Month-over-Month Changes

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

  • Homes Sold: There were 58 homes sold in January, marking a 7% increase from 54 sales the previous month.
  • Median Sale Price: The median sale price saw a 3% decrease, dropping from $1,275,000 in December 2023 to $1,235,000 in January 2024.
  • Days on Market (DOM): The average DOM remained relatively stable, shifting from 20 days in December 2023 to 21 days in January 2024.
  • Percentage of List Price Received: Sellers received 102% of their asking price, maintaining a strong seller’s market.

Analysis

The month-over-month data suggests that the Fremont market started the year with increased sales activity, although the median sale price experienced a slight dip. The stable DOM and sellers receiving above asking prices indicate continued demand in the area.

Year-over-Year Comparison

When comparing January 2024 to January 2023, the following changes were observed:

  • Homes Sold: Increased by 8%, rising from 54 to 58.
  • Homes Listed: Decreased by 15%, from 68 to 58.
  • Median Sale Price: Showed a 10% increase, climbing from $1,120,000 to $1,235,000.
  • Median Days on Market: Reduced by 19%, going from 26 to 21 days.
  • Percentage of List Price Received: Improved from 101% to 102%.
  • Months of Inventory: Decreased significantly from 1.3 to 1.0.

Analysis

Year-over-year, the Fremont real estate market has seen positive growth, with more homes sold and a decrease in homes listed. The substantial increase in median sale price and the shortened DOM indicate a robust seller’s market, characterized by high demand and limited inventory.

Price Points and Quadrants

Breaking down the sales data for January 2024 by quadrants:

  • North Quadrant: 14 homes sold, Median Sale Price: $1,345,000, Median DOM: 19, Avg. $/Sq.Ft.: $719.
  • East Quadrant: 18 homes sold, Median Sale Price: $1,200,000, Median DOM: 21, Avg. $/Sq.Ft.: $667.
  • West Quadrant: 15 homes sold, Median Sale Price: $1,300,000, Median DOM: 20, Avg. $/Sq.Ft.: $711.
  • South Quadrant: 11 homes sold, Median Sale Price: $1,185,000, Median DOM: 22, Avg. $/Sq.Ft.: $655.

Analysis

The data highlights active sales across all quadrants of Fremont. The North and West Quadrants, with their higher median sale prices, are particularly competitive, reflecting strong demand for homes in these areas.

Conclusion

As we delve into the Fremont real estate market for January 2024, it’s evident that the year started with increased sales compared to the previous month. Year-over-year data showcases growth, with higher prices and faster sales cycles. The breakdown by quadrants underscores the competitiveness of certain areas, emphasizing the appeal of the North and West Quadrants.

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