Belmont Real Estate - March 2012

2012 Sales Activity Even with 2011

After a very slow start to the year (only two sales in January!), sales activity has picked up in the past two months in Belmont. Through the first three months of the year, there have been 42 homes sold, one more than through the first quarter of 2011.

In most areas of San Mateo County that we follow, there has been a dearth of new listings coming onto the market. Couple that with strong sales and the result is falling inventory. The Belmont real estate market has been a little different in 2012. Sales are healthy, though as mentioned above, just even with last year. Interestingly, the number of new listings is up from 61 in 2011 to 87 in 2012. This is mostly due to 41 homes coming onto the market in March, which is atypically high for Belmont. In March 2011, only 19 homes came onto the market, and in no month were more than 31 homes newly listed. It will be a test of the local market to see how quickly it can digest all of these homes. Based on the number of accepted offers in March, which foreshadow sales activity it does not seem to be a problem.

Regardless, the result of flat sales and more new listings to start the year is that inventory has not fallen like it has in other areas. However, inventory levels are generally very low in Belmont and do not have a lot of room to fall. At the end of March 2012, there were only 28 homes left for sale, less than two months of inventory.

Price Levels Mostly Flat, but Buyers May Be Eager

Selling values in the Belmont real estate market appear to be mostly flat with average and median prices around the $900,000 level, and price per square feet just under $500.

There is a sign of strong buyer demand that may lead to higher prices. In each of the first three months of 2012 the sale price divided by list price has averaged 101%, meaning that the average home sold for more than the seller's final asking price. While this statistic is not perfect -- it doesn't take into account homes that were price reduced and then immediately sold -- it is relevant in that we know there are buyers out there willing to bid higher than asking (and higher than other bidders) to get the property. Multiple offers is a sign of a seller's real estate market. However, keep in mind that not all homes are getting attention from buyers. Well maintained homes in good areas that are well marketed by a Realtor are most likely to be generating interest.

Thinking of buying or selling a home in Belmont?

If you're interested in learning more about the Belmont real estate market, considering selling your home in Belmont, or thinking about moving to Belmont, please drop me a line and I'd love to connect with you.

By The Numbers - Belmont Real Estate for March 2012