The median price of a single-family home in Belmont, Massachusetts topped $1 million in July 2016, increasing double digits compared to a year earlier, according to data compiled by the Massachusetts Association of Realtors.
The median home price increased 13 percent to $1,260,000 in July compared to $1,115,000 in July 2015. Through the first seven months of the year, the median price was $985,000, a 6.1 increased from the same time frame last year. Homebuyers paid on average 102.3 percent of the original list price for single-family homes in July and 100.7 percent of the original list price through July.
Scarce inventory slowed sales in Belmont. Home sales declined 51.7 percent in July to 14 homes sold, and home sales declined 15.7 percent from January through July to 70 homes closed. Pending sales – homes under agreement that have yet to close – were down 60 percent in July, so sales likely will be lower in August too. New listings declined more than 50 percent to just 9 in July.
The number of single-family homes available declined 46.4 percent to 15 from 28 homes on the market in July 2015. Months supply of inventory declined 40.9 percent to 1.3 months. About six months of inventory is considered a balanced market between buyers and sellers.
There were nine condominiums sold in Belmont in July, two less than in July 2015. Through July 52 condo units sold, one less than the same seven-month period last year. Pending sales in July remained the same as the previous year at six. There were eight new condominium listings in July compared to seven in July 2015.
Condominium inventory was also tight, with only 1.7 months of inventory; however, the number of available units increased 100 percent to 12 condos on the market.
The median condo price in July was $649,000. Through July the median condo price increased 8.2 percent to $525,000 compared to $485,000 during the same time frame last year. Homebuyers paid on average 103 percent of the original list price in July and 101.6 percent of the original list price during the first seven months of 2016.