Welcome to the Belmont real estate market update for August 2024! We want to provide a snapshot of Belmont’s key market indicators, including the number of sales, number of listings, median listing price, and median sale price. In this blog post, we will focus on the data for August 2024, so you can make informed decisions about buying, selling, or investing in Belmont real estate.
Number of Sales:
In August 2024, the Belmont real estate market saw a total of eight sales, a 53% decline from the previous month and a 27% fall compared to August 2023. We expected sales to continue to slow, which is the seasonal norm. Inventory and new listings fell month over month, which is a good indicator that sales will decline as we make our way into fall.
Number of Listings:
The total number of listings in Belmont for August 2024 was 14, which was three less than the previous month and still 33% lower than last year. New listings rose considerably in the first five months of 2024, which drove active inventory higher into July, before falling in August. We expect inventory to decline for the rest of the year.
Median Listing Price:
The median listing price for homes in Belmont in August was $2,388,888, a 20% increase from the previous month and up 4% from last year.
Median Sale Price:
For August 2024, the median sales price of homes fell 16% month over month to $2,237,500 in Belmont, falling from the record high reached last month. The median sale price is still up 3% year over year. As you can see the median list price rose higher than the median sale price was in August with a 6% difference.
Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. The median sale price had been higher than list price for the past six months, highlighting demand in the area. Even though the list price is higher than the sales price, demand is still high. However, sale prices typically decline in the second half of any year, which we are beginning to see.
As we wrap up our Belmont real estate market update for August 2024, remember by keeping an eye on these key indicators each month, you can make informed decisions about buying, selling, or investing in Belmont real estate.
If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team. We're here to help you navigate the Belmont real estate market.
Your source for real estate news on the San Francisco Mid Peninsula
Redwood City is at the center of the Mid Peninsula and is a highly desirable community. Blessed with beautiful housing, strong public schools, and a convenient locati… Read more
When it comes time to sell your San Francisco Mid Peninsula home, your first task should be to find an outstanding Realtor. This important professional should have amp… Read more
Calling all shoppers. If you find yourself on the San Francisco Mid Peninsula (a truly beautiful place), make sure that you peruse the shops on Burlingame Avenue in Bu… Read more
Val Vandervort of Veritas Homes continues the discussion with Melanie Luders of Fidelity National Title Escrow. This time they discuss escrow title fees and how they a… Read more
Val Vandervort of Veritas Homes sat down with Melanie Luders of Fidelity National Title Escrow to discuss residential title and escrow in San Mateo County. The purpose… Read more
During my years growing up in San Mateo, I was aware of the Hiller Aviation Museum. I saw it while driving along the 101 freeway. I saw small planes flying in and out … Read more
Understanding what is happening with the Mid Peninsula real estate market is not an easy task these days. As Realtors centered in San Carlos CA, we have felt a market … Read more
Christmas is upon us. If you are like me, I’m busy buying and wrapping Christmas gifts, planning meals, and other such busy holiday activities. Sometimes it gets so bu… Read more
There is no doubt in my mind that San Francisco is one of the most beautiful places on earth. The rugged terrain, beautiful architecture, and gorgeous views are hard t… Read more
House prices in the Bay Area have been slumping over the past six months, and this includes Mid Peninsula real estate. It’s a strange occurrence for us. We are used to… Read more
The California Residential Purchase Agreement is an ever-evolving document central to purchasing residential real estate in the state of California. In addition to a p… Read more
San Mateo is a great place to live. Conveniently located on the Peninsula between San Francisco and San Jose, the city has an active business community, beautiful hous… Read more
New Price! 2708 Babe Ruth Avenue, San Jose 4 Bedrooms | 2 Baths 2,082 sq ft | 6,000 sq ft lot Built in 1976 Offered at $1,698,000 Beautifully remodeled one-story home … Read more
In Escrow! 3349 Brittan Ave #12, San Carlos 3 bedrooms | 2 baths 1,239 Sq Ft (Realist) HOA dues: $693/mo Offered at $948,000 Ideally located amidst a grove of Redwoo… Read more
San Mateo is a suburban center along the San Francisco Peninsula, perched between the Santa Cruz Mountains and the San Francisco Bay. With a variety of housing, strong… Read more
The news has been filled with bad economic news - including residential real estate. Most conversations I participate in include a belief that real estate markets acro… Read more
You’ve got questions and we can’t wait to answer them.