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-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.

Peninsula home values continue to slide, but slower.

We thought we'd update this graph depicting the median price in several peninsula cities. Note that while in Q4 of 2007 the median price in Menlo Park was still rising, it had started to fall off dramatically in Daly City. Prices appear to have hit bottom–for now. The real estate landscape has changed so dramatically in the last few years that everything we knew about home values (and recoveries) needs to be reexamined. Could we be in for another double dip? Knowbody knows for for sure–one way of the other. It's safe to say that at some point a recovery will happen and next time it might pay to watch what is going on in other cities. Daly City seems to ge a good barometer as to where the market may he headed…

 

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.

Belmont Week in Review–December 17th 2008

NEW LISTINGS

The holidays are in full swing and you can tell by the deafening silence that Belmont’s housing activity is slower than the holiday deliveries promised by UPS. A very unscientific barometer is our phones are eerily quiet (which is not a bad thing one time of the year) but some ringing other than the Salvation Army’s bells would still be welcome—let’s not jinx anything.

The inventory of homes for sale is at 40—down considerably from just a few weeks ago. Unfortunately it’s not sales that have been driving the numbers lower but rather sellers have thrown in the towel for the year as ten homes were taken off of the market. We just closed escrow on the last two homes we will sell in 2008 and now it’s so quiet that we decided to take a week off from posting homes for sale to take a break and trade the stress of work for the equally demanding stress of preparing for entertaining the family for Christmas. Don’t get me wrong, we love the holidays but it’s non-stop entertaining 24/7 for three days around here.

Our next post about the housing picture will be our year-end wrap-up in early January where we stick our necks out and make foolhardy predictions which can only backfire in today’s economy. Nevertheless we’ll hold true to our word and re-cap last year’s predications (ugh) and try to realistically let you know where we think things are headed in 2009, as well as give the year-end results from one of the most tumultuous real estate years in history.

Stay tuned though as we'll invariably come up with a few fun posts before the year is out.

Until then, Happy Holidays!Christmas Tree

There have been only three new listings in Belmont in the past two weeks.

Debbie 1 Debbie Lane—3 Bed 2 bath 1,800 Sq. Ft. home on a 5,850 Sq. Ft. lot. LISTED for $ 998,000. This is a good solid home at a fair price and located on a small cul-de-sac on Belmont’s eastern hills exposure (than means warmer). It has a usable level rear yard and hopefully you’ll like the small pool or else you can fill it in. It last sold for $740,000 in 2003 during a lull in the market. No OPEN HOUSES listed. Listed By Deborah Mitchell Hawes, Coldwell Banker.

El Camino 820 El Camino Real—5 Bed 3 bath 1,800 Sq. Ft. home. This place has been a rental and really that’s what it should continue to be used for. It offers great tenant parking which of course is very desirable considering the home is on the El Camino. NO OPEN HOUSE LISTED. Listed By H. Craig Thorson, Red Hawk Real Estate Inc.

Yorkshire 418 Yorkshire—3 Bed 1 Bath 1,010 Sq. Ft. home on a 5,000 Sq. Ft. lot. LISTED for $ 577,900. With all of the sales in this area over $600,000 this home is priced to sell. Here’s a perfect well kept home at a discount. This is our BEST DEAL of the week. NO OPEN HOUSES LISTED. Listed By Michael A. Ames, Patriot Properties.

 

No Homes went into a pending status in the last two weeks.

 

SOLD HOMES

 

Well, sold home actually.

 

Fairway ↔1636 Fairway Drive 3 Bed 1.5 Bath 1,720 Sq. Ft. home on a 6,000 Sq. Ft. USABLE lot. LISTED for

$799,000 and sold in 33 days for $799,000. This home has potential but also needed a lot of work. Located on the site of the old golf course in Belmont and an appropriately named (and desirable) street.

 

Belmont Housing Review–August 2008

August, 2008

The data for the summer months suggests Belmont’s housing sector may be near or at the bottom for any market corrections though the picture outside the mid-peninsula remains uncertain. Belmont is a micro-market and we take this position not because all of the data points to positive market indicators, but rather the data points are all in flux. Arrow_ride_2

Taken as a whole, the sumer wasn’t bad to Belmont sellers at all. But like we’ve said before, it’s extremely hard to telll how bad a storm will be when you are in the middle of one; but all storms do pass and we’re getting a glimpse of daylight in our numbers. Whichever is the case– whether we are near the bottom or passed it–we’re all along for the ride, for better or for worse.

Instability in these critical numbers such as the amount a seller receives of their asking price, the median price compared to the size homes actually sold month-over-month is indicative of a market in change. In other words there is no real direction in which all the numbers point—whether it’s a buyer or seller’s market.

Belmont_aug_2008 ←Click on the spreadsheet for a larger size.

