Month-over-Month Changes

In January 2024, the Fremont real estate market experienced several notable changes compared to December 2023:

  • Homes Sold: There was a decrease in the number of homes sold, from 57 in December 2023 to 44 in January 2024, marking a 23% decline.
  • Median Sale Price: There was a slight increase in the median sale price, from $1,511,562 in December 2023 to $1,560,000 in January 2024, a 3% rise.
  • Days on Market (DOM): The DOM decreased slightly, from 11 days in December 2023 to 10 days in January 2024.
  • Percentage of List Price Received: Sellers received an average of 106% of their asking price in January 2024, a slight improvement from 105% in December 2023.

Analysis:

The Fremont market in January 2024 shows signs of a cooling trend with a significant decrease in homes sold. However, the increase in median sale price and sellers receiving more than their asking price indicate a still competitive market.

Year-over-Year Comparison

Comparing January 2024 to January 2023, Fremont’s market saw the following changes:

  • Homes Sold: Increased by 7%, from 41 in January 2023 to 44 in January 2024.
  • Median Sale Price: Saw a significant increase of 20%, from $1.30M in January 2023 to $1.56M in January 2024.
  • Days on Market: Decreased dramatically by 52%, from 21 days in January 2023 to 10 days in January 2024.
  • Percentage of List Price Received: Improved from 99% in January 2023 to 106% in January 2024.
  • Months of Inventory: Decreased from 0.8 in January 2023 to 0.5 in January 2024.

Analysis:

Year-over-year data reveals a tightening market with fewer days on market and a higher percentage of list price received, indicating strong demand and a competitive market for sellers.

Price Points and Quadrants

January 2024 sales details by quadrants in Fremont showed:

  • Top Quadrant: 11 homes sold, Median Sale Price: $2,495,000, Median DOM: 11, Avg. $/Sq.Ft.: $969.
  • Second Quadrant: 11 homes sold, Median Sale Price: $1,770,000, Median DOM: 8, Avg. $/Sq.Ft.: $989.
  • Third Quadrant: 11 homes sold, Median Sale Price: $1,430,000, Median DOM: 8, Avg. $/Sq.Ft.: $998.
  • Bottom Quadrant: 11 homes sold, Median Sale Price: $1,230,000, Median DOM: 11, Avg. $/Sq.Ft.: $927.

Analysis:

The distribution of sales across all quadrants suggests a balanced market activity across various price points. The top and second quadrants, with higher median sale prices and competitive average dollars per square foot, indicate a strong interest in higher-priced homes.

Conclusion

The Fremont real estate market in January 2024 demonstrated a decrease in the number of homes sold month-over-month but showed significant year-over-year growth in median sale prices and a decrease in days on market. This suggests a competitive market environment, especially for sellers, with strong demand across all price points. The detailed breakdown by quadrants further highlights the active participation of buyers in different segments of the market, indicating a healthy and dynamic real estate landscape in Fremont.

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