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Richard C. Lee's Blog

By Rich Lee | Agent in Boston, MA

Belmont, MA 2 Unit Multifamily Prices Hold Steady

Belmont, MA 2 unit multifamily income properties have held value compared to last year.

Belmont, MA 2 Family Median & Average Sale Price YTD (August)Belmont, MA 2 Family Median & Average Sale Price YTD (August)

Belmont 2 family house sales are running about the same pace as last year with 22 houses sold through August 2011 compared to 20 last year.  The average sale price YTD has dropped to $581,622 from $610,131 last year.  The median sale price has risen a little to $615,000 from $611,500 last year.

Belmont, MA 2 Family Average Cost Per Square Foot & Average Sale Price YTD (August)Belmont, MA 2 Family Average Cost Per Square Foot & Average Sale Price YTD (August)

The issue with averages and median prices is that they tell you nothing about what is being sold. You are depending on a sufficient sample size for the law of averages to be in play. One way to try to get a better pulse on whether prices are going up or down is to take a look at the cost per square foot of living space sold. That figure is virtually flat from last year. Belmont's average cost per square foot for a 2 family house was $219 through August 2011. Last year, that figure was $218.

Let's zoom out from Belmont as see how the regional and national real estate markets are doing since that's all the news tells us.  For the local trends, you'll have to check here.  Clear Capital has a nice way of looking at the real estate market by looking at prices on a quarterly rolling basis.  They report that the Boston Metropolitan Statistical Area is the 5th best performing major market.  That's no surprise since our economy is doing relatively better than the rest of the nation.

Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.

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