Belmont - Market Update | Veritas Homes

Welcome to the latest Belmont real estate market update! As your local local real estate resource, we are committed to sharing the latest market information. Each month, we provide a snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and median sales price. Today, we will focus on April 2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In April 2023, the Belmont real estate market saw a total of 11 sales, a 10% increase compared to the previous month. We had a good jump in inventory in February and March, typical for the early Spring selling season. What was unusual was the constant bad weather and the demise of Silicon Valley Bank. While it is hard to know if one or both of these factors affected the market, they did keep buyers on the sidelines for a period of time, impacting the normal Spring ramp.

Number of Listings:
The total number of listings in Belmont for April 2023 was 27, representing a 7% decrease from the previous month.

Median Listing Price:
The median listing price for homes in Belmont in April 2023 was $2,300,000, a 3% decrease from the previous month.

Median Sales Price:
For April 2023, the median sales price of homes in Belmont was $2,400,000, a 2% increase compared to the previous month.

Comparing the median sales 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. At this point, the Belmont market is indicating signs of balance between buyers and sellers.

We do believe the slowness of the Spring market is in the rearview, and the real estate market is warming back up. We have seen notable multiple offer situations in Belmont over the past few weeks, indicating that buyers are coming off the sidelines and some are making very strong offers.

As we wrap up our Belmont real estate market update for April 2023, it's essential to remember that the local market is constantly evolving. 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 of local experts. We're here to help you navigate the Belmont real estate market with confidence.