Month-over-Month Changes

In May 2024, the Belmont real estate market exhibited some notable shifts compared to April 2024:

  • Homes Sold: The number of homes sold remained steady at 20, showing no change from the previous month.
  • Homes Listed: Listings rose significantly from 16 in April 2024 to 26 in May 2024, indicating a 63% increase.
  • Median Sale Price: There was a 7% increase in the median sale price, climbing from $2,426,000 in April 2024 to $2,587,500 in May 2024.
  • Days on Market (DOM): The average days on market slightly increased from 6 days in April to 7 days in May, marking a 17% rise.
  • Percentage of List Price Received: Sellers received 109% of their asking price on average, slightly down from 110% in April 2024.
  • Months of Inventory: There was an increase in inventory from 0.5 months in April to 0.7 months in May, reflecting a 40% rise.
  • Average Dollar per Square Foot: The average price per square foot increased from $1,342 in April to $1,428 in May, showing a 6% increase.

Analysis

The month-over-month data for Belmont in May 2024 indicates a market that is gaining strength with a rise in new listings and median sale prices. Despite the increased inventory and a slight rise in days on market, sellers continue to receive well above their asking prices, suggesting a competitive environment for buyers. The steady number of homes sold reflects a stable demand.

Year-over-Year Comparison

Comparing May 2024 to May 2023, several significant changes are evident:

  • Homes Sold: The number of homes sold increased by 11%, from 18 homes in May 2023 to 20 in May 2024.
  • Homes Listed: There was a substantial increase in listings, rising from 16 in May 2023 to 26 in May 2024, marking a 63% increase.
  • Median Sale Price: The median sale price saw a significant rise from $2,210,000 in May 2023 to $2,587,500 in May 2024, an increase of 17%.
  • Average Dollar per Square Foot: The average price per square foot increased by 22%, from $1,175 in May 2023 to $1,428 in May 2024.
  • Days on Market (DOM): The average days on market decreased from 11 days in May 2023 to 7 days in May 2024, reflecting a 36% decrease.
  • Percentage of List Price Received: Sellers received 109% of their asking price in May 2024 compared to 103% in May 2023.
  • Months of Inventory: The months of inventory increased from 0.5 in May 2023 to 0.7 in May 2024, showing a 40% rise.

Analysis

The year-over-year comparison highlights a robust increase in the market activity in Belmont. The notable rise in both the number of homes listed and sold, coupled with the significant increase in median sale prices, underscores a highly competitive market. The decrease in days on market indicates that homes are selling faster than the previous year, further emphasizing the demand for properties in Belmont. The increase in the average price per square foot and the high percentage of list price received suggests a strong seller’s market.

Price Points and Quadrants

The breakdown of sales in May 2024 by price points and quadrants reveals interesting trends:

  • Top Quadrant: 5 homes sold with a median sale price of $3,600,000. The median days on market was 45, and the average price per square foot was $1,342.
  • Second Quadrant: 5 homes sold with a median sale price of $2,820,000. The median days on market was 7, and the average price per square foot was $1,597.
  • Third Quadrant: 5 homes sold with a median sale price of $2,421,000. The median days on market was 7, and the average price per square foot was $1,474.
  • Bottom Quadrant: 5 homes sold with a median sale price of $2,101,000. The median days on market was 30, and the average price per square foot was $1,203.

Analysis

The quadrant data for May 2024 shows that higher-priced homes, particularly in the top two quadrants, are experiencing significant movement. The higher median sale prices in these quadrants suggest a strong demand for premium properties. The relatively short days on market in the second and third quadrants highlight a high turnover rate for homes in these price ranges, indicating buyer readiness to invest in mid-to-high range properties. The bottom quadrant, while active, has the longest days on market, suggesting a slower pace for lower-priced homes.

Conclusion

The Belmont market in May 2024 demonstrates a continued upward trend with increased listings, higher median sale prices, and a quick sales cycle. The demand for homes remains strong, particularly for higher-priced properties, as evidenced by the competitive quadrant data. The year-over-year growth in sale prices and the quick turnover of homes suggest a favorable market for sellers, while buyers face a competitive landscape. The market’s stability and rising prices indicate a healthy real estate environment in Belmont.

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