BELMONT CITIZEN-HERALD How hot is Belmont's housing market? 6 homes are listed at $2.5M or more Joanna K. Tzouvelis Wicked Local Published 7:12 a.m. ET Feb. 25, 2021 Updated 12:56 p.m. ET Feb. 25, 2021 COVID-19 is not impacting Belmont’s real estate market, according to seasoned local realtors. In fact, it has led to higher demands in towns such as Belmont and Watertown as well as an increased need for more space according to Carolyn Boyle, Realtor for Gibson Sotheby's International Realty of Cambridge. “A few key dynamics are affecting demand. Because of COVID, more people are working from home, working out at home and entertaining more from home, all of which have increased the need for more space,” said Boyle. However, there are definitely more buyers than sellers and low inventory, she added. “COVID has reduced the number of sellers, as some folks who would have moved to assisted living or downsized into condos have put those plans on hold and stayed put in their homes over the last 12 months,” said Boyle. However, with the vaccine rollout and cases decreasing, she expects to see movement of sellers to their next living situation, hopefully opening up more inventory. Tom Hevey, sales associate with Berkshire Hathaway HomeServices Commonwealth Real Estate in Belmont, is predicting a continued strong demand for homes this spring. He said the median sale prices for single family, multi-family and condominium homes in 2020 in Belmont were $1,250,000, $1,049,000 and $685,250, respectively. He expects prices to continue to rise given the market’s current conditions. How much does a house in Belmont cost? According to Boyle, last year, Belmont had more sales above $2 million than ever before, with 14 homes selling and a total sales volume of $39,852,500. "Belmont’s luxury market is as strong as it has ever been, as 10% of the single-family home sales were over $2 million," said Boyle. Also, according to Boyle, by comparison, Cambridge had 40 sales over $2 million in 2020, which accounted for 37% of its single-family home sales, primarily condominiums. In neighboring Lexington, 67 homes sold over $2 million in 2020, accounting for 17% of its single-family home sales, and in Watertown and Arlington, each town had only 2 homes sold over $2 million in 2020, she said. Belmont has also seen a rise in new construction and luxury homes on the market, according to Boyle. There were more than 10 new construction homes for sale in Belmont in 2020 compared to half the amount in 2019, she said. During the pandemic, nine homes sold in Belmont for $2.5 million or above. The most expensive home sold during the pandemic is located at 22 Wellesley Road. The 6,363-square foot home on .81 acres was listed for $4.9 million on Feb. 14, 2020, and sold five months later for $4.8 million. Four luxury homes sold for above the asking price during the pandemic, including 18 Hastings Road, sold for $150K above. It was listed for $2.5 million and sold in two months for $2.7 million. Currently, there are six homes listed in Belmont ranging from $2.495 million for 60 Evergreen Way to $5.9 million for 75 Woodfall Road. Lynn MacDonald, sales associate for Coldwell Banker Realty in Belmont and the number one listing agent in 2019 and many other past years, has a lot of experience working with discerning buyers in the market for luxury homes, especially new construction. She said luxury homes offer amenities such as bedroom suites with bathrooms, large kitchens and family rooms, large, private yards, three garages. “Belmont is a desirable town, close to Cambridge and Boston. It’s attracting high-end, wealthy people,” said MacDonald. In January, MacDonald sold a home at 595 Concord Ave. in Belmont for $2.325 million on a 1.75-acre lot which the owner plans to tear down. MacDonald's highest sale in 2020 was $3 million for a home located at 44 Birch Hill Road in Belmont.