The homes sale report for April shows a continuing slide in both sales and median price for the Peninsula cities, though we appear to have a lull in the action.
Take the median price of single family homes in San Mateo County for example. In April of 2008 it stood at $925,000. This April that number came in at $610,000–a whopping 34% decrease. Sales have dropped 15% over last year at the same time and 40% off the peak of the market in 2005. Yet every month so far this year the median price has been creeping back up, ever so slightly. Exciting news? Not really. The median price almost without fail creeps up this time of year.
(Click on the image to see a full sized graphic)
For Belmont, April home sales came in at a disappointing 13 for the entire month, a 38% decrease over last year’s more typical 21 sales for the month.
The median price came in at $775,000, considerably off of the $930,000 reported just last April. The size homes which sold last April were only slightly larger–3.7%. Which means that the calculated median home price loss of 16.6% might be closer to only 13%, if that makes anyone feel any better.
And don’t expect to get close to what you are asking. On average in Belmont sellers are receiving only 94.84% of their asking price and it is taking about 33% longer for them to get less for their home. Don’t think that isn’t hurting agents too. Agents who are listing homes for sale are finding it takes longer to sell a home. Longer listing periods can mean thousands more in advertising costs and with values dropping, thousands less in commissions.