Lots of large homes are on the market in Belmont while the inventory of homes for sale is reaching a high not seen since 2003. Just 22 of the 52 homes for sale are listed under $1,000,000; while the median home currently for sale is just over 2,000 square feet, the median home in Belmont is only 1550 square feet.
And Inventory levels have hit near all time highs. There are currently 52 single family homes on the market and only twice in the last ten years has there ever been moreâ€”both times the U.S. was in a business cycle troughâ€”the 2001 recession and again in 2003 during a mid cycle slowdown. We expect inventory level to grow even more in May and June of 2008.
In the past ten years there never has been a month with fewer sales than last monthâ€”March 2008 where Belmont had only five sales, except for the month before when there were only four sales. Normally, Belmont will have on average 23 per month; percentage-wise that equals only 18% or normal.
If youâ€™re a Belmont seller and trying to sell during the peak period to obtain the highest price that window of opportunity has already passed. If you are a buyer interested in Belmont, thereâ€™s plenty to choose from and we expect favorable buying conditions to continue for at least the next year and probably well into 2010. But timing the market can be a foolâ€™s game. While waiting for home values to drop interest rates may rise, offsetting any monetary gain.
Plenty of buyers have been waiting years for an opportunity such as the current buyer friendly market conditions to purchase a homeâ€”well, nowâ€™s their chance.