Before we head into the winter slow season for home sales, we’ll take a quick look back at Q3 home sales for Belmont, and the larger San Mateo County.
BELMONT & SAN MATEO COUNTY
HOME SALES—
Belmont had 78 new listings in Q3 as compared to 64 last year during the same period, and increase of 18%.
San Mateo County’s inventory of new listings dropped 6% YOY
INVENTORY/SALES—
Ironically, even with more new listings the inventory dropped 21% YOY. Why? Because sales increased 17% eliminating housing inventory.
SMC’S overall inventory also dropped—31% YOY, and sales dropped by 3.4%
DAYS ON MARKET (DOM) —
The time it took to sell a home in Belmont, on average, dropped from 16 days to 14
SMC Days on market dropped from 27 to 23
MEDIAN HOME PRICE
The median home price increased 12.7% YOY for Q3 for closed homes. When we compared the size of the homes selling in the two periods, there was statistically no difference, at 1784 ft² in 2016 and 1,748 ft² in 2017—so we made no adjustment for square footage interfering with the median home price swing. Note that Belmont it an all-time median home price point this October 2017.
San Mateo COUNTY’S MEDIAN HOME PRICE ROSE 9.5% YOY IN Q3
PERCENT RECEIVED
Belmont home seller’s eked out 4.4% more for their homes over their list price than last year during the same period.
In San Mateo County that number went up to 3.7% of asking
WRAP-UP
In every category in regards to home sale activity, Belmont outperformed and outpaced San Mateo County leading speculation that the peak for Belmont home values have not yet been reached.
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.
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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