Month Over Month Changes

In August 2023, Belmont’s real estate market experienced some notable changes compared to July 2023:

Homes Sold: 11 homes were sold, a 38% increase from 8 sales the previous month.

Median Sale Price: There was a 3% decrease, from $2,255,000 in July to $2,180,000 in August.

Days on Market (DOM): The DOM remained the same at 8 days.

Percentage of List Price Received: Sellers received 109% of their asking price, a slight increase from 108% in July.

This data indicates a market that is becoming more competitive, with a higher volume of sales but a slight decrease in median sale price.

Year Over Year Comparison

Comparing August 2023 to August 2022, the following year over year changes were observed:

Homes Sold: Increased by 22%, from 9 to 11.

Homes Listed: Decreased by 33%, from 15 to 10.

Median Sale Price: Increased by 1%, from $2.15M to $2.18M.

Average Dollar per Square Foot: Increased by 15%, from $1,058 to $1,213.

Median Days on Market: Decreased by 38%, from 13 to 8.

Months of Inventory: Decreased by 45%, from 1.1 to 0.6.

Percentage of List Price Received: Increased by 9%, from 100% to 109%.

The year over year data suggests a market with more sales but fewer listings, with a slight increase in prices and quicker sales compared to the previous year.

Price Points and Quadrants

The August 2023 sales details were broken down by quadrants:

Top Quadrant: 3 homes sold, Median Sale Price: $2,825,000, Median DOM: 15, Avg. $/Sq. Ft.: $947.

Second Quadrant: 3 homes sold, Median Sale Price: $2,300,000, Median DOM: 7, Avg. $/Sq. Ft.: $1,392.

Third Quadrant: 3 homes sold, Median Sale Price: $1,950,000, Median DOM: 8, Avg. $/Sq. Ft.: $1,213.

Bottom Quadrant: 2 homes sold, Median Sale Price: $1,750,000, Median DOM: 19, Avg. $/Sq. Ft.: $1,241.

These details provide insights into the segments of the market that are most active, with a focus on the top and second quadrants.

Conclusion

The Belmont market in August 2023 showed an increase in sales volume but a slight decrease in median sale price compared to the previous month. The year over year data indicates a market with more sales but fewer listings, with a slight increase in prices and quicker sales compared to the previous year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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