Weâ€™ve been swamped with business this year and with rolling out our new web page to boot we are just now able to settle down and look at Februaryâ€™s homes sale price figures for Belmont. Believe me, weâ€™re dutifully aware that Marchâ€™s numbers are available soon and we promise to deliver them in a more timely manner.
(Click image for a full size picture)
Once again the median price in Belmont was, in practicality, unchanged. Those of you who follow our posts know we endeavor to portray the most accurate market snapshot as possible. In doing so, we not only report the median price statistic as per our MLS system, but we delve deeper to see if larger or smaller homes sold which can dramatically change the results in a small market sample, such as Belmont, which has relatively few sales each month.
Even though the median price dropped from Januaryâ€™s $850,000 to $800,000 in February (5.9%), the size homes which sold were significantly, (8%) smaller.
Year over the year, the median price home sold in Belmont went from $714,500, last February, to todayâ€™s February price of $800,000â€”an increase of 12% with an increase of the size home sold in the two periods of 14%. Viewed from another perspective, the median size home dropped about 2% year over year in the same periods.
Homes are still staying on the market for a longer than usual time. This February it to 81 days to sell the average home as compared to 78 days last year. The first quarter of the year includes many homes left over from the winter months and we expect this time (DOM) to drop in the spring selling season, as it typically does.
Ten homes sold this February as compared to just six last year. Of the ten sold, two sold over asking, two sold at their asking price and six sold for less than asking.
The local market continues to be riding a rollercoaster fueled by uncertain feelings on the part of many buyers and sellers. Some buyers are jumping back into the market with both feet and offering sellers thousands of dollars over the asking price for highly desirable properties, and others are sitting on the sideline thinking there could be another double dip.
Marchâ€™s numbers are due out in a few days which we predict will show more of the same, with the number of sales increasing and the median price continuing its unremarkable recovery.