Market Monday: Belmont Real Estate Market Update for August 2023

Welcome to the Belmont real estate market update for August 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 August  2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In August 2023, the Belmont real estate market saw a total of 11 sales, a 57% increase compared to the previous month but a 35% decline from the May peak. Large percentage swings are common in areas that have a low number of sales in any given month. In the past year, 10 homes sold per month on average. Typically sales drop considerably in the months after peaking. Last year, sales fell 68% from May to August. Sales are still up 57% year over year despite far fewer listings, highlighting demand in Belmont.

Number of Listings:
The total number of listings in Belmont for August 2023 was 20, which is the same as the previous month. Inventory remaining the same is actually a good thing for the perennially undersupplied Belmont market. To be clear, however, inventory is still historically low.

Median Listing Price:
The median listing price for homes in Belmont in August  2023 was $2,348,000, a 6% decrease from the previous month but a 4% increase year-over-year. Sellers recognizing the inventory shortage and consistent buyer demand have kept listing prices near all-time highs in August.

Median Sale Price:
For August 2023, the median sales price of homes in Belmont was $2,180,000, a 6% decrease compared to the previous month. The current median price is right at the average median for 2023.

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. From July to August, list and sale prices fell proportionally ,down 6%. On average, sellers received 107% of list price in August, which is 1% more than last month, and indicates that sellers are gaining negotiating power.

As we wrap up our Belmont real estate market update for August 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.