Belmont

Town Overview

Belmont, known as “the Town of Homes,” is just what it is. Many have found its small-town atmosphere combined with comforts and amenities of a metropolitan an appealing incentive to have their homes there, especially the academic type with a Master’s Degree or higher, which makes up almost 40% of its population. One of them was Masako Owada, a Harvard graduate who later become a part of the Japanese Imperial Family. Belmont public schools are rated 10 out of 10 by Greatschools.net.

Market

Let’s analyze the single family houses market in Belmont. There are 42 houses on market now, which have spent on average 78 days on market. It may sound like a long time on market, but the market time in Belmont is getting shorter. It has never been shorter than 100 days until March 2010. The houses are fairly evenly scattered out throughout different price range from $349,000 to $935,947. But it seems that the most popular price range is $600,000 to $699,999. There are 8 houses in this range with 37 days on market. Converted to months, the inventory is at 3 moths’ worth. Usually the 6 months’ inventory is considered a balanced market. Anything above it is considered seller’s market, where it is more advantageous for sellers.

Median sales price as of beginning of July 2010 is $710,625. In the past month, 24 houses were sold in 38 days on average. Houses in $600,000 to $699,999 range sold the most; 8 houses in this bracket sold in just 24 days on average. And the 24 houses that sold in the past month have sold for impressive 99% of the listing price.

Inventory for the condominium market is back up to 45 as of now. The inventory took a sharp dip to 24 in last December, but it has steadily increased back in the 40’s, as it has been for the better part of ’08 and ‘09. The inventory is at 6.4 months’ right now. Which means the market is fairly balanced between the seller’s side and the buyer’s. 6 months’ inventory is considered balanced.

How are condos selling in Belmont? In the past month 15 condos sold. They are mostly in $200,000 to $599,999 range. A few high-end condos that are more than $800,000 were sold. Overall, the 15 condos that sold in the last month took 257 days to sell. The median price for the condos was $490,000. They sold for 98% of the asking price.

Single family houses and condos put together, there are 87 properties in Belmont market. They have spent 86 days on market. Lowest property is available at economical $159,900 and the highest is $1,985,000.

If you would like to receive a monthly Belmont local housing data newsletter, visit www.move2Boston.com, click on the "Link to Raveis," then select "Subscribe to Housing Newsletter." At the same site, you can also generate a housing data report anytime you are interested. Call Susie at 617-332-3420 if you would like her to walk you through this feature.

If you are relocating to Boston area, call or email me to get a FREE relocation package. We are familiar with many communities in the Greater Boston, not limited to one or two areas. We specialize in Buyer Representation. You can be rest-assured that you have a seasoned real estate professional looking out for your interests in the entire buying process.

Tel: 617-332-3420

email:susie@move2boston.com