BOTTLE STORAGE. UPDT KIT W/COFERRED CEILING.MSTR BA W/OVERSIZD GRANITE TILE SHOWER. 3 DECKS, PATIO HDWD FLRS,CUSTM WALL COL0RS,CRWN MOLDING,MANY AMENITIES! THE TOPPER IS HEATED FLOORS IN THE MASTERBATH.

 

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 Sales (Closings)–Week ending July 10, 2008

With 46 homes for sale, Belmont’s inventory is down this week. Twenty six more have a pending sale. Part of the reason the inventory is low this week is the number of new listings was ZERO. That’s very unusual for the summer market.

Seven homes went into a pending sale status last week (all but one was under a million dollars) and another six homes closed escrow–two from our Carlmont Associates Brokerage (see below). One of our picks for the “Best Deal of the Week” on Carmelita closed escrow for $710,000–$11,000 over asking.

Belmont Closings–Week ending July 10, 2008

H1

2000 MONROE AV
Detached Single Family (Class 1)

3 bed(s) /2 1/2 bath(s)

3,920 sq ft 

Belmont (Belmont) 

$998,888

MLS: 80809927

H3

2503 CARMELITA AV
Detached Single Family (Class 1)

2 bed(s) /1 bath(s)

5,829 sq ft 

Belmont (Belmont) 

$699,000

MLS: 80809521

108 NORTHAMPTON LN
Detached Single Family (Class 1)

3 bed(s) /2 1/2 bath(s)

3,077 sq ft 

Belmont (Belmont) 

$875,000

MLS: 80810653

H2

1850 ALDEN ST
Detached Single Family (Class 1)

2 bed(s) /1 bath(s)

5,200 sq ft 

Belmont (Belmont) 

$798,800

MLS: 80813453

1836 EL VERANO WY
Detached Single Family (Class 1)

3 bed(s) /2 bath(s)

6,864 sq ft 

Belmont (Belmont) 

$799,999

MLS: 80814548

1500 EL VERANO WY
Detached Single Family (Class 1)

4 bed(s) /3 bath(s)

12,580 sq ft 

Belmont (Belmont) 

$1,325,000

MLS: 80804800

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

Redwood City Homes–A sign of market stabilization?

↑Redwood City’s housing market looked slightly more stable in June than in recent months. The median price rose to $862,944, a 5.3% increase over May. That’s still down from just a year ago when the median home price stood at $945,000.

↑The month’s supply of homes—the number of months it would take to liquidate all existing inventory at the current rate of sales—dropped to only 4.3 months from 5.3 in May. A year ago the supply was a paltry 2.3 months indicating a strong seller’s market last year.

↑The month’s supply of homes dropped because sales picked up. June is typically the biggest month for closings—generally from sales generated in May. June saw 52 homes closing escrow while in May there were only 42, and 68 for this time a year ago.

↑The percent a seller can expect to receive of their asking price was up slightly to 98.6%, still under last year’s 101.2% and it continues to take twice as long to sell a home. Homes stayed on the market on average for 52 days in June of this year as compared to only 24 days last year.

↓Inventory, or the number of available homes for sale, continues to be a driving factor in impacting how long a home takes to sell and what the seller receives. Inventory levels in June of 2008 are nearly 40% higher than a year ago. Large inventories are an indication that home values will remain soft.

(Click on the picture for a full size view)Rwc_inventory_june_2008

↑= a growth indicator

↓= a retraction in housing

↔= virtually no change

↗= possible housing growth indicator

↘=minor housing retraction indicator

*source San Mateo County Multiple Listing Service. © MorganHomes.com 2008—all rights reserved.

Peninsula Real Estate-A Market Update 7/8/2008

San Mateo County posted some interesting numbers for June 2008. Looking at the entire county is valuable since it’s a large market representation. In other words, small market sample idiosyncrasies have less impact in skewing the numbers. That said, San Mateo County also is comprised of radically varying micro-markets and therefore the overall numbers do not reflect any one particular city’s true performance.

For example, while San Mateo County’s median home price rose 11.8% in June of 2008 over the prior month of May, in Menlo Park the median price rose 28% while in Daly City it dropped 5.6%. Compared to June of 2007 it’s still down 12% for the county as a whole. So while some areas continue to see appreciation and growth, other areas are dragging down the numbers. Of course another way to look at it is areas like Menlo Park are artificially propping up the drastic drops in areas such as Daly City.

This graph illustrates the huge difference in local markets located within a few short miles of each other. Chances are if you don’t live in either of these two cities, the statistics for your city fall somewhere in between.

Mp_dc_2008

Median price comparison for Menlo Park and Daly City dating back six quarters. Source Multiple Listing Service San Mateo County. ©2008 Drew Morgan all rights reserved.

Belmont Market Report-June 2008

Not that you have to worry about reading it in the print media anytime soon, but just to give you a head’s up the reported median price for Belmont in June fell from $1,098,750 in May to $892,500  or 18.7% in June. Of course we’re here to put that stunning decline in perspective.

Smaller homes sold in June as compared to May skewing the median price as smaller homes tend to sell for less. The median size home in June was a whopping 390 square feet smaller than in May. At the going rate of $530.00 per square foot that accounts for $206,700 of price differential. Accounting for this, the adjusted median price for June would be $1,099,200—statistically unchanged.

