Month-over-Month Changes

The Belmont market in January 2024 presents a mixed bag of results when compared to December 2023:

  • Homes Sold: The number of homes sold remained stable at 7, mirroring the count from the previous month.
  • Median Sale Price: There was a notable increase in the median sale price, rising 14% from $1,700,000 in December 2023 to $1,945,000 in January 2024.
  • Days on Market (DOM): The average DOM saw a significant decrease, dropping to 14 days from 55 days in December 2023.
  • Percentage of List Price Received: Sellers received slightly less than the previous month, with the percentage dropping to 101% from 102%.

Analysis

The Belmont real estate market shows signs of robustness, with stable sales volume and an impressive increase in median sale prices. The sharp decrease in DOM indicates a quicker turnover, suggesting that properties are moving faster despite the higher prices. The slight dip in the percentage of list price received may indicate a slight adjustment in market dynamics, but overall, the market remains strong.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe the following trends:

  • Homes Sold: Remained constant at 7 homes sold.
  • Median Sale Price: Decreased slightly from $2.00M in January 2023 to $1.94M in January 2024.
  • Days on Market: Saw a significant reduction, from 35 days in January 2023 to 14 days in January 2024.
  • Percentage of List Price Received: Improved from 96% in January 2023 to 101% in January 2024.
  • Months of Inventory: Increased from 0.3 in January 2023 to 0.6 in January 2024.
  • Average Dollar per Sq. Ft.: Saw a substantial increase from $935 in January 2023 to $1358 in January 2024.

Analysis

Year-over-year data reveals a market that is becoming increasingly competitive and efficient. Despite a slight dip in median sale prices, the significant decrease in DOM and the increase in the percentage of list price received highlight a seller’s market. The increase in average dollar per square foot underscores the growing value of Belmont properties.

Price Points and Quadrants

The January 2024 sales data, broken down by quadrants, reveals:

  • Top Quadrant: Median Sale Price: $2,152,500; Median DOM: 9; Avg. $/Sq.Ft.: $1,397.
  • Second Quadrant: Median Sale Price: $1,960,000; Median DOM: 19; Avg. $/Sq.Ft.: $1,387.
  • Third Quadrant: Median Sale Price: $1,505,000; Median DOM: 19; Avg. $/Sq.Ft.: $1,094.
  • Bottom Quadrant: Median Sale Price: $1,400,000; Median DOM: 1; Avg. $/Sq.Ft.: $1,386.

Analysis

The distribution across quadrants indicates a healthy market with activity at all price levels. The top quadrant shows the highest median sale price and a relatively quick turnover, suggesting strong demand for premium properties. The bottom quadrant, despite being the least expensive, shows a competitive market with properties selling almost immediately.

Conclusion

The Belmont real estate market in January 2024 has demonstrated resilience and growth. With stable sales volume, increased median sale prices, and decreased DOM, the market is favoring sellers. The year-over-year improvements in efficiency and value, along with a balanced activity across all price quadrants, suggest a robust market environment. As we move into February, these trends provide valuable insights for both buyers and sellers, indicating a competitive but rewarding market landscape.

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