It’s official: 2014 was a very good year for anyone selling real estate in Belmont as the average sales price for a home – be it a Colonial, a condo or an up-and-down two family – increased by more than five percent, according to the data compiled by McGeough Lamacchia Realty of Waltham.
The housing market remained strong in Belmont in 2014, with a total of 320 homes – single-family, condos and multi-family – sold at an average sale price of $748,839, about five and a half percent increase from 2013. The total number of homes sold in 2014 is 11 fewer than in 2013, which is part of a trend that contributed to overall home sales in Massachusetts being down 1 percent in 2014.
- Single-family: 169 sold in 2014 versus 179 in 2013, for an average price of $976,919 which is $60,000 more than last year’s average of a little more than $910,000.
- Condominiums: 91 condominiums sold in 2014 compared to 98 in 2013, with an average sold price of $595,454, an increase from 2013’s average of $573,301.
- Multi-Family: 60 homes sold in 2014, as opposed to 54 in 2013. The average sale price in 2014 was $674,145, nearly $35,000 more than the average in 2013. This makes multi-family homes the only category to both see more homes sold, and an average higher sale price.
While hardly anyone can call the average housing price as “cheap,” Belmont remains affordable compared to Cambridge and Lexington, where a single-family home can cost up to $314,556 more when you look at average sale prices. Arlington, Waltham, and Watertown come underneath Belmont’s average price for a single-family home by anywhere from 34 to 53 percent.