How’s the Real Estate Market in Belmont?
For this Belmont, CA neighborhood market report, we’ll only look at homes in the Haskins Estates, Marsten Terrace, Skymont, Yamas Properties neighbohoods of Belmont, CA during the time period July 23, 2009 to October 23, 2009.
Belmont CA Neighborhoods Included in this Market Report
Haskins Estates, Marsten Terrace, Skymont, Yamas Properties. These neighborhoods belong to the Plateau Skymont and Cipriani Belmont neighborhood associations.
Boundaries
Ralston Ave (south), Alameda de las Pulgas (east), Highway 92 (west) and Southern Border of the City of San Mateo (north)
Factoids About Belmont CA
In May, 2009, Belmont, California was ranked 11th on Forbes list of “America’s Top 25 Towns to Live Well.”
Schools Serving Haskins Estates, Marsten Terrace, Skymont and Yamas Properties
| Great Schools Rating | |
| Elementary Schools | |
| Cipriani School | 9 |
| Fox School | 9 |
| Middle School | |
| Ralston Middle School | 9 |
| High School | |
| Carlmont High School | 9 |
School boundaries change from year to year. To find out the boundaries, visit the Belmont-Redwood Schools School District website, http://brssd.org.
Carlmont High School and Ralston Middle School are located in Belmont and are both Distinguished California Schools.
Let’s Look at the Numbers
Number of homes sold in Belmont Country Club, Haskins Estates, Marsten Terrace, Skymont, Yamas Properties Between July 23, 2009 and October 23, 2009.
| # of Homes Sold | Highest Price | Lowest Price | Median Price |
| 22 | $1,250,000 | $688,000 | $875,000 |
Number of homes sold for more, less or at the original list price in less than 30 days or in 31 days or more.
OLP = Original List Price, the price the home was listed for when it first came on the market
| # of Homes Sold in | ||
| # of Homes Sold | Less than 30 Days | 31 Days or More |
| More than OLP | 5 | 1 |
| at OLP | 1 | 0 |
| Less than OLP | 7 | 9 |
Number of homes sold with and without price reductions.
| # of Homes Sold in | ||
| # of Homes Sold | Less than 30 Days | 31 Days or More |
| With Price Reductions | 0 | 6 |
| Without Price Reductions | 13 | 3 |
Taken off the market could mean Expired, canceled or Withdrawn. Exipred is when the listing period lapses without producing a sale, withdrawn or canceled is when the seller decides to remove the home from the market before the time period in the listing lapses.
| # of Homes Taken off the Market | ||
| # of Homes Taken Off the Market | Less than 30 Days | 31 Days or More |
| With Price Reductions | 0 | 3 |
| Without Price Reductions | 1 | 7 |
| With Price Increase | 1 | 1 |
Active Listings = Number of homes currently listed for sale on the market
| # of Active Homes | ||
| # of Active Homes | Less than 30 Days | 31 Days or More |
| With Price Reductions | 1 | 3 |
| Without Price Reductions | 0 | 7 |
Haskins Estates, Marsten Terrace, Skymont, Yamas Properties Market Report Executive Summary
Days on the market is the key indicator to answer question – “How’s the Market?” in the Haskins Estates, Marsten Terrace, Skymont, Yamas Properties neighborhood’s of Belmont CA.
Homes Sold Between July 23, 2009 and October 23, 2009
- 22 homes sold
- 5 homes sold for more than the original list price
- Of the homes that sold over the list price, sellers received an average of 102.4% of their list price and an average of $19,920 over list price
- Each home that sold for more than the original list price was on the market for less than 15 days
- 13 homes sold without a price reduction in less than 30 days
- 16 homes sold for less than the original list price
- Of the homes that sold under the list price, sellers received an average of 91.6% of their list price and an average $89,121 below list price
- 9 homes were on the market for more than 30 days
- 6 of 9 homes on the market for more than 30 days had price reductions
- Homes with price reductions took more than 31 days to sell
Foreclosure Market: Short Sales and Bank Owned Homes
There were no bank owned homes (REO’s) listed or sold in the Haskins Estates, Marsten Terrace, Skymont or Yamas Properties neighborhood’s of Belmont, CA.
- 3 short sales closed escrow. 2 were on the market for more than 250 days
The foreclosure market in area 361 is virtually non-existent. The three short sales did not have significant impact of the value structure of this market as the greater days on the market reflect very little demand for these particular homes.
What about Homes that Did Not Sell?
These are homes whose listings were withdrawn, cancelled or expired. The market has rejected these homes based upon their location, condition and price.
- 13 homes were taken off the market
- 10 homes were cancelled by the seller
- Only 3 of 13 homes taken off the market had tried a price reduction
- 7 homes were on the market for more than 123 days without success
What Does the Market Data Mean to Buyers?
The Haskins Estates, Marsten Terrace, Skymont and Yamas Properties neighborhood’s of Belmont is a price sensitive market. Buyers are comparative shopping and looking for value. And, they will pay for it. 6 homes sold for at or more than the original listed price in less than 30 days.
Buyers will negotiate prices to what they believe to be fair market value. 16 of the 22 homes sold were for less than the original list price.
But, every home does not sell. Buyers will reject homes they believe overpriced or overvalued by the seller as they did with the 13 homes that were taken off the market.
What Does the Market Data Mean to Sellers?
The bottom line is the Haskins Estates, Marsten Terrace, Skymont and Yamas Properties neighborhoods of the Belmont real estate market is solid and value conscious. The mania of years past is past. Sellers must price their homes right, the first time, to get maximum value. In this group of homes, 16 of the 22 had to reduce their price to get a sale.
Comparing the relationship between days on the market and original list price/sale price is an excellent indicator of the strength or weakness in a market. All real estate is local and we will continue to observe this truism.
What’s Going On Today?
- 11 homes for sale ranging in price between $550,000 and $1,270,000
- 4 homes are priced over $1,000,000
- 7 homes have had price reductions
- 10 homes have been on the market for more than 40 days
The price range of homes for sale in this area is typically wide. We would expect to see 10-14 homes for sale in this market area with seasonal adjustments affecting the inventory levels.
There are currently 8 pending sales – homes under contract but not yet closed.
What’s Going on Today in the Foreclosure Market? Short Sales and Bank-Owned Homes
- There are no bank-owned homes (REO’s) for sale
- Only 2 short sales are currently on the market and one of the homes is a genuine fixer-upper necessitating professional remediation.
The distress property inventory is so low having no significant affect on the overall resale market and property values in this market area.
What’s Ahead?
We would expect the resale activity to slow – but not stop – as we approach the holiday season. Typically there are fewer serious buyers in the year’s 4th quarter so inventory levels will probably exceed levels seen in mid year.
Would You Like More Information About These Belmont Neighborhoods?
Thanks for reading our real estate market report for the Haskins Estates, Marsten Terrace, Skymont, Yamas Properties neighborhoods of Belmont, CA. If you have questions or would like more information about these neighborhoods in Belmont, please contact us at (650) 655-2500 or info[@]RayChelRealtyGroup.com.
Considering a Move to One of These Belmont Neighborhoods?
Check out our Buyer Representation page to learn how our Buyer Representation Program is All About You! Then, contact us at (650) 655-2500 or info[@]RayChelRealtyGroup.com and we’ll be happy to set up a no pressure, in person consultation to discuss how we may be able to help you buy right.
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Tags: Belmont CA, Cipriani, Haskins Estates, Marsten Terrace, Plateau Skymont, Skymont, Yamas Properties
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
