Market Monday: Belmont Real Estate Market Update for December 2023

Welcome to the Belmont real estate market update for December 2023! We want to provide a snapshot of Belmont’s key market indicators, including the number of sales, number of listings, median listing price, and median sale price. In this blog post, we will focus on the data for December 2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In December 2023, the Belmont real estate market saw a total of seven sales, a 56% decrease compared to the previous month and 30% lower year over year. The large month over month decline in December sales can be attributed to the unusually high sales volume in November. Although sales are generally down, low inventory has meaningfully contributed to lower sales. 

Number of Listings:
The total number of listings in Belmont for December 2023 was 13, a 32% decrease from the previous month. New listings dropped month over month, which contributed to the decline in  active inventory. We expect inventory to continue to decline in January before growing as we enter spring. In Belmont, demand far outpaces supply so more inventory quickly translates to more sales.

Median Listing Price:
The median listing price for homes in Belmont in December 2023 was $1,988,000, a 12% increase from the previous month. Year over year, the median list price is down 17%. 

Median Sale Price:
For December 2023, the median sales price of homes in Belmont was $1,700,000, a 16% decline from the previous month. The median sale price is down 5% year over year. As you can see the median list price and median sale prices diverged in December with a $298,000 difference.

Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. Comparing the sale price to list price, we can tell that sellers understand the market is undersupplied and therefore they can command a higher price.

As we wrap up our Belmont real estate market update for December 2023, remember by keeping an eye on these key indicators each month, you can make informed decisions about buying, selling, or investing in Belmont real estate.

If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team. We're here to help you navigate the Belmont real estate market.