Market Monday: Belmont Real Estate Market Update for February 2024

Welcome to the Belmont real estate market update for February 2024! 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 February 2024, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In February 2024, the Belmont real estate market saw a total of eight sales, one more than the previous month and two more than in February 2023. We expected sales to increase starting in February, which is the normal seasonal trend. Sales will likely continue to climb for the next three to four months.

Number of Listings:
The total number of listings in Belmont for February 2024 was 20, a 25% increase from December 2023 and a 5% increase year over year. Much-needed new listings rose in January and February, which drove active inventory higher. We expect inventory to continue 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 February was $2,039,000, which was the same as the previous month. Year over year, the median list price is down 15%. 

Median Sale Price:
For February 2024, the median sales price of homes in Belmont was $2,649,444, a 36% increase from the previous month. The median sale price is up 42% year over year. As you can see the median list price and median sale prices diverged in February with over a $600,000 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 the market is getting more competitive for buyers. The average seller in February received 109% of list price — a 9% jump month over month.

As we wrap up our Belmont real estate market update for February 2024, 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.