Home > Blogs > Lottie Kendall > Lottie Kendall REALTOR® DRE#01215160 650-465-4547

Snapshot of the condo/townhouse market in Belmont, California 94002

By Lottie Kendall

Real Estate Agent with Compass CA DRE# 01215160

September 05, 2010 03:40 AM

Snapshot of the condo/townhouse market in Belmont, California

Real estate definitely is local, so here's what's going on in the condo/townhouse market in Belmont, California. Since the numbers of transactions are too low (1 closed sale in July, 2009) to be meaningful, we'll take a look at activity for the first six months of both 2010 and 2009. This market segment continue to be a challenge.

Condominiums and townhomes:

Home inventory has increased. There were 17 condos or townhomes for sale in the first half of 2010; 12 for sale in the same period of 2009
Number of closed sales dropped. 8 closed in 2010; 13 in 2009
Average days on market plummeted!: 20 days average in 2010; 98 days in 2009
Average sales price dropped steeply: $440,000 in 2010; $543,353 in 2009 - an decreased of approximately 19%
Percent of list price received: 99.97% in 2010; 96.17% in 2009

These figures were taken from data in our Multiple Listing Service.

Re-Blog

Comments(8)

Comment

Show All Comments

Sort:

The Jeff Rickert Team

RE/MAX Property Specialists - Pocono Lake, PA

Poconos - RSPS - The Jeff Rickert Team

Thanks for the post.

Good luck in your area.

Nice report.

Happy holiday.

Sep 05, 2010 03:41 AM

Nancy Conner

Olympia, WA

Olympia/Thurston County WA

Hi Lottie! Our condo market is a challenge, too. Many of our condos are at a price point that appeals to 1st time home buyers, but between high monthly assessments that break the buyer's budget, or condo developments that are not FHA approved - well, it's challenging!

Sep 05, 2010 06:45 AM

Mary Kay Hopkins

Mary Kay Hopkins, LLC e-PRO, GRI, CRS, CRB - Lake Charles, LA

e-PRO,GRI,CRS

Lottie, I am still amazed at the low number of days on market! Overall, this snapshot is another example of how local real estate might not be near as bad at the national stats.

Sep 05, 2010 08:54 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

Lottie,

The market sure is sending mixed signals, isn't it?

Almost instant sales (20 days on the market)

At almost 100% of the list price.. 99.9%

BUT at a deeply cut price from last year.. 20% lower.

25% Drop in number of sales and increased number of homes on the market..

That's a mixed bag.

Hope it all improves tremendously during the next few months.

Sep 05, 2010 03:28 PM

Lottie Kendall

Compass - San Francisco, CA

Helping make your real estate dreams a reality

Thanks for stopping by, Jeff and Heather

Sep 06, 2010 04:14 AM

Nancy, I think our markets are behaving in a similar fashion. Single family homes are moving much, much better, but even that is local. San Carlos and Belmont are adjoining towns, similar in size and demographics, but the market is quite different.

Sep 06, 2010 04:15 AM

Mary Kay, I'm amazed at the 20 days on the market. In neighboring San Carlos, the condo market is more typical to what we're seeing county-wise. A strange market, indeed.

Sep 06, 2010 04:17 AM

Judi, you are so right about the mixed signals. The condo market here has suffered the biggest decline in prices and, 20 days notwithstanding, still is the most challenging.

Sep 06, 2010 04:19 AM

Snapshot of the condo/townhouse market in Belmont, California 94002

Comments(8)

Lottie Kendall

Service Areas

Real Estate Resources

Recent Posts