(Click on the graph for a full-size view)

June_2008_belmont_sales

↑Sale were up slightly as there were 20 sales in June compared to 17 in May

↔The number of homes selling at or above asking stack up like this:

May 2008

June 2008

Δ

Sold Over Asking

5

4

-1

Sold at Asking

1

3

+2

Sold Under Asking

11

13

+2

In Summer, homes historically sell for less in Belmont in terms of the seller’s asking price so we’re scoring this as essentially no market indicator one way or another.

With half of the year over and behind us there’s not been a huge change in values despite the mortgage woes and higher than typical inventory. Foreclosures have had little impact on Belmont’s home values as the lending practices which gave rise to the current state of affairs in many areas of the country simply didn’t apply to Belmont’s more expensive median price point.

The question becomes not when will the market recover but when will it hit bottom. Our intuition tells us that the market will languish at the bottom for awhile before any appreciable median price increases take place. Of course it’s entirely possible we are already at the bottom, or that the bottom has passed—only time will tell. But Belmont’s market indicators seem to be suggesting that we are in a housing lull and perhaps what was going to happen to our market already did.

*One note on the above chart. The home on South Road sold but with a lease option. We estimated the selling price to complete the statistics since the monthly lease payment was recored in MLS, not the actual agreed upon purchase option price.

Full market reports are available by the tenth of each month at MorganHomes.com

If you are willing to commute a little housing relief is in sight

On the Bay Area Peninsula, the housing values have remained fairly stable with low foreclosure rates and local job growth. But there are still relatively good deals to be had. One needs only to venture north to the upper end of the Peninsula–cities like San Bruno, South San Francisco and Daly City–to see the drastic discrepancy in the markets. For example, on the southern end of the Peninsula, in Palo Alto for instance, the median price has continued to rise slowly, while in Daly City the values have reached levels which pre-date the run-up in 2005. Of course living in Palo Alto has its benefits—not the least of which is a housing market well insulated from wild fluctuations, but it takes money to make money. Notice that the median home price in Palo Alto is more than double that of Daly City.

If you want more information on housing trends ro where to find opportunities in the current market, sign-up for our email alerts or call us at (650) 508-1441

Pa_qrtr_1_20052008

Daly_city_qrtr_1_20042008

Belmont homes sales continue to outpace California

Belmont_may_2008While reports of drastic median price drops continue in the media, isolated areas which are less impacted receive little or no attention. At some point one might wonder why the news isn’t about areas that are not as impacted—why are prices holding up so well when other areas are suffering the greatest set back in years. But those turning to the mass media are clearly missing the whole story. This week, on June 1st, the Open Homes Guide section of the Sunday edition of the San Francisco Chronicle ran the home price closings—for April!

Forget about the fact that they are typically 1 to 1.5 months behind the market, they dutifully report the numbers without analysis or professional perspective.

May home sales statistics for Belmont are in and while there are no real surprises, that may be the best news yet.

↑At 17, there were four fewer Belmont home sales in May than April. Year over year (adjusted for seasonal selling patterns) there is no change over 2007. In 2006 there were 21 sales in May and at the height of the market in 2005 there were 29. Considering what the rest of the state is going through, we consider this a positive indicator for home values.

↓Of the 17 sales five homes sold over asking, one sold at the asking price and 11 sold under the seller’s asking price. That’s not as strong as last month where nine homes sold over and 10 sold under while two sold at asking price.

↗The average home which sold over asking sold for $61,000 over the seller’s asking price in seven days. The one home that sold at the seller’s asking price sold in one day. Of the 11 homes that sold under asking, those had been on the market an average of 89 days and sold for on average $30,500 less than the asking price. Contrasted to April where the average home sold for $31,000 over asking in 18 days, this is a relatively good sign and clearly one more indicator that seller’s should hire a local professional to assist them in pricing their home right.

↗The median price was $1,098,000 in May. Just last month it was only $930,000. The median size home sold in April was 211 Sq. Ft. smaller than in May. At current going rate of $ 574 per square foot, that adds another $121,000 onto April’s median home price, or conversely, subtracting that from May’s median home price (which is closer to the actual median home size in Belmont), we arrive at an adjusted median home value of $977,000 for May—statistically no change over April’s. Nevertheless, no change is welcome and to have even a slight indication of price stabilization at this point is a positive market indicator.

Sign-up for our local newsletter and receive an email alert and link around the tenth of each month to our detailed graphs for Peninsula cities.

↔Unchanged

↑Positive market force

↓Negative market force

↗↙Probable trend upward or downward

(Click on the spreadsheet for a full size image)

San Carlos is in for a thrashing

If the media gets a hold of the median price changes in San Carlos they’ll be sure to spew more aspersions on the local housing market. According to the data reported in the MLS for San Mateo County, San Carlos’s median home price fell from $1,199,000 in March 2008 to $915,000 in April. If true, that would mean a drop in value of over $284,000 or 24% in one month!

But alas, homeowners need not listen to the media reports since they will invariably not account for the fact that the median size home which sold in April was a whopping 395 square feet smaller—accounting for approximately $252,000 in the adjusted median home price.

As always, full statistical data is available on our web page at Morganhomes.com and we frequently discuss housing market trends on the peninsula on our blog page, BeautifulMountainBlog.org