All statistics point to strong housing growth 2021 thus far.
Continue readingPandemic Sees Surge in Housing Need
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.
On a slightly more macro-level, these are the same graphs for the entire san Mateo County.
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.
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.
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?
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.
Can the Bay Area Housing Market Heyday be Over?
The release of the latest Case-Shiller Report could signal a shot across the bow for sellers considering a move.
Though often outperforming, and somewhat insulated from many parts of the U.S., the Bay Area is not immune to fluctuations in the housing market. These most recent statisticsfrom the highly regarded Case-Shiller report (for San Francisco Metropolitan Statistical Area) reveal a four-month downward trend which began in October of 2018, and has continued through the latest reporting period—January of 2019 (the index has a two-month lag in reporting). A downward trend like this has not occurred since before the market began a sustained rebound in March of 2012.
What is the Case-Schiller Report?
The monthly S&P CoreLogic Case-Shiller Home Price Indices uses the “repeat sales method” of index calculation – an approach that is widely recognized as the primary methodology for indexing housing prices – which uses data on properties that have sold at least twice, in order to capture the true appreciated value of each specific sales unit.
Our Metropolitan Statistical Area (MSA), is comprised of home sales in Alameda, Contra Costa, Marin, San Francisco and San Mateo counties.
This study indicates that our MSA home sales index has not endured more than eight consecutive months of declining values since the era of the modern “Great Recession”, which began in December of 2007 and lasted in earnest until June of 2009.
As previously mentioned, this study encompasses several counties—each with varying degrees of volatility, and so while one county may be experiencing a downturn, another county could be resurging. This study may be the best available, but it’s important to remember that real estate is hyper local in the Bay Area, similar to weather-related “micro-climates” that you constantly hear about.
According to this data, the year-over year appreciation in the MSA pool of home sales in January 2019 was a paltry 1.8%. Contrasting that to the same annual period the previous year of 25.8%. (apples to apples). Since this most recent downturn, values have dropped 4.4%.
The Take-Away
Will this downward trend continue? That of course remains to be seen, but to date home sales in our immediate area do not seem to be encountering the same resistance that was prevalent beginning in fall of 2018 and lasting through January of this year.
With that in mind, the bond yield curve inverted last month, which has often been a precursor to a recession. Home prices may have peaked in September of last year, but more recent sales this spring suggest the housing market remains quite robust. This month’s Case-Shiller report, due to be published on April 30th, could be an interesting foretelling of what may be in store for us.
Featured Photograph “Dark Tunnel” by Lisa Lemmons-Powers also available to purchase. Be sure to browse her amazing collection of photography.
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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.
Belmont Gets Hit with Lower Returns
Belmont gets hit with lower returns for sellers this month as the market stall continues in November.
Comparing home sales for the month of November in 2017 to this year, it’s inescapably obvious that there’s been a shift in the market.
This data reflects many homes which actually sold in September, but have only recently closed in November. This market shift has become even more accentuated in October and November, and we expect the coming months data to reflect that.
This market correction has come upon us so quickly, that Standard & Poor’s Case-Shiller study which tracks among other things, the nine bay area county homes sales over time, and amalgamates that date into an index for investors, has yet to show any decline—their findings lag the market by three months.
This Metropolitan Statistical Area (MSA) index often does turn-down in the two months near the end of the year—November and December, only to rebound the following spring. We’re following this indicator closely as we are many others.
2018 TOP DATA AND 2017 LOWER DATA—BELMONT HOME SALES
Key take-ways:
Note that the percentage sellers are receiving of their asking price has dropped from an average of 109% last year to 98% this year during the same period (November).
The time it took to sell a home (DOM) went from 19 last year to 26 this year.
The median price really didn’t change, except that the since homes that sold were a tad bit higher this year, so there was some incremental increase in the median price.
Think it’s time to sell? We say, not now. Wait and see if this is a temporary fluctuation. But get ready now to come out of the gates in February if you want to try and get top dollar.
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. 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 or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.
Housing Stall in 2018 Has Homebuyers on Fence
Wouldn’t it be nice if all market stalls were this pretty?
Welcome to our world, where the new question du jour is “Is there a market crash on the horizon?”, or some equally broad request eliciting a prognostication beyond our worldly abilities. We say, “define horizon?”
