Sold in Belmont: Time for a Pricing Haircut Across Housing Types

Photo: 275 Brighton St.

A weekly recap of residential properties sold in the past seven-plus days in the “Town of Homes.”

483 Pleasant St. Condominium (1986). Sold: $840,000. Listed at $895,000. Living area: 2,175 sq.-ft. 6 rooms, 3 bedrooms, 2 baths. On the market: 155 days.

54-56 Falmouth St. Multi-family (1900). Sold: $780,000. Listed at $825,000. Living area: 3,684 sq.-ft. 13 rooms, 7 bedrooms, 3 baths. On the market: 64 days.

182 Waverley St. Condominium (1891). Sold: $477,000. Listed at $479,000. Living area: 1,095 sq.-ft. 7 rooms, 2 bedrooms, 1.5 baths. On the market: 52 days.

275 Brighton St. Colonial with extension (1946). Sold: $875,000. Listed at $895,000. Living area: 2,010 sq.-ft. 8 rooms, 3 bedrooms, 2.5 baths. On the market: 105 days.

Data compiled by Zillow, the online real estate database company, report that long-term sale prices for all housing in Belmont has hit its peak and will begin a slight downturn in values in 2016. 

So, was that the reason the four home sales – including two condos, a single- and a multi – that occurred last week in Belmont each failed to reach its initial list price? Is the hot real estate market cooling along with the seasons?

Probably not. While, indeed, the homes required a “haircut” of its list price to move the sale, there remains a short inventory of homes in Belmont. Also, mortgage rates remain low, enticing potential homebuyers as the market awaits the Federal Reserve raising grates by at least 25 basis points later in the month.

More likely, the failure of list prices to hold their position could be influenced by the small number of sales in the sample, half the usual number impacted by the holiday. Or sellers and their Realtor/sales person continue to overvalue homes, hoping to squeeze as much money from their houses.

So not to worry; there is no Belmont bubble homeowners need to be concerned over … yet.

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