Yes and No
The sale prices for homes in Belmont have gone up. It’s true, the 2012 average was $20,000 higher than 2011!
But wait! Does that mean the Market is Recovering in Belmont?
I’d say no. There are a few more factors that are important, like supply and demand. It’s still a buyer’s market – there is more inventory for sale than people to buy it in the next 6 months.
There is actually about 8 months of inventory. 6 months is considered a balanced market, so things aren’t so bad – no like a few years ago when we saw 12 and 16 months of inventory on the market.
How do the Homes Compare?
Buyers in Belmont are getting larger (and often brand-new) homes for that price. The builder is selling bigger, nicer houses for less money – probably because they had to, to stay in business.
The average price per square foot dropped from $116/sqft to $115/sqft last year.
If we take new homes out of the mix we are looking at an average of $104/sqft in 2011 and and slight increase to $105/sqft in 2012. It’s hard for older homes to complete with the shiny new homes that the builder offers, and that’s reflected in the lower prices – these homes sold for about $30,000 less last year.
Belmont is a subdivision between Jonesville and Alachua on CR 241, at the end of NW 39th Ave.