Belmont - Market Update | Veritas Homes

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

Number of Sales:
In October 2023, the Belmont real estate market saw a total of nine sales, a 10% decrease compared to the previous month and a 25% decline year over year. Sales often increase in October as buyers rush to complete the transaction before the holiday season. However, sales continued to decline, likely due to the rapidly increasing mortgage rates, which rose nearly 50 bps in October.

Number of Listings:
The total number of listings in Belmont for October 2023 was 29, a 26% increase from the previous month. Increasing inventory is actually a good thing for the perennially undersupplied Belmont market. To be clear, however, inventory is still historically low relative to demand.

Median Listing Price:
The median listing price for homes in Belmont in October 2023 was $1,995,000, a 5% decline from the previous month. Year over year, the median list price is down 4%, and year to date, the median list price is 17% lower.

Median Sale Price:
For October 2023, the median sales price of homes in Belmont was $2,000,000, a 14% decrease compared to the previous month. Unlike list price, the median sale price is still positive year to date, up 12%. As you can see the median list price and median sale prices are nearly identical with only a $5,000 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 buyers are gaining more negotiating power, which is largely true. Despite low inventory, the average seller received 4% below list price in October.

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