Belmont House Prices Jump as Sales Fall

While the number of single-family sales in the Town of Homes is slowed over the first two months of 2013, the typical Belmont home price has jumped in the past month and since the beginning of the year.

Only four homes were sold in town in February compared to seven during the same month last year.  

Statewide, a total of 2,246 homes sold in February, a five percent decrease from 2,366 sales in February 2012, the first month since December 2011 that home sales posted a decrease. 

"Two factors caused this modest drop in February: low inventory and a comparison with a strong previous year of sales," said Timothy M. Warren Jr., CEO of The Warren Group, the publisher of Banker and Tradesman.

With the drop in sales is countered by a more than 10 percent increase in the median price for those same properties.  

Belmont home prices are now breaking the $700,000 barrier for both year-to-date and February data. 

     Belmont

  2012

Percentage

  change

While many buyers statewide are looking hard at condominiums as an alternative to high priced single-families, the same could not be said in Belmont as condominium sales have dropped by 16 percent from the same two months a year ago. 

The median price for a condo in Belmont in the first two months topped $407,500.