It's Looking Like a Seller's Market
Sales are way up, many homes are receiving offers above their list price and the average price per square foot is up about 5% — the real estate market in Belmont is tilting towards a seller's market.
At the halfway point in 2012, there have been 123 homes sold in Belmont, up 40% from 2011.
Sales may have been buoyed by a jump in new listings, which are up 23% for the year. However, with sales rising faster than new listings, inventory has fallen. There were 27 unsold homes on the market at the end of June 2012, down from 47 homes in June 2011.
With fewer homes available at the same time that buyer demand is increasing, many homes are receiving multiple offers, culminating in an offer above the list price. This can be seen in the ratio of the average sales price to list price. The ratio has been above 100% in each of the last six months, meaning that the average home sold for more than its final asking price. In the prior six months it was above 100% in only one month.
When buyers bid above asking prices it is often a sign that prices either are or will be rising. We have already seen some signs of increasing prices. The average price per square foot has been just over $500 in 2012, up about 5% over what we saw in 2011. In each of the last three months it has also been over $500. There has not been a 3 month stretch like that since the end of 2009.
Average and median prices remains in the $900,000 range.
By The Numbers - Belmont Real Estate for 2012
|Current Month||YTD Total or Average|
|June 2011||June 2012||Jan - Jun 2011||Jan - Jun 2012|
|Days on Market||35||32||39||36|
|Months of Supply||3.1||1.0||2.5||1.5|
Thinking of buying or selling a home in Belmont?
If you're interested in learning more about the Belmont real estate market, considering selling your home in Belmont, or thinking about moving to Belmont, please drop me a line and I'd love to connect with you.