Oct 23 2008
Recap: Q3′08 Home Sales for Belmont
It’s interesting looking at the different communities on the Peninsula to see how they are withstanding the pressure of a down market. A few days ago, we looked at Burlingame and noticed a double-digit drop in most of the key metrics — so, how about Belmont? Like it’s neighbor San Carlos, Belmont is known for its relative stability. How did the most recent quarter turn out?
From strictly a percentage standpoint, Belmont fared better than Burlingame. Here’s a high-level summary of the quarterly figures:
| Trends | Jul-Sep 2008 | Previous Quarter | Year-over Year |
|---|---|---|---|
| Median Price | $900,000 | $934,500 (-3.7%) | $932,500 (-3.5%) |
| Average Price | $911,627 | $973,426 (-6.3%) | $990,406 (-8.0%) |
| No. of Sales | 51 | 57 (-10.5%) | 57 (-10.5%) |
| Active | 47 | 52 (-9.6%) | 59 (-20.3%) |
| Sale vs. List Price | 98.8% | 99.5% (-0.7%) | 101.8% (-3.0%) |
| Days on Market | 26 | 40 (-33.7%) | 24 (+10.8%) |
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While Belmont lost ground in all key metrics, it wasn’t the double-digit drops that Burlingame experienced. But this stands to reason, since the average sales price in Belmont is about $400k less than Burlingame. The entry-level market on the Peninsula is still active, while homes over $1.5M are sitting a bit longer. Here’s a graphical look at the data:
You can see that while the unit volume is down quite a bit from previous quarters, the average and median prices have held fairly steady. That’s good news if you own a home in Belmont. Finally, let’s look at the number of sales year-to-date:
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The drop in volume is very evident in this view. With the current inventory of only 60 single-family residences on the market, it will be some time before the unit sales numbers get back on track.
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