Belmont - Market Update | Veritas Homes

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

Number of Sales:
In September 2023, the Belmont real estate market saw a total of 10 sales, a 9% decrease compared to the previous month but a 25% increase year over year. In the past year, 10 homes sold per month on average. Sales are impressively still up year over year despite far fewer listings, highlighting demand in Belmont.

Number of Listings:
The total number of listings in Belmont for September 2023 was 23, a 10% 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.

Median Listing Price:
The median listing price for homes in Belmont in September 2023 was $2,098,000, a 9% decline from the previous month. Year over year, the median list price is down 4%, and year to date, the median list price is 13% lower.

Median Sale Price:
For September 2023, the median sales price of homes in Belmont was $2,316,500, a 6% increase compared to the previous month. Unlike list price, the median sale price is up 30% year to date. As you can see the median list price and median sale prices significantly differed by $218,500 (or 9%) in September — a significant 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 facing more competition, which is largely true. Inventory is tight and on average sellers are receiving 6% more of list price in September than they did in January.

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