Month-over-Month Changes

In February 2024, the Belmont real estate market saw several noteworthy changes compared to January 2024:

  • Homes Sold: In February, Belmont saw 8 homes sold, which represents a 14% increase from the 7 sales in January 2024.
  • Median Sale Price: The median sale price experienced a significant jump, rising 36% from $1,945,000 in January to $2,649,444 in February 2024.
  • Days on Market (DOM): The time homes spent on the market decreased to 8 days in February from 14 days in January 2024, indicating a faster-moving market.
  • Percentage of List Price Received: Sellers received an average of 108% of their asking price in February, up from 101% in January, showing continued strong buyer competition.

Analysis

The month-over-month data for February 2024 reveals a robust and accelerating market in Belmont. The increase in homes sold and the significant rise in median sale price, combined with shorter DOM and sellers receiving more than their asking price, suggest a highly competitive market favoring sellers.

Year-over-Year Comparison

When comparing year-over-year data from February 2023 to February 2024, we observe:

  • Homes Sold: Remained steady at 8 homes sold.
  • Median Sale Price: Showed a dramatic increase of 48%, rising from $1.79M in February 2023 to $2.65M in February 2024.
  • Days on Market (DOM): Slightly decreased from 9 days in February 2023 to 8 days in February 2024.
  • Percentage of List Price Received: Improved from 100% in February 2023 to 108% in February 2024, indicating a market where buyers are willing to pay above the asking price.
  • Months of Inventory: Stayed constant at 1.6 from February 2023 to February 2024, suggesting a balanced supply and demand.

Analysis

The year-over-year analysis reveals a significant appreciation in property values, with the median sale price increasing by nearly half. Despite a stable number of homes sold and months of inventory, the market dynamics favor sellers, with properties selling faster and for more than the asking price, indicating strong demand and competitive market conditions.

Price Points and Quadrants

The sales details for February 2024 were analyzed by quadrants, revealing:

  • Top Quadrant: 2 homes sold, Median Sale Price: $3,727,500, Median DOM: 9, Avg. $/Sq.Ft.: $1,540.
  • Second Quadrant: 2 homes sold, Median Sale Price: $3,105,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,225.
  • Third Quadrant: 2 homes sold, Median Sale Price: $2,108,944, Median DOM: 6, Avg. $/Sq.Ft.: $964.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $1,896,944, Median DOM: 4, Avg. $/Sq.Ft.: $1,153.

Analysis

The distribution of sales across the quadrants indicates a balanced market, with properties in all price ranges finding buyers. The top and second quadrants, with higher median sale prices and average dollars per square foot, suggest a particular strength in the upper segments of the market. This distribution offers insights for both buyers and sellers, showing active movement across various price points, with a slight preference for higher-valued homes.

Conclusion

The Belmont real estate market in February 2024 showed positive growth and acceleration from the previous month, with significant year-over-year improvements in median sale price and the percentage of list price received. The detailed breakdown by quadrants indicates a healthy demand across all market segments, with particular strength in the higher-priced homes. This analysis suggests a competitive and dynamic market environment as we move into March 2024.

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