Belmont home sales for single family residences in May of 2012 reflect our intuitive observations about our local market. You might still hearing disheartening stories of the depressed housing market and certainly many areas of the country are still feeling the pain associated with the downturn. However like, the weather, real estate is very local and what goes on in one part of the country can have no bearing on another.
Belmont’s housing market is robust this year after a five year downturn. Inventory remains tight. Compare last year’s inventory in May of 2011 at 48 to May of 2012 when Belmont’s jousting inventory was only 42. Doesn’t seem like a big difference does it? But if you look at the 26 homes sold in Belmont this year and compare that to the 15 homes sales last year, you see that we had a 73% increase in sales.
The best way to express this is in months of inventory—the time it would take to sell off all of the existing homes for sale (inventory) at the current pace of monthly sales. That number has dropped to only 1.84 months—with the statewide average hovering around six. Last year at this time the months of inventory held at 2.83—a low for the year.
DAYS ON MARKET
The time it takes the average home to sell in Belmont actually increased from only 17 days last June to 30 this year.
The median price continues to swing wildly as the mix of larger and smaller homes varies so greatly in Belmont from month to month.
In June of 2011 the median home price in Belmont was $949,000 and for that one could buy a 1,257 square foot home. This June in 2012 the median price has dropped to $845,000 but so did the size home one bought—it dropped to 1,790. That 367 square foot difference could account for as much as $190,000 differential in the median home value—meaning the true median home price might actual be hovering around $1,034,000 for the month of May in 2012.
In June of last year 33% of the homes that sold went for under the seller’s asking price, contrasted to this year when only 27% accepted a lower price. In 2011 27% of sellers received their asking price while in 2012 only 8% did so. But that’s because in 2012 so many more received over their asking price. While in 2011 40 of the Belmont homes that sold went for over the seller’s asking price, this year that number jumped to 65% and on average the seller’s received 104.36 percent of the asking price--a nice surprise for sellers indeed.
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Disclaimer:The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.