Welcome to the Belmont real estate market update for November 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 November 2023, so you can make informed decisions about buying, selling, or investing in Belmont real estate.
Number of Sales:
In November 2023, the Belmont real estate market saw a total of 16 sales, a 78% increase compared to the previous month and 167% higher year over year. The jump in November sales can be attributed to inventory, reaching a 2023 high in October. In Belmont, demand far outpaces supply so more inventory quickly translates to more sales.
Number of Listings:
The total number of listings in Belmont for November 2023 was 19, a 35% decrease from the previous month. As sales increased and new listings dropped month over month, active inventory had nowhere to go but down. We expect inventory to continue to decline over the next two months.
Median Listing Price:
The median listing price for homes in Belmont in November 2023 was $1,788,000, a 10% decline from the previous month. Year over year, the median list price is down 16%, and year to date, the median list price is 25% lower.
Median Sale Price:
For November 2023, the median sales price of homes in Belmont was $2,012,500, a 1% increase compared to the previous month. Unlike list price, the median sale price is up 15% year over year, and year to date, the median sale price is 13% higher. As you can see the median list price and median sale prices diverged in November with a $224,500 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 sellers’ are gaining more negotiating power, which is largely true. With low inventory and high demand, the average seller received 7% above list price in November.
As we wrap up our Belmont real estate market update for November 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.
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