Beautiful Mountain Blog of Belmont

Belmont Homes Sales - May 2009

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.

Market Report--Belmont Home Sales April 2009

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.

Click here to see April sales report for surrounding cities.

Belmont Housing Report--March 2009

The home sales are in for Belmont for the month of March 2009 and they exhibit all the indications of a continuing declining market. We wrote a short post on what the numbers mean when compared to the same period just a few years back.

 

 

 

 

 

 

 

This is the same period just twoyears ago...