Market Monday: Belmont Real Estate Market Update for July 2023

Welcome to the Belmont real estate market update for July 2023! 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 July 2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.

Number of Sales:
In July 2023, the Belmont real estate market saw a total of seven sales, a 53% decrease compared to the previous month. This large drop in the summer isn’t uncommon. This year, just like last year, sales peaked in May and fell considerably. From May to July 2022, sales declined 46%, while this year sales fell 59% from the May peak. The large drop in sales in July 2023 can at least partly be attributed to falling inventory and new listings from May to June.

Number of Listings:
The total number of listings in Belmont for July 2023 was 20, representing an 11% increase from the previous month. Lower sales and a jump in new listings caused inventory to grow, which is only beneficial for the perennially undersupplied Belmont market. The higher number of listings in July will almost certainly translate to higher sales in August. To be clear, however, inventory is still historically low.

Median Listing Price:
The median listing price for homes in Belmont in July 2023 was $2,499,000, a 2% decrease from the previous month but a 10% increase year-over-year. Sellers recognizing the inventory shortage and consistent buyer demand have kept listing prices near all-time highs in July.

Median Sale Price:

For July 2023, the median sales price of homes in Belmont was $2,325,000, a 6% increase compared to the previous month.

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. From June to July, list price fell, while sale price rose, indicating that sellers are gaining negotiating power. On average, sellers received 106% of list price in July, which is 3% more than last month, and further shows buyers are experiencing higher competition.

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