Belmont - Market Update | Veritas Homes

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

Number of Sales:
In January 2024, the Belmont real estate market saw a total of seven sales, the same as the previous month and the same as January 2023 and January 2022. You could say seven sold homes is quite normal in January. We expect sales to increase starting in February, which is the normal seasonal trend.

Number of Listings:
The total number of listings in Belmont for January 2024 was 15, a 7% increase from December 2023 and a 50% increase year over year. Much-needed new listings rose month over month, 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 January was $2,078,000, a 4% increase from the previous month. Year over year, the median list price is down 9%.

Median Sale Price:
For January 2024, the median sales price of homes in Belmont was $1,945,000, a 14% increase from the previous month. The median sale price is down 3% year over year. As you can see the median list price and median sale prices are near one another in January with a 7% 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 prices are appropriately priced. The average seller in January received 100% of list price.

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