Belmont - Market Update | Veritas Homes

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

Number of Sales:
In March 2024, the Belmont real estate market saw a total of 15 sales, nearly doubling from the previous month and five more than in March 2023. We expected sales to increase meaningfully in March, which is the normal seasonal trend. Sales will likely continue to climb for the next three months.

Number of Listings:
The total number of listings in Belmont for March 2024 was 29, a 45% increase from February 2024 and a 7% increase year over year. Much-needed new listings rose considerably throughout Q1 2024, 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 March was $2,175,000, which was 7% higher than the previous month. Year over year, the median list price was down 4%.

Median Sale Price:
For March 2024, the median sales price of homes in Belmont was $2,500,000, a 6% decrease from the previous month. The median sale price is up 6%, however, year over year. As you can see the median list price and median sale prices were still considerably different in March with a $325,000 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. Comparing the sale price to list price, we can tell that the market is getting more competitive for buyers and buyers are paying more than list price. The average seller received 104% of the list price in March.

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