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.
As 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.