Welcome to the Belmont real estate market update for July 2023! 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 July 2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.
Number of Sales:
In July 2023, the Belmont real estate market saw a total of seven sales, a 53% decrease compared to the previous month. This large drop in the summer isn’t uncommon. This year, just like last year, sales peaked in May and fell considerably. From May to July 2022, sales declined 46%, while this year sales fell 59% from the May peak. The large drop in sales in July 2023 can at least partly be attributed to falling inventory and new listings from May to June.
Number of Listings:
The total number of listings in Belmont for July 2023 was 20, representing an 11% increase from the previous month. Lower sales and a jump in new listings caused inventory to grow, which is only beneficial for the perennially undersupplied Belmont market. The higher number of listings in July will almost certainly translate to higher sales in August. To be clear, however, inventory is still historically low.
Median Listing Price:
The median listing price for homes in Belmont in July 2023 was $2,499,000, a 2% decrease from the previous month but a 10% increase year-over-year. Sellers recognizing the inventory shortage and consistent buyer demand have kept listing prices near all-time highs in July.
Median Sale Price:
For July 2023, the median sales price of homes in Belmont was $2,325,000, a 6% increase compared to the previous month.
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. From June to July, list price fell, while sale price rose, indicating that sellers are gaining negotiating power. On average, sellers received 106% of list price in July, which is 3% more than last month, and further shows buyers are experiencing higher competition.
As we wrap up our Belmont real estate market update for July 2023, 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.