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 this year. The median price was also the highest it has been all year at $926,500. But just look at how many homes sold over a million dollars! There were some very large homes selling which definitely propped up the median price temporarily. We’ll go out on a limb and say that will probably hold for the remainder of the year—and well into the next; mostly because of the seasonal nature of real estate.
The prices that the sellers accepted were far under what their homes were listed for, indicating some tough negotiations by buyers and capitulating by sellers. Fifteen of the 24 homes sold under asking for on average of $ 43,000 less.
Sales in July were still less than half of what they were just a few years ago when homes were flying off the shelves. Still, it’s nice to see a momentary blip—unless you are a buyer. Speaking of that, if you are a buyer, the best time to buy a home is coming up soon. Don’t start your winter hibernation too soon and miss out on what we expect will be some great deals in December and January.
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