Month-over-Month Changes

In March 2024, the Fremont real estate market demonstrated substantial activity compared to February 2024:

  • Homes Sold: Increased significantly by 47%, with 88 homes sold in March compared to 60 in February.
  • Median Sale Price: Rose slightly by 4%, from $1,712,500 in February to $1,777,125 in March.
  • Days on Market (DOM): Remained steady at 7 days.
  • Percentage of List Price Received: Sellers received 112% of their asking price, up from 109% in February.

Analysis

The Fremont housing market showed robust growth in sales volume, indicating strong buyer demand and market confidence. The increase in the percentage of list price received suggests that buyers are willing to pay above asking prices, reflecting competitive market conditions.

Year-over-Year Comparison

Comparing March 2024 with March 2023, the market dynamics are as follows:

  • Homes Sold: There was a significant increase of 38% in homes sold, from 64 in March 2023 to 88 in March 2024.
  • Median Sale Price: Grew from $1.51M in March 2023 to $1.78M in March 2024.
  • Days on Market: Slightly decreased from 8 days in March 2023 to 7 in March 2024.
  • Percentage of List Price Received: Increased from 104% in March 2023 to 112% in March 2024.
  • Months of Inventory: Decreased from 0.8 in March 2023 to 0.5 in March 2024.

Analysis

Year-over-year improvements in sales volume and pricing metrics suggest a sustained seller’s market. The reduction in days on market and months of inventory further accentuates the competitive nature of Fremont’s housing market, with faster sales cycles and less available inventory.

Price Points and Quadrants

The sales breakdown for March 2024 across different price quadrants are:

  • Top Quadrant: Median Sale Price: $2,699,000; Median DOM: 7; Avg. $/Sq.Ft.: $1,024.
  • Second Quadrant: Median Sale Price: $1,937,500; Median DOM: 8; Avg. $/Sq.Ft.: $993.
  • Third Quadrant: Median Sale Price: $1,642,500; Median DOM: 8; Avg. $/Sq.Ft.: $1,184.
  • Bottom Quadrant: Median Sale Price: $1,282,500; Median DOM: 5; Avg. $/Sq.Ft.: $1,060.

Analysis

This segment reveals a varied dynamic within the market, with the top quadrant seeing the highest prices but similar days on market to other quadrants, indicating consistent demand across all price ranges. The bottom quadrant shows an interesting trend with slightly quicker sales, possibly due to more affordable pricing attracting a broader base of buyers.

Conclusion

The Fremont real estate market in March 2024 demonstrated a vibrant and escalating market trend, marked by increased sales, higher sales prices, and competitive buying scenarios. The quadrant analysis offers vital insights for stakeholders, indicating that while premium properties continue to attract high-value transactions, there is substantial activity across all segments, affirming a healthy market conducive to both buyers and sellers.

Data provided by MLS Listings and is deemed reliable but not guaranteed.