What's happening - Belmont CA market trend

What's the market like? It's a common question I hear as a Realtor® in the Belmont, California area.

 

Let's take a look, starting with a glimpse of what happened in 2014 in some of the Peninsula and Silicon Valley towns, charted a few days ago.

 

Real estate, SF Peninsula, 2014As you can see, all these Peninsula and Silicon Valley towns show a very strong market in 2014. Days on market are very short, median sales prices are up over list prices -- all indicators of a seller's market.

 

The question people are wondering is whether this will continue in 215, and of course there is no crystal ball. However, there are indicators.

 

Let's focus just on the single-family home market in Belmont.

As of yesterday morning there was only 1 home listed for sale in our multiple listing service in the entire Town of Belmont! It is a 2-bedroom, 2-bath home listed at $1,088,000. It has been on the market for all of 5 days.

There are 15 pending sales, with list prices ranging from $850,000 to $1,848,000. The median list price is $1,080,00 for a rare short sale.

Three homes have closed escrow since the beginning of January, with a median sales price of $1,400,000.

These first few weeks of 2015 are continuing the same strong pattern we saw in 2014.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Pacific Union International

CA DRE#10215160; 650-465-4547

Lottie@LottieKendall.com

www.LottieKendall.com

Peninsula Living Business Page

www.SFCondosForMe.com

 

 

Comment balloon 7 commentsLottie Kendall • January 21 2015 08:12AM

Comments

Another fine post full of great information. Have a terrific weekend.

Posted by David Saks over 3 years ago

Good morning Lottie. To say there is a demand for more properties needed, would be an understatement.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 3 years ago

Good Morning Lottie: Your market is crazy. I can picture a showing frenzy when a property comes up on the market.

Posted by Maria Gilda Racelis, Home Ownership is w/in Reach. We Make it Happen! (Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington) over 3 years ago

Wow! Look at those days on market for homes for sale in Belmont CA, that is amazing! I think you are right and 2015 is going to be another strong year. Best of luck!

Posted by Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker, RVA Home Team - Winning with Integrity. (RVA Home Team) over 3 years ago

It's most definitely tough being a buyer in Belmont today, Shannon Milligan, Richmond VA Real Estate Agent , Joe Petrowsky and Maria Gilda Racelis 

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 3 years ago

Thanks David.

Posted by Lottie Kendall, Serving San Francisco and the Silicon Valley (Pacific Union International) over 3 years ago

Lottie,

Affordablility is a real concern for the Bay Area as I had lived there and have moved to the Sacramento region and never looked back.  The cost to maintain the mortgage payments are very challenging as there seem to be a trend of multiple families living together.  Will it  ever be the way it was prior to 1994?

Posted by Adele Galus (AMG Executive Realty) over 3 years ago

Participate