Month-over-Month Changes

In April 2024, the Belmont real estate market demonstrated notable changes from the previous month of March 2024:

  • Homes Sold: Increased to 18 homes, up by 20% from 15 sales in March.
  • Median Sale Price: Decreased slightly by 3% to $2,426,000 from $2,500,000 in March.
  • Days on Market (DOM): Slightly reduced to 6 days from 7 days in the previous month.
  • Percentage of List Price Received: Sellers received 111% of their asking price, up from 105% in March.

Analysis

The month-over-month data shows an intriguing dynamic where sales volume increased while there was a slight decline in median sale prices. The reduction in days on market and increased percentage of list price received suggest a robust demand, indicating sellers are in a strong negotiating position, reflecting a resilient market.

Year-over-Year Comparison

Comparing April 2024 to April 2023, significant shifts highlight the market’s evolution:

  • Homes Sold: Increased by 50%, from 12 sales in April 2023 to 18 in April 2024.
  • Median Sale Price: Slightly up from $2.40M in April 2023 to $2.43M in April 2024.
  • Days on Market: Reduced significantly from 13 days last year to 6 days.
  • Percentage of List Price Received: Grew from 102% last year to 111%.
  • Months of Inventory: Decreased from 1.0 months in April 2023 to 0.7 months in April 2024.

Analysis

Year-over-year trends show a market with increasing sales activity and faster selling times, pointing to a continued seller’s market. Prices are holding steady with a slight increase, and sellers are consistently receiving more than their asking price, indicating strong buyer competition.

Price Points and Quadrants

The data for April 2024 is broken down by sales quadrants, revealing where the market activity is most concentrated:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,500,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,344.
  • Second Quadrant: 5 homes sold, Median Sale Price: $2,750,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,481.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,179,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,646.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,725,000, Median DOM: 3, Avg. $/Sq.Ft.: $1,217.

Analysis

The data reflects a vibrant market across all price quadrants, with high activity particularly in the top and second quadrants. The highest-priced homes are not only selling, they are doing so relatively quickly, suggesting a strong demand at higher market tiers.

Conclusion

The Belmont market in April 2024 saw a significant upturn in sales compared to the previous month and a strong year-over-year performance. Despite a small drop in median prices month-over-month, the market dynamics suggest a strong competitive environment, especially beneficial for sellers. The detailed quadrant data provides insightful context, showing robust activity across various price points, which is valuable for both buyers considering entry points and sellers aiming to maximize returns.

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