September 30, 2008

Belmont Housing Activity--Week Ending September 27, 2008 Despite the radical financial news in the headlines people continue to buy homes and move forward with their lives. Belmont’s inventory rose from a three week pattern of 47 listings to 49. New listings accounted for six of those and two more were –re-listed bringing this last week’s total of “new listings” to eight. Pending sales also rose and last week as six homes went into contract. Just three homes sold but in all likelihood that will increase next week as we approach the end of the month. NEW LISTINGS 19 Anita Court—4 Bed 3.5 Bath 1,965 Sq. Ft. home for $1,388,888 Not really on a court at all, in fact the address should have read 19 Anita Avenue—opps. Nicely appointed new construction on two levels. The level rear yard is accessed through the master bedroom, not our favorite design. Views are of the lower San Mateo section of 42nd street but end with San Francisco in the distant background. Open Sunday, 9/28 from 1:30-4:30--Listed By Patricia Gill, Cashin Company 1314 Paloma—3 Bed 3 Bath 2,390 Sq. Ft. home for $ 995,000 Sound too good to be true? Price per square foot this sounds like a deal, and it is if you don’t mind living in a home clinging to a cliff. Nice bay views but don’t expect a large yard for running around. BTW—this last sold in 2005 for $945,000. Open Sunday, 9/28 from 1:30-4:30--Listed By Michael Johnston, Alain Pinel Realtors 100 Newcastle—4 Bed 2.5 Bath 1,760 Sq. Ft....
Belmont--September Housing Statistics Belmont’s housing sales for the month of September are in the books and the less than stellar report is probably not surprising given what you instinctively know. Consumer confidence numbers are indicative of consumer sentiment and consumer confidence, although slightly higher than in August, is at only 59.8—indexed to 1985 when it was at 100. That’s not the whole story though as we predict it will drop once the consumer uncertainty over the seven billion dollar bailout are reflected in October’s numbers. This graph illustrates the correlation between the number of available homes for sale and the number of sales. Although inventory levels remain in check, the number of sales is disturbingly low for the month of September. As you can see by the interactive graph, September sales weren’t even this low in the month following the terrorist attacks on September 11, 2001. The difference of course is that inventory levels are much lower than in 2001 and that alone should help keep values from deteriorating at an unhealthy pace. The median price has held its’ own but one must remember that the median price statistic is the median price of homes which sold, not necessarily what the median price is for Belmont homes. That said the median price rose by $3,000 over the month of August while the median size home sold was considerably smaller—210 feet to be exact. At $527 per square foot that is a significant sign that values are holding relatively firm considering the tumultuous environment...

Drew Morgan

Sponsored by Drew & Christine Morgan"Helping People Make Good Decisions"smReal Estate Sales and ConsultingCarlmont Associates

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