Surprise! Sales Slump Not Apparent on the Mid-Peninsula

sold-pastel.jpgQuite a few surprises in this week’s numbers. Reported sales for the week of Oct 1-7 show that levels are increasing back to late August/early September sales numbers. I have 19 properties sold, 6 in Redwood City, 8 in San Carlos, and 5 in Belmont—the first time I can remember where San Carlos outsold Redwood City. Quite surprisingly in this market, 11 of the 19 properties sold above asking and 4 sold at asking, leaving only 4 properties not making the initial price grade. And to top it off, 79% of the properties sold in less than one month. So let me recap, we have a good number of homes selling for asking or above in a month or less; doesn’t quite sound like a slump to me. This could, of course, be an aberration, and we will have to wait for the weeks to come to determine just that. Meanwhile, here is the rundown:

Total Sold 19
Redwood City 6
San Carlos 8
Belmont 5

Lowest Price $640,000
Highest Price $1,935,000

Under $1mil 9
Over $1mil 10

Sold Over Asking 11
Sold at Asking 4
Sold Below Asking 5

DOM Under 30 15
DOM Over 30 4

The big winners this week are:

2620 Ponce, Belmont 2/1, 1180 sf
List $799,000 Sold $880,000 (+10%) DOM 13

2832 WAKEFIELD DRIVE, Belmont 4/2.5, 2480 sf
List $1,225,000 Sold $1,325,000 (+8%) DOM 23

1047 Tahoe Drive, Belmont 5/4+, 2240 sf
List $1,295,000 Sold $1,400,000 (+8%) DOM 13