Month-over-Month Changes

In September 2023, the Belmont real estate market experienced some shifts compared to August 2023:

  • Homes Sold: 10 homes were sold, marking a 9% decrease from 11 sales the previous month.
  • Median Sale Price: Increased by 6% from $2,180,000 in August 2023 to $2,316,500 in September 2023.
  • Days on Market (DOM): Rose to 12 days from 8 days in August 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price, down from 109% in August 2023.

Analysis

The month-over-month data indicates a slight contraction in the market. The decrease in homes sold and the rise in DOM suggest a tempering of demand. However, the median sale price increased, indicating enduring value in the Belmont market.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were noted:

  • Homes Sold: Increased by 11%, from 9 to 10.
  • Homes Listed: Increased by 13%, from 16 to 18.
  • Median Sale Price: Decreased from $2.45M to $2.32M, a 5% drop.
  • Median Days on Market: Increased from 8 to 12.
  • Percentage of List Price Received: Decreased from 102% to 99%.
  • Months of Inventory: Decreased from 1.8 to 1.6.

Analysis

Year-over-year, the Belmont market has seen an increase in the number of homes sold and listed but a decrease in sale prices. The rise in DOM and the drop in the percentage of list price received suggest a market that is becoming more balanced.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 3 homes sold, Median Sale Price: $2,605,000, Median DOM: 27, Avg. $/Sq.Ft.: $944.
  • Second Quadrant: 3 homes sold, Median Sale Price: $2,425,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,424.
  • Third Quadrant: 2 homes sold, Median Sale Price: $1,915,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,019.
  • Bottom Quadrant: 2 homes sold, Median Sale Price: $1,635,000, Median DOM: 20, Avg. $/Sq.Ft.: $1,215.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that homes in the higher price ranges are moving more quickly, indicating a strong market for sellers in these price brackets.

Conclusion

The Belmont market in September 2023 showed a decrease in homes sold compared to the previous month but an increase in homes listed year-over-year. The decrease in median sale price year-over-year and the rise in DOM indicate a market that is becoming more balanced. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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