↓The number of sales in August fell to only 17 after posting a year high of 25 in July (there were 22 last year at this time). Though sales were down 32%, there were also 22% fewer homes to sell.

↑The median price however rose to $947,000 from $890,000 in July. In August last year the median price was $988,500. See our post on the median price correlation and the size of homes selling to put these wild fluctuations in perspective.

↓The time it took to sell a home went from 14 days in July to 41 in August. That’s a strong indicator that the slow summer months liquidated some old inventory; remember most of July’s sales were consummated in May and June.

↓The amount the seller received of their asking price dropped a whopping 7% from 98.37% in July to 91% in August and dropped 11% over last year when it stood at 102%. This statistic is understandable when homes are selling in 41 days instead of 14 as they did last month. Homes which are overpriced and languish on the market tend to sell way under what they should, but we’ll save that for our next post. Still, you can’t help but compare this to last year’s performance and give it a big red arrow.

This fall we expect sales will pick up a bit from August but still remain under last year’s numbers. This winter could be relatively quiet but we expect next spring to determine the fate of the local market into 2009.

Data extracted from the Multiple Listing Serice for San Mateo County.

The information contained in this postis 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.

Belmont Housing Activity–Week Ending August 30th 2008

Belmont had a relatively busy week with 6 new listings, 4 homes went pending and 7 that closed escrow. That brings Belmont inventory of homes for sale to 47, up just slightly from last week.

Be sure and check back in around Thursday as the month’s totals will be in for an interesting perspective on the summer market and the overall recovery of the housing sector.

NEW LISTINGS

Davey 523 Davey Glen Rd 4 Bed/3 Bath 2,114 Sq Ft Home LISTED for $1,165,000

2422 Hastings 3 Bed/ 2.5 Bath 2,250 Sq Ft Attached Home LISTED for $1,038,000. This home is slated for tour on Sept 2nd and won’t even be open until September 9th from 2:00-4:30

19009_lyon 1909 Lyon 3 Bed 2.5 Bath 1,600 Sq. Ft. home LISTED for $912,000 OPEN HOUSE 8/31 1:00-4:00. Again. It won’t be toured with agents until Sept. 2nd.

2014_lyon 2014 Lyon 2 Bed/2 Bath 1,761 Sq Ft Home First agent tour Sept. 2nd OPEN SUNDAY 8/31 from 1:30-4:30

14 Arroyo View Circle 2.151 Sq Ft ATTACHED home Associaiton fees are $330/month. This is a nice complex though the fees are a tad bit high. OPEN SUNDAY 8/31 1:00-4:00

512 Alameda de Las Pulgas 2 Beds/ 1 Bath 1,230 Sq Ft home. Don’t let the busy address fool you. This home sits back on a quiet private drive off of the Alameda. LISTED for $804,000. No open house mentioned.

As you can see most of these are slated for agent tour on Tuesday, September 2nd so we haven’t even seen many of them yet. If you want early access or like any of these homes give us a call and we’ll help you out on any of these.

Homes that Closed Escrow (SOLD)

↓2 Lyndhurst Court 4 Bed 2/Bath 2,030 Sq Ft home LISTED for $ 1,125,000 SOLD for $1,100,000 in 166 Days.  This is a bit misleading in that this home was originally listed at $1,300,000. Once it finally was lowered to $1,125,000 it sold in two weeks.

Carlmont2 ↑2604 Carlmont Drive 3 Bed 2.5 Baths 2.070 Sq Ft home LISTED for $ 999,995 SOLD for $1,010,000 in 110 days. Here’s another one—how does a home that is on the market for 110 days gets over the asking price? Because it was lowered from $1,118,000 to $995,000; the market determined it was worth slightly higher than the price adjustment and was bid back up to $ 1,010,000. It really sold in four days after it was lowered.

↔2622 Monte Cresta Drive 4 Bed/3 Bath 2,190 Sq Ft Home LISTED for $ 999,000 SOLD for $ 999,000 in 66 days.

↓2015 Arbor Ave. 2 bed/ 1 bath 960 sq ft home LISTED for $749,000 SOLD for $740,000 in 30 days.

This home gives one a good idea what starter homes in the Belmont Hills go for.

↑2818 San Ardo 3 Bed/2 Bath 1,420 Sq Ft. Home LISTED for $ 725,000 SOLD for $751,000 in 4 days.

This was our Best Deal pick when it hit the market and sure enough it sold over the asking price.

↑2736 Monserat 3 Bed 2/Bath 1,190 Sq Ft Home LISTED for $701,910 SOLD for $726,000 in 89 days

Once again a home sits on the market for 89 days and sell over asking? It started at $799,000 and was lowered to $710,910 where it received an offer in two days and closed higher for $726,000.

↓14 Meadow Park Circle 2 Bed/2 Bath 1.270 Sq. Ft. Townhomes LISTED for $699,000 SOLD for $640,000 in 37 days

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.