What’s happening in our local market is the number one question we receive so here’s the good the bad and the ugly for May 2009 in Belmont.

The Good

The number of homes sold in creased in May to 15 from April’s paltry 12. Still, compared to 2004 when 32 homes sold there’s not a lot of activity.

The number of days it took to sell a home in Belmont went from 48 in April down to only 37 in May.

Of the 15 sales in May, 5 sold over the asking price, none sold at asking, and 10 sold under the seller’s asking price.

The Bad

Homes which were originally overpriced took a beating.

Overprice Homes	10	Homes Priced Well	5
DOM	76.8	DOM	18.8
Percent Received of Original List Price	89%	Percent Received of Original List Price	101.4%
Real Dollar change	$67,000 less	Real Dollar Change	$5,000 more

 

The number of overpriced homes reaching a factor of 2-1 over well priced homes is indicative of the disconnect between what sellers feel their home is worth as compared to what a buyer will actually pay. It’s clear by looking at the numbers though that the number one mistake a seller can make continues to be overpricing their home.

The Ugly.

The median price in Belmont continued its correction in May.

	May 2009	April 2009	May 2008	May 2007
Median Price	$820000	$775,000	$1,098,750	$1,036,733
* Corrected for size of home	$820,000	$855,000	$952,300	$1,106,533
May Δ in percent		-4.09%	-13.94%	– 25.89%

 

*We endeavor to report the true median price as accurately as possible. In doing so, we must take into consideration if larger or smaller homes are selling in a given period.

 

*Date retrieved form the Multiple Listing Service of San Mateo County.