Recap: Q3′08 Home Sales for Belmont

Chuck — Thu, 23 Oct 2008 19:24:03 +0000

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%)

————————————–

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:

——————-

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.

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

The San Francisco Peninsula Real Estate Blog » Belmont Real Estate

Recap: Q3′08 Home Sales for Belmont