Home sales in Belmont for the month of August posted some less than impressive statistics, indicating that values declined year-over-year as well as sales.

Belmont August Home sales 2011

(Click on the image for a full sized graph)

MEDIAN HOME PRICE:

The median home price in Belmont dropped 2.9% over August of 2010 and the size home which you could buy in August of this year was 2.8% larger leading one to conclude that the prices actually dropped more than reported.

SALES:

Belmont home sales were down as well from 20 sales last August to 17 this year.

DOM

The time it took to sell a home was up from 44 days to 56.

PRICE REDUCTIONS:

This August eight of the 17 home sellers lowered their initial asking price by on average $69,000 and 12 sellers accepted $43,000 less for their home than they were asking. Two homes sold at the seller’s asking price and three homes sold for over asking by on average $29,000.

Last August eight home sellers lowered their asking price by on average $84,000 and when all was said and done 12 homes sold for $27,000 under the seller’s asking price, four homes sold at asking and three homes sold for on average $15,000 over what they seller had asked for their home.

We expect this pattern of monthly roller coaster statistics—ups and downs—to continue as no doubt we will continue to see Belmont home prices and sales bouncing along the bottom for some time to come.

Look for today’s announcement of all time low interest rates to spur some fall home sale activity. And if you haven’t refinanced, now appears to be a historically perfect time.

*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. 

 

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