Belmont Home Values - Market Update For March 2012

Belmont Homes Sales on The Rise

After an extremely busy winter home selling season and an unusually active spring, these are the home sales in Belmont for March 2012.

The media hasn’t mentioned much about the multiple offers which are once again very prevalent, but then it usually takes several months of prolonged activity before sales become statistics. If you’re someone who would rather get ahead of the market, now’s a good time to assess your position in the housing market.

NUMBER OF HOMES SOLD  - Belmont’s homes sales improved dramatically from March of 2011. Home Sales in Belmont were up 29%, from 17 sales last year to 22 this March. 

DAYS ON MARKET  - The time it took to sell a home in Belmont dropped from 43 days last March to only 38 this year.

PERCENT RECEIVED - Sellers not only sold their home faster they also received closer to their asking price. The average seller this March received 101.6% of their asking price compared to last March when sellers received 99.4%.

REDUCING THE PRICE -  Last year 29% of sellers had to lower their asking price expectations by on average $43,000 to attract a buyer. This March only 14% [three sellers] lowered their asking price before obtaining an offer. Either buyers are willing to pay more, or sellers are listening to their agent’s advice on pricing their home—or both.

MEDIAN PRICE  - The Median price was up from last March’s $840,000 to this year’s $899,000, though the size home one could purchase this year was also 12% larger, essentially negating any perceived increase in the median home price.

Interestingly, this does not ring true with what we are seeing; for which we offer the explanation that statistics alone cannot account for the condition of the homes which sold. If last year the homes which sold were smaller but in much better condition, the price per square foot would be much higher—which happens to be the case.

The Belmont home market is very strong right now. Most homes are selling in multiple offers. We recently sold a home at 1528 Altura Way in Belmont. Listed for $915,000 we received four offers and it sold in ten days for $962,000. This week we closed escrow on our listing at 2605 Read Avenue. We listed that home at $820,000 and it sold in ten days with 10 offers for $882,300!

As always, you are welcome to visit our web page for detailed statistics on the Belmont housing market. 

The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario. 
*These are all the home sales in Belmont, CA for last month. Drew & Christine Morgan did not necessarily participate in any or all of these sales.