Welcome to the Belmont real estate market update for June 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 June 2024, so you can make informed decisions about buying, selling, or investing in Belmont real estate.
Number of Sales:
In June 2024, the Belmont real estate market saw a total of 17 sales, one less than the previous month but two more than in June 2023. We expected sales to begin slowing, which is the seasonal norm. Inventory and new listings fell month over month, which is a good indicator that sales will decline in the coming months.
Number of Listings:
The total number of listings in Belmont for June 2024 was 27, a 23% decrease from May 2024 but still 50% higher than last year. Much-needed new listings rose considerably in the first five months of 2024, which drove active inventory higher, before falling in June. We expect inventory to decline for the rest of the year.
Median Listing Price:
The median listing price for homes in Belmont in June was $2,400,000, which was the same as May. Year over year, the median list price was down 6%.
Median Sale Price:
For June 2024, the median sales price of homes in Belmont was $2,580,000, a 0.3% decrease from the previous month. The median sale price is up 17%, however, year over year. As you can see the median list price and median sale prices were still considerably different in June with a $180,000 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 has been higher than list price for the past five months, highlighting demand in the area. Buyers are paying more than list price and the average seller received 111% of the list price in June.
As we wrap up our Belmont real estate market update for June 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.
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