In an effort to be knowledgeable of our current market, I weekly pull the market statistics in Watertown, Belmont, Arlington, Newton, Waltham, Brighton and Allston. Below are the market statistics in Belmont, Massachusetts for Single Families, Condominiums and Multi-Families. I will be posting Belmont, MA market statistics weekly on Tuesdays.
There has been a slight decrease in inventory "across the board," which is a good thing for sellers in each category. Less competition means there is a more likely chance one will receive closer to the listing price. That requires, however, that the listing price be realistic from the start! It is incredible to see these statistics and notice some of the underlying problems with our real estate market.
First, let me show you what is right about our real estate market. Single family homes sales have appreciated by $30,409 year-to-date over last year. For a "down" market, that is a substantial appreciation. The amazing part is that even though the appreciation increased by $1,018 since last week the average listing price has decreased by $12,937 in the same time period. Just because a category is appreciating slightly does not mean it needs to increase its listing prices. Agents should be studying these market statistics in order to understand that market and give realistic expectations to sellers and buyers alike.
On to the what is wrong with our real estate market. Condominiums and multi-family homes have depreciated by -$107,290 and -$$22,761 respectively. However, between last week and this week both have shown increases in their listing prices. Condominium homes' listing prices have risen by $14,038, while Multi-Family homes' listing prices have risen by $20,288.
With fewer sales year-to-date and an ever expanding depreciation, sellers should be listing their home for what the market is telling them it is worth and not over-inflating the listing price.
If you are interested in learning more about buying opportunities in Belmont or you are interested in a FREE market analysis for your Belmont home, please email me at mark.madden@commonmoves.com
If you are interested in learning about more Market Statistics or would like to be emailed more indepth statistics on a weekly basis for a particular town, please email me at mark.madden@commonmoves.com
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