Month-over-Month Changes

In October 2023, the Belmont real estate market presented a mixed picture compared to September 2023:

Homes Sold: There was a 10% increase in the number of homes sold, with 11 homes sold in October, up from 10 sales the previous month.
Median Sale Price: The median sale price saw a significant decrease of 14% from $2,316,500 in September 2023 to $2,000,000 in October 2023.
Days on Market (DOM): The DOM increased slightly, up to 14 days in October from 12 days in September 2023.
Percentage of List Price Received: Sellers received an average of 103% of their asking price in October 2023, an improvement from 99% in September 2023.

Analysis

The increase in the number of homes sold month-over-month suggests a rise in buyer activity. However, the notable decrease in median sale prices may indicate that buyers are negotiating more aggressively or that more lower-priced homes are being sold. The slight increase in DOM suggests that while homes are still selling relatively quickly, the pace may be slowing. The increase in the percentage of list price received indicates that despite lower prices, the market remains competitive.

Year-over-Year Comparison

Comparing October 2023 to October 2022, we note the following changes:

Homes Sold: A decrease of 15% in the number of homes sold year-over-year.
Median Sale Price: A marginal decrease in the median sale price, down 1% from $2.01M in October 2022 to $2.00M in October 2023.
Days on Market: The DOM remained stable at 14 days, the same as in October 2022.
Percentage of List Price Received: There was a slight increase in the percentage of list price received, up from 101% in October 2022 to 103% in October 2023.
Months of Inventory: A significant decrease in months of inventory, down from 1.9 to 1.3.
Average Dollar per Square Foot: An increase of 18% in the average dollar per square foot, from $1,101 in October 2022 to $1,304 in October 2023.

Analysis

Year-over-year, the Belmont market has seen a slight decrease in the number of homes sold and a stable median sale price, suggesting a consistent market in terms of pricing. The stability in DOM and the increase in the percentage of list price received point to a market that remains seller-friendly. The significant decrease in months of inventory, coupled with the increase in average dollar per square foot, indicates a market with strong demand and rising property values.

Price Points and Quadrants

The sales details for October 2023 by quadrants are as follows:

Top Quadrant: 3 homes sold, Median Sale Price: $3,000,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,499.
Second Quadrant: 3 homes sold, Median Sale Price: $2,275,000, Median DOM: 18, Avg. $/Sq.Ft.: $1,017.
Third Quadrant: 3 homes sold, Median Sale Price: $1,750,000, Median DOM: 16, Avg. $/Sq.Ft.: $1,326.
Bottom Quadrant: 2 homes sold, Median Sale Price: $1,397,500, Median DOM: 19, Avg. $/Sq.Ft.: $1,199.

Analysis

The quadrant data reveals a balanced distribution of sales across different price points, with the top quadrant achieving the highest median sale price and price per square foot. The longer DOM in the second and bottom quadrants suggests that mid-range and lower-priced homes may take slightly longer to sell, but there is activity across all segments of the market.

Conclusion

Belmont’s real estate market in October 2023 showed an increase in sales volume month-over-month but a decrease in median sale prices. Year-over-year, the market has remained relatively stable in terms of the number of homes sold and median sale prices, with a notable increase in the average dollar per square foot. The market dynamics indicate a competitive environment with a strong demand for homes across various price points. The detailed quadrant data provides valuable insights for both buyers and sellers, highlighting the diversity and vibrancy of the Belmont real estate market.

Data provided by MLSListings and is deemed reliable but not guaranteed.