Month-over-Month Changes

In March 2024, Belmont witnessed a substantial upturn in the real estate market compared to February 2024:

  • Homes Sold: There was a remarkable 75% increase in homes sold, from 8 in February to 14 in March.
  • Median Sale Price: Experienced a slight dip of 6%, from $2,649,444 in February to $2,500,000 in March.
  • Days on Market (DOM): Remained steady at 8 days, indicating a consistent pace in sales.
  • Percentage of List Price Received: Sellers received slightly less, at 105% of the listing price, down from 108% in February.

Analysis

The marked increase in the volume of homes sold suggests a burgeoning demand in the Belmont real estate market. However, the decrease in median sale price and the slight reduction in the percentage of list price received might indicate a slight adjustment towards market stabilization.

Year-over-Year Comparison

When comparing March 2024 data to March 2023, the following trends emerge:

  • Homes Sold: Saw a 40% increase from 10 in March 2023 to 14 in March 2024.
  • Median Sale Price: Rose from $2.34M in March 2023 to $2.5M in March 2024, a 7% increase.
  • Days on Market: Increased from 6 to 8 days, suggesting a slightly slower pace in transactions.
  • Percentage of List Price Received: Decreased from 107% in March 2023 to 105% in March 2024.
  • Months of Inventory: Significantly reduced from 1.6 in March 2023 to 0.9 in March 2024, indicating tighter market conditions.

Analysis

The year-over-year data indicates a robust growth in the number of homes sold and a healthy appreciation in median sale prices. The slight increase in days on market and the decrease in percentage of list price received hint at a more balanced market, yet the significant drop in months of inventory underlines a continued competitive landscape.

Price Points and Quadrants

The breakdown of sales by quadrants for March 2024 reveals:

  • Top Quadrant: 4 homes sold, Median Sale Price: $3,317,500, Median DOM: 5, Avg. $/Sq.Ft.: $1,181.
  • Second Quadrant: 4 homes sold, Median Sale Price: $2,500,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,213.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,200,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,418.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,530,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,088.

Analysis

The quadrant analysis highlights active market segments across various price points, with notable activity in the top and second quadrants. This distribution suggests a diverse buyer interest spanning different price ranges, reinforcing Belmont’s appeal across a spectrum of market segments.

Conclusion

March 2024 was a significant month for Belmont’s real estate market, marked by a notable increase in sales activity and steady prices. The year-over-year comparison reinforces a positive trend of growth and market resilience. The detailed quadrant analysis offers insightful data on which segments are driving the market, providing valuable insights for both buyers and sellers. As we move forward, these patterns will play a crucial role in shaping Belmont’s real estate landscape in the coming months.

Data provided by MLS Listings and is deemed reliable but not guaranteed.