Belmont Real Estate Market Update for May 2023
Welcome to the Belmont real estate market update for May 2023! Each month, we want to provide a snapshot of the market's key 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 May 2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.
Number of Sales:
In May 2023, the Belmont real estate market saw a total of 17 sales, a 10% increase compared to the previous month. This is the highest sales volume in the area since May 2022.
Number of Listings:
The total number of listings in Belmont for May 2023 was 26, representing a 4% decrease from the previous month. It's interesting to note that while Belmont saw a decrease in inventory from April to May all surrounding cities had an increase.
Median Listing Price:
The median listing price for homes in Belmont in May 2023 was $2,199,000, a 4% decrease from the previous month.
For May 2023, the median sales price of homes in Belmont was $2,220,000, a 7% decrease compared to the previous month. Belmont saw a decrease in Median Sale Price from April to May, while, similar to inventory, none of the surrounding cities experienced a decrease. Sale price is down 22% year-over-year as well. With this shift, listing and selling price are indicating a more balanced market, with sellers' expectations moving in line with buyer’s willingness to pay. This is also reflected in the increased sales volume above.
As we wrap up our Belmont real estate market update for May 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.
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