Massachusetts Home Buyer Guide

The median price of both single-family houses and condominiums in Belmont, Massachusetts declined during the first six months of 2015, according to data compiled by the Massachusetts Association of Realtors.

Through June the median price of a single-family home in Belmont declined 6.3 percent to $890,000 compared to $950,000 during the first six months of 2014. On average home buyers paid 98.5 percent of the original list price through June. The median sale price in June declined 13 percent to $1,000,000 compared to $1,150,000 during June of 2014.  Home buyers paid on average 99.2 percent of the original list price in June. 

Through June there were 54 single-family homes sold in Belmont compared to 51 sales during the first half of 2014. Pending sales – homes under agreement that have yet to close – increased 9.1 percent to 84 from 77 during the first six months of 2014. In June there were 16 homes sold, three less than June 2014. There were 25 pending sales, three more than the previous June. 

Real estate inventory in Belmont, like surrounding communities, remained scarce in June. The number of single-family homes on the market in June declined from 34 in June 2014 to 26 this past June. The months supply of inventory declined 30.9 percent to 2.2 months from 3.1 months in June 2014. There were 26 new home listings in June compared to 30 the previous June. 

The median price of a condominium in Belmont through June was $482,750, down 14.6 percent from $565,000 during the same six-month period last year. There were 42 condo units sold during the first half of the year, an increase of 13.5 percent, and home buyers paid on average 102.7 percent of the original list price. Pending sales increased nearly 20 percent to 61 condominiums sold. 

The medium price in June was $490,000, a 13.3 percent decline from $565,000 in June 2014. Condo sales in June increased more than 100 percent to 19 compared to only nine units sold in June 2014. Pending sales increased 50 percent to 15. 

There were only seven condo units available in June, and the months supply of inventory declined 44.3 percent to 0.9 months. There were 12 new condo listings in June, the same number as June 2014. 

Due to the extremely tight inventory environment, Belmont home buyers paid on average 105.9 percent of the original list price for condominiums.