In 2017 there was little discussion about the Peninsula housing market and its sustainability. Yet since June of 2018, it’s what everyone seems to be talking about. So, we want to know, what’s really going on?
It never ceases to amaze us how short term the memory is for so many buyers and many agents. We did a blog post in May of 2016 and again in July, about the stall in the market back then. Of course, that too was an election year, and that post is as relevant today as it was back then. Right when everyone thought the sky was falling, after the election and inauguration, the housing market rebounded to where it had left off, bringing on more misery for buyers as multiple offers once again ensued.
But will that happen again? Will the forces of higher interest rates coupled with fewer tax deduction incentives cause a permanent slowdown in the housing market even after the mid-term elections?
We measured the time period between August 1stthrough October 1st to get an accurate read on the current market conditions.
In Belmont, there were 59 new listings in 2017. This year during the same duration there have been three less—at 56. And although we’re hearing buyers and even some agents espouse how many more new listings there are, there are actually fewer in the same period.
In San Mateo, looking a price reductions during this same period, in the Presidential election year of 2016, 24% of sellers lowered their asking price. In 2017 only 9.8% of sellers had to lower their initial asking price, and so far this year, another election year, 26% of sellers have lowered their asking price.
What is changing is the rate of absorption—or how many homes are selling. The Months of Inventory is a measurement of how long it would take to sell the current inventory of homes at the current pace of sales. Nationwide, this number typically stands around 6 months. In Belmont, that number has been below 1 month for most of the year, with a striking anomaly. The inventory stands at 1.3 months now, the same as it was in 2016 & 2017 during the same seasonal window.
In Belmont, during the same period in 2016-2018 the number of homes sales went from 33 in the presidential election year of 2016, to 43 last year in 2017, to 35 this year in the run up to the mid-term elections. That’s a decrease in sales of ~19% YOY, and that’s what is causing higher inventory levels—not the number of new listings.
On a more macro level, home sales in San Mateo County as a whole went from 752 units sold in 2016, to 734 in 2017 and this year 681 sales—an increased slow down each year-over-year.
How are seller’s weathering the storm? In 2017 Belmont homes sellers were receiving on average 112% of their asking price. That number dropped to 110% this year during the same period.
While in 2017, of the sellers who had to lower their asking price, they averaged a downward adjustment of only $89,000, this year that adjustment increased to $190,000—another sign of weakening demand.
How did the prices hold up overall during these two periods?
In 2017 the median price for a home in Belmont averaged $1,660,000 for these two months, while this year they averaged $1,821,000—indicating a 9.7% median home price increase YOY in Belmont.
What’s the take-away?
- Home prices have begun to top out as fewer and fewer buyers can afford the median home price.
- Government intervention in limiting the property tax deduction to only $10,000 per year and capping the mortgage interest deduction to the first $750,000 has a direct bearing on peninsula home values as the average cost to homeowners will now far exceed both of these caps.
- Interest rates continue to creep up which will only further compound the ability of buyers to qualify for a Peninsula home.
- We expect to see a more equilibrium in the market which will be less favorable to sellers while the playing field may finally be leveling.
- Don’t expect prices to drop, but sellers can’t expect to get as many offers for as much over asking as their neighbor did a year ago.
- Then there’s the stock market. We’ll let the experts talk about what’s going on there, but clearly with another huge unknown comes more uncertainty, and we can only imagine there will be further pull-back in the housing sector until the uncertainty wanes.
- With strong job growth, buyers may want to buy now, as if history repeats itself, the Spring market will swing back in the favor of sellers.
Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 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 or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario
1812 El Verano Way, Belmont OPEN SAT & SUN 8/4 & 8/5
1812 El Verano Way, Belmont LISTED FOR $1,598,000
- Remodeled and enhanced with contemporary finishes
- Three generous bedrooms
- Two full taupe-tiled baths
- Rich Oak hardwood flooring
- Owners ensuite with walk-in shower, dual pane windows and recessed lighting
- Freshly updated kitchen with newer sleek modern Samsung® appliances including silent-style dishwasher, five burner gas stove, microwave, stainless basin sink—granite counters
- Large open communal living room with gas insert fireplace, recessed lighting, and new hardwood floors
- New electrical panel
- New front and rear landscaping
- Multiple outdoor dining and entertainment patio areas—grass play area
- Two car attached garage with new modern garage door
- Approximately ~1,220 sq. ft.
