Market Monday: Belmont Real Estate Market Update for August 2024

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

Number of Sales:
In August 2024, the Belmont real estate market saw a total of eight sales, a 53% decline from the previous month and a 27% fall compared to August 2023. We expected sales to continue to slow, which is the seasonal norm. Inventory and new listings fell month over month, which is a good indicator that sales will decline as we make our way into fall.

Number of Listings:
The total number of listings in Belmont for August 2024 was 14, which was three less than the previous month and still 33% lower than last year. New listings rose considerably in the first five months of 2024, which drove active inventory higher into July, before falling in August. We expect inventory to decline for the rest of the year.

Median Listing Price:
The median listing price for homes in Belmont in August was $2,388,888, a 20% increase from the previous month and up 4% from last year.

Median Sale Price:
For August 2024, the median sales price of homes fell 16% month over month to $2,237,500 in Belmont, falling from the record high reached last month. The median sale price is still up 3% year over year. As you can see the median list price rose higher than the median sale price was in August with a 6% 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. The median sale price had been higher than list price for the past six months, highlighting demand in the area. Even though the list price is higher than the sales price, demand is still high. However, sale prices typically decline in the second half of any year, which we are beginning to see.

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