Belmont closed out the month of September with less than a stellar performance. There were 18 sales which is respectable–a couple more than last month–but still shy of even a normal market.
Is this still a Buyerâ€™s market? We think so.
(Click on thechart to see an enlarged version).
Look at the percent a seller receives of their asking price. Few homes are selling over the asking price and if they are it's usually because the home is deeply discounted in the first place.
Another sign is the time a home languishes on the market, as expressed in Realtor speak as D.O.M. or Days on Market. Currently it stands at 45 days with six of the sales being listed for 3/4 of a year or more. One sale had to of broken the all time record when it finally closed after being on the market 700 days!
The median price took another beating in Belmont as the raw numbers show another 5% decrease over July values. Adjusted for smaller or larger homes selling, that percent is halved, but still, a 2.5% decrease is a downward trend that we hope will soon slow.