- Substantial ~7,102 sq. ft. lot
- Built in 1955– and updated by current owners
- Freshly painted interior with designer colors
- Award winning Belmont schools, near Carlmont High School
- Sought after Central Belmont location, nearby Carlmont Village Shopping Center
- Several blocks from Barrett Park Community Center with its many recreational activities, childcare, dog park and socializing
- 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
1812 El Verano Way, Belmont
HANDSOME REMODELED CALIFORNIA RANCH | COVETED BELMONT HILLS AREA | INCREDIBLE BACKYARD
Designed and constructed by famed engineer and builder, ‘Andy’ Oddstad, this rolling hills location was chosen for its idyllic surroundings and its warmer microclimate—insulated from the cooler western hills exposure–hence the name El Verano, meaning “The Summer”. This post-WWII enclave of modest homes offer spacious lots, wide streets and community friendly sidewalks—rare for Belmont’s rural surroundings.
This single level home resides upon a bluff and enjoys level topography on an oversized lot. The home has undergone extensive enhancements and has been nicely updated with contemporary finishes. New hardwood flooring is throughout the home, along with the generous use of LED recessed lighting.
The nicely updated kitchen features Maple colored soft-close style drawers, granite counters, all new Samsung®stainless appliances including a quiet style dishwasher, five burner gas stove with self-cleaning oven, and French door stainless refrigerator.
Conveniently located in the galley kitchen is a dinette area for casual meals, and the adjacent more formal dining area opens to the spacious living room, augmented by a centerpiece wood burning fireplace, and highlighted by LED recessed lighting. Access to the expansive entertainment patio and newly sodded sunny flat grassy backyard is also available from this room. The amazing rear yard is perfect for evening get-togethers and outdoor enjoyment.
The two-car garage has fresh Shield-Crete epoxy slurry flooring, and new modern roll-up garage door with sidelights and Wi-Fi compatible belt drive Lift Master opener.
It’s coveted location also benefits from its proximity to both downtown areas of Belmont, as well as convenient travel corridors. Located near the Carlmont Village Shopping Center with a variety of retailers, restaurants and popular gathering spots, such as Starbucks, Vivace and Waterdog Tavern with pet friendly outdoor dining. Other businesses include ACE Hardware, and the upscale Lunardi’s Grocery.
For shopping, Hillsdale Mall is a short drive away and is undergoing a complete renovation, with stores such as Nordstrom, Macy’s, Williams-Sonoma, Sephora and Trader Joe’s. Enjoy dining options like Paul Martin’s American Grill, The Cheesecake Factory, California Pizza Kitchen, and The Counter.
Belmont is ideally located on the Peninsula between the Silicon Valley and San Francisco. It’s popular because of its close proximity to major travel arteries—Highways 101, 280, 92. Caltrain and San Francisco International Airport is also conveniently nearby.
Contact us to find out why more people are moving to the Mid-Peninsula. 650-508-1441
Belmont Home Price Increases Slow to a Crawl
In each of our Newsletters we bring you the recent Belmont home sales for the previous month. This time we thought we’d stack up the months of August to the same time last year, so the variance from the previous year is obvious.
The first thing that jumps out at us is that there were 33% fewer sales overall. If we take out the one off-market sale in 2016, the time it took for the homes to sell really didn’t change. Homes are still selling briskly at about 10-14 days on the market—which really is more dependent upon which day the seller elects to hear offers.
There were two homes which underwent a price reduction before selling, and one home that sold for under the seller’s asking price in 2017, and none in 2016. Still, the amount the seller’s received stayed at around 108% of the seller’s asking price.
Since the size of homes which sold in both years was statistically unchanged, the median price difference YOY is very reliable. It shows that homes in Belmont rose on average almost 10% YOY with the median home price rising a modest 5.13 %. Are we near the top of the market? These almost nominal increases would suggest so, though to a buyer, in real dollars, the medium price home in Belmont just went up $75,000.
[CLICK ON THE IMAGE FOR A FULL SIZE RENDERING]
Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 20 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 or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.