belmont market reports: Peninsula Home Vales - then and now... - 01/10/10 05:12 PM
What happened in 2009 and what might be in store for 2010?
THE PAST
The median price in San Mateo County ended the year at $678,750 which is a dramatic drop from 2008’s year-end median price of $795,000. It continued to drop precipitously throughout the beginning of 2009, though it appears that January of 2009 was its lowest level when the median price reached $553,750—the median price has not been that low since 2000.
It wasn’t until April of 2009 that the median price reached the $600,000’s and the last four month have seen small but steady increases culminating in … (0 comments)
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belmont market reports: Peninsula Homes Values Continue to slide - 01/10/10 05:10 PM
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belmont market reports: July Belmont Stats (per Request) - 01/10/10 05:07 PM
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.
At 24, July had the most sales and of any month … (0 comments)
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belmont market reports: Belmont--September 2009 Home Sales - 10/12/09 12:45 PM
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.
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 … (0 comments)
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belmont market reports: Belmont Market Report-June 2008 - 07/02/08 12:00 PM
Not that you have to worry about reading it in the print media anytime soon, but just to give you a head's up the reported median price for Belmont in June fell from $1,098,750 in May to $892,500 or 18.7% in June. Of course we're here to put that stunning decline in perspective.
Smaller homes sold in June as compared to May skewing the median price as smaller homes tend to sell for less. The median size home in June was a whopping 390 square feet smaller than in May. At the going rate of $530.00 per square foot that accounts … (0 comments)
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belmont market reports: Belmont Homes Sales Continue to Outpace California - 06/03/08 06:51 PM
While reports of drastic median price drops continue in the media, isolated areas which are less impacted receive little or no attention. At some point the news should be about areas that are not impacted-why are prices holding up so well when other areas are suffering the greatest set back in years. But those turning to the mass media are clearly missing the whole story. This week, on June 1st, the Open Homes Guide section of the Sunday edition of the San Francisco Chronicle ran the home price closings-for April!
Forget about the fact that they are typically 1 to 1.5 … (0 comments)
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belmont market reports: Belmont Housing Market Report--May 2008 - 06/03/08 06:49 PM
May home sales statistics for Belmont are in and while there are no real surprises, that may be the best news yet.
↑At 17, there were four fewer Belmont home sales in May than April. Year over year (adjusted for seasonal selling patterns) there is no change over 2007. In 2006 there were 21 sales in May and at the height of the market in 2005 there were 29. Considering what the rest of the state is going through, we consider this a positive indicator for home values.
↓Of the 17 sales five homes sold over asking, one sold at the … (1 comments)
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belmont market reports: Belmont Housing Market Update-March 2008 - 04/03/08 05:45 PM
BELMONT'S MEDIAN HOME VALUE IN MARCH
Belmont's median price rose $13,000 in March of 2008 to $984,500 from $971,500 in March 2007-a 1.3% increase. As always, we further examine the median size home to see if larger or smaller homes selling during the sample period could influence the numbers. Since the median size home for both periods was essentially the same, no adjustment was made this month.
SALES CONTINUE TO BE DOWN
Only 14 homes closed escrow in March as compared to 28 for the same period last year-clearly underscoring the unease in the housing market and the economy as a whole.
STRIKING A … (0 comments)
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belmont market reports: Belmont's Adjusted Median Price Calculations - 01/31/08 08:23 PM
Belmont
It's interesting to note that in the last two years, for the first six months virtually the same number of homes sold-94 in 2006 and 92 in 2007.
After the July news of the mortgage industry financial issues, the overall uncertainty of the market, and undoubtedly with anticipation that homes values may drop, 2007 saw only 127 sales as compared to 167 in 2006 for the second half of the year.
Can one believe the reported median price for Belmont?
The MLS system reported the aggregate Belmont real estate median home price in 2006 to be $925,000. That rose to $945,000 in … (0 comments)
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belmont market reports: Belmont's November 2007 Market Re-Cap - 12/11/07 07:25 PM
November’s numbers are in and there are no real surprises. Last month’s momentary increase in the median price in several cities like Belmont and Redwood City (as previously discussed) was due to an inordinate number of larger homes selling in October. This month, the opposite was true as the median size home sold was smaller than the median home in Belmont so it gives the appearance that the median home value dropped.
As seen in this graph, the price per square foot that the average Belmont home sold for was up—again due to smaller size homes selling (smaller homes … (0 comments)
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belmont market reports: Market Update-November Sales Activity & Graphs - 12/11/07 07:22 PM
Drew & Christine Morgan-December Market Update
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belmont market reports: Market Report-Belmont Closed Sales October 2007 - 11/15/07 06:24 PM
While the media is quick to jump on any story which appears sensational, one wonders why the sharp increase in Belmont's median price of over 19% last month wouldn't have raised any eyebrows.
Don't miss this month's article explaining how this data needs to be interpreted.
We publish these graphs each month in order to keep Belmont homeowners apprised of the market. Of course you are always welcome to visit our web site MorganHomes.com for more detailed graphs and of course our blog for insightful analysis.
And if you are a Belmont resident, help us go green and sign-up for monthly reports. We'll take … (0 comments)
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belmont market reports: Understanding the Medain Price Data Part III - 11/15/07 06:20 PM
This is the continuation of an article on understanding median home values...
This graph illustrates what the median size home sold for in Belmont during the preceding 12 month period. Note this does not take into consideration individual characteristics of the home such as updating or level yards which greatly affect the home's value.
Applying a trend line to the same graph shows us that the median price is approximately representative of current market conditions-prices are not rising at the same rate as they were a year ago and may in fact be on a decline.
Looking at all of … (0 comments)
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belmont market reports: Belmont's Median Home Price-Up 19% in October 2007! - 11/15/07 06:15 PM
Or did it really? What do you do when you know the numbers must be wrong?
Numbers are of course just data and need to be interpreted well in order to be of any use.
Clearly there's more inventory, there are fewer buyers and homes are sitting on the market longer. All this should equate to homes selling for less. Yet last month Belmont's median home price shot up from $980,000 to $1,170,000. Are you thinking more expensive homes must have sold? Read on...
Granted, Belmont is a small market sample and is subject to dramatic swings in data on a … (0 comments)
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belmont market reports: Belmont Median Price Trend & Inventory Levels 2004-2007 - 09/24/07 03:25 AM
This graph shows sales for the last the last four years for Belmont, California. It's interesting to note that even with higher inventory levels, the median price is till holding along the trend-line where it would be calculated to be based upon past trends, The third quarter ending period in September should add more valuable data to help understand if in deed the market forces are beginning to impact not just sales and inventory, put selling priced as well.
You can read more abou these grahs for Belnt and other openineuals cities on our web page at morganhomes.com
Also, visit our Belmont Blog … (0 comments)
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