Belmont is still humming along into the fall home buying
season with robust sales and other positive indicators.
The median home price reported for Belmont in the month of September
was $938,000 while in 2011 it was $962,500. Factoring for the size homes sold
in these two periods it’s clear values have actually risen, not declined.
The median home you could buy this year for $938,000 was
1,719 square feet while in September of 2011 $962,500 bought you a median size
home of 2449 square feet–or roughly 42% larger.
If we look at the price per square foot that the homes were
selling for back in 2011 at $469 per square foot, that could account for $342,000
of home value–pushing this September’s true median price closer to $1,280,000.
Sales were essentially flat over the two periods as 19 homes
sold in Belmont this year and 18 last September.
DAYS ON MARKET
The time it took for a Belmont seller to find a buyer dropped
from 62 days in 2011 to only 28 this September.
The amount the sellers have received in Belmont has risen
too. Last September the average Belmont home seller received only 98.6% of
their asking price while this September that has shot up to an amazing 102.3%. On a special note, year to date that’s higher than any other city in the county!
In September of 2011 five sellers lowered their asking price
by on average $113,200 in order to attract a buyer. Then those same five
sellers finally received offers which were on average another $53,000 lower
than their lowered price; and to add insult to injury, it took these sellers 152
days to finally close the deal. That’s a long time to keep one’s home
In 2011 13 homes sold for on average $43,000 less than their
asking price, one home sold right at asking, and 4 homes sold for on average
$91,000 more. This year only six homes sold for less than the sellerâ€™s asking price
for on average $42,000, two homes sold right at asking and 11 sold for on
average $53,000 more.
Seller’s here’s your lesson. Where less of an asking price
is actually more, buyers are feverishly snapping up well priced homes. We’ve
sold each of our listings this year in less than 11 days and on average in
eight and every one of these has sold with multiple bidders for on average 104% of the asking price.
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. Drew & Christine Morgan did not necessarily participate in these sales.