Real Estate Trends – Belmont, Massachusetts

Introduction:

In our latest report on the local real estate trends in communities we work with located in Massachusetts and New Hampshire, we will show the ways the local real estate market has changed year over year in the town or city being discussed. As always all real estate is local so despite national, regional and state trends any given city or town can be going up, down or staying pretty much the same.  In the cases where a municipality is seeing a slowdown in the market sellers may want to adjust their expectations of price and speed at which they can sell their properties.

Today we are highlighting Belmont, MA in Middlesex County, a very affluent community north of Boston and home to former MA governor and 2012 republican presidential nominee Mitt Romney.

Belmont, MA real estate - Town Hall 1913

Market Trends in Belmont, MA – August 2013 and 2014:

The real estate market in Belmont has slowed down since last year according to our MLS data.  Average listing prices are down and so are the average sale prices; however the average days on market are actually down a bit, which is similar to our last report on Seekonk, MA (and like that report this is somewhat deceptive).  The number of sold properties went down slightly from 21 to 18.

Average Listing Prices:

In August 2013 the average listed price for a single family house in Belmont, MA was $1,067,614; by August 2014 that had declined to $980,722. This is a fairly significant 8.14% decrease year over year.  This indicates that people are paying less than last year.  The Realtors in town are trying to meet this decrease by adjusting down the prices they are telling clients to list their properties at.

Average Sale Prices:

The average sale price in August 2013 in Belmont was $1,056,536; in August 2014 that was down to $981,111.  That is a decrease of 7.14%, a little bit less than the listing price numbers above.  This shows that to some extent that the local real estate professionals are getting prices adjusted in line with market realities and aren’t taking bigger hits than necessary in the sales price compared to several of our past Market Trendreports.

Average Days on Market:

While prices are down one encouraging thing for sellers in Belmont is that the days on market are actually down a bit.  Back in August 2013 the days on market there was 52.05; but in August 2014 it was down to 38.56, that is a 25.9% decrease.   As mentioned earlier we did see this same pattern in the recent article on Seekonk, MA but this is actually a little abnormal.  It is much more common for the days on market go up when prices are going down.  With declining prices people are likely to list a property to high to start. In several of our previous reports (Abington, Bedford and Seekonk) these small number of overall sales can have numbers thrown out of whack with a single major outlier.  In the case of Belmont this is actually true again.  While 2014 does not look odd at all with numbers but there is a single place in the 2013 data that is throwing the numbers way off.  One place was on the market for 464 days, which is almost double the 2nd and 3rd highest put together.  If you remove this point the other 20 properties averaged out to 31.45.  If you use that number instead days on market actually did increase 22.6%.  It is a more accurate representation to use the adjusted number for this particular metric.  This also mitigates some of the good news for sellers that they were getting at first glance.

Belmont, Mass Summary:

With lower listing prices and lower sale prices the market in Belmont, Massachusetts has slowed down since last year.  The decrease in days on market was an artifact of one abnormally long sale last year and when adjusting for that, those have moved somewhat in the wrong direction for sellers as well.  Sellers in Belmont may have missed the 2013 peak in the market and may not be able to get the same prices this year. In summary if you are looking to sell your Belmont, MA house now you should expect to get less than you would have gotten last year and will need to take a discount off your listed price to avoid long drawn out sales process.

 

Do you need to sell your Belmont, Massachusetts house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.    

 

 

(Image credit: “PostcardBelmontMATownHall1913” Published by F. M. LeBonte, Druggist, Belmont, Massachusetts)  

 

 

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