Real Estate Darwinism

Last week, Belmont had 62 homes on the market averaging 67 days.  8 homes went off market, 1 sold, and 7 were either cancelled or withdrawn according to Altos Research.  Altos tabulates both homes on the MLS and those for sale by owner.  The MLS numbers are slightly different with 55 active homes as of this writing and 28 homes pending sale.  We're finally seeing more inventory but prices are still high.  The Median priced home was $1,004,500 and the average price was slightly higher at $1,066,713.  The most expensive house for sale in Belmont is at $2,500,000 and the least expensive house is $589,900.  Prices are showing some weakening with 42% of the listings seeing a price decrease, and 77% had listings renewed for sale.

Belmont sits in a great spot on the Peninsula, almost half way between San Francisco and San Jose.  There aren't many track homes, so it's personality is unique.  People either love Belmont or they hate it.  It has narrow roads climbing along the sides of hills, some fabulous views of the bay and San Francisco, and good public schools. The average sized home on the market today is about 1929 square feet and is a 3 bedroom 2 bath multiple level home, going up or down a hillside.  That home is likely about 49 years old. 

Median Price

Prices climbed steeply in early 2007, dropped down a lot around late summer of last year and started climbing up after that.  The prices have held around the $1 million mark except for a spike in the spring.  Belmont used to be this little jewel with nice homes and great prices, but alas, it was found out about last year and prices climbed up, as you can clearly see above. Prices have been basically flat for a while now and the price per square foot has been coming down.  This is a good thing for the buyer as they can get more house for their money.

Market Action Index

The Market Action Index is the indicator that tells us when a market shifts from a seller's to buyer's market. We are sitting hard and flat as a  Cool Buyer's Market at the number 20.  The indicator for a Seller's Market is at 30.  Belmont is not at the bottom of the market any longer, it's moved up a bit and has stayed there for a while.  That's a good sign that people are looking at and buying real estate now.  The higher priced homes are selling faster than the low priced ones.  Much of this is due to the tight money market today as those are the move up homes. 

Over all it's a great time to buy a home.  Belmont has a healthy supply to choose from and prices  have been coming down.  What does that mean for you if your sites are on Belmont?  Be prepared to make an offer and negotiate price.  You might get a bargain.

If you'd like the complete report on Belmont just ask.