Month Over Month Changes

The Belmont real estate market has seen some interesting shifts from June to July 2023. Here’s a detailed breakdown:

  • Homes Sold: A decrease from 15 to 8 homes sold, marking a 47% drop.
  • Median Sale Price: A slight increase of 2%, from $2,200,880 in June to $2,255,000 in July.
  • Days on Market (DOM): A drop to 8 from 11 in June, indicating quicker sales.
  • Percentage of List Price Received: Sellers received 108% of their asking price in July, up from 105% in June.

These figures suggest a mixed market, with fewer sales but higher prices and quicker selling times.

Year Over Year Changes

Comparing July 2023 to July 2022, the Belmont market has seen the following year-over-year changes:

  • Homes Sold: 8 in July 2023 vs. 12 in July 2022, a decrease of 33%.
  • Homes Listed: 15 in July 2023 vs. 11 in July 2022, an increase of 36%.
  • Median Sale Price: $2.26M in July 2023 vs. $2.34M in July 2022, a decrease of 4%.
  • Average Dollar per Square Foot: $1234 in July 2023 vs. $1476 in July 2022, down by 16%.
  • Median Days on Market: 8 in July 2023 vs. 12 in July 2022, a decrease of 33%.
  • Months of Inventory: 0.7 in July 2023 vs. 1.0 in July 2022, a decrease of 30%.

The year-over-year data shows a trend towards a faster market with lower prices and fewer sales, but more listings.

Quadrants Analysis: What’s Selling?

Here’s a breakdown of what’s selling in Belmont by quartile:

  • Top Quartile: 2 sold, Median Sale Price: $2,615,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,092
  • Second Quartile: 2 sold, Median Sale Price: $2,402,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,496
  • Third Quartile: 2 sold, Median Sale Price: $2,142,500, Median DOM: 4, Avg. $/Sq.Ft.: $998
  • Bottom Quartile: 2 sold, Median Sale Price: $1,807,500, Median DOM: 10, Avg. $/Sq.Ft.: $1,305

This data reveals that properties across all quartiles are moving, with relatively similar selling times.

Conclusion

The Belmont real estate market in July 2023 has shown a mix of trends, with fewer sales but quicker selling times and a slight increase in median sale price. The market appears to be more balanced, with properties across all price points moving.

Sellers are receiving more than their asking price, indicating strong demand, while buyers may find more options with an increase in listings. The coming months will reveal whether these trends continue or if new patterns emerge.

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