Month-over-Month Changes

In May 2024, the Fremont real estate market demonstrated several key changes compared to April 2024:

  • Homes Sold: There was a slight increase of 6%, with 95 homes sold in May compared to 90 in April.
  • Median Sale Price: The median sale price rose marginally by 1%, from $1,810,000 in April to $1,825,000 in May.
  • Days on Market (DOM): The average DOM increased from 7 days in April to 8 days in May.
  • Percentage of List Price Received: Sellers received 112% of their asking price in May, which is an increase from 108% in April.
  • Months of Inventory: The market maintained a tight inventory with 0.7 months of supply, slightly up from 0.6 months in April.

Analysis

The month-over-month data for Fremont suggests a robust seller’s market. The slight increase in median sale price and the higher percentage of the list price received indicate strong buyer interest and competitive bidding. The increase in homes sold shows that demand continues to outpace supply, despite a slight uptick in the time properties spend on the market.

Year-over-Year Comparison

When comparing May 2024 to May 2023, several significant changes were observed:

  • Homes Sold: Increased by 9%, with 95 homes sold in May 2024 compared to 87 homes in May 2023.
  • Median Sale Price: There was a notable increase in the median sale price, up by 14% from $1.60 million in May 2023 to $1.83 million in May 2024.
  • Median Days on Market: The median DOM rose slightly from 7 days in May 2023 to 8 days in May 2024.
  • Percentage of List Price Received: Increased from 108% in May 2023 to 112% in May 2024, reflecting continued strong demand and competitive offers.
  • Average Dollar per Sq. Ft.: Increased by 12%, from $996 in May 2023 to $1,114 in May 2024.
  • Months of Inventory: Tightened further from 0.6 months in May 2023 to 0.7 months in May 2024.

Analysis

Year-over-year, the Fremont market has shown significant growth in terms of median sale price and average dollar per square foot, underscoring a continued trend of rising property values. The increase in homes sold coupled with a very low inventory suggests a robust demand that is driving prices higher and reducing the time properties remain on the market.

Price Points and Quadrants

The sales data for May 2024 highlights activity across different price points and market segments in Fremont:

  • Top Quartile: 24 homes sold with a median sale price of $2,570,000 and a median DOM of 9 days. The average dollar per square foot was $1,062.
  • Second Quartile: 24 homes sold with a median sale price of $1,925,500 and a median DOM of 7 days. The average dollar per square foot was $1,033.
  • Third Quartile: 24 homes sold with a median sale price of $1,679,500 and a median DOM of 7 days. The average dollar per square foot was $1,067.
  • Bottom Quartile: 23 homes sold with a median sale price of $1,400,000 and a median DOM of 9 days. The average dollar per square foot was $1,086.

Analysis

The data shows active sales across all price points, with a particularly strong performance in the top and second quartiles. Higher-priced homes are selling relatively quickly, suggesting robust demand for premium properties. The consistent average dollar per square foot across all segments reflects a balanced market with no significant discrepancies between the price tiers.

Conclusion

The Fremont real estate market in May 2024 continued to show strong demand and rising prices, with notable increases both month-over-month and year-over-year. Despite a slight increase in the time homes spend on the market, the quick sales and competitive prices highlight a seller’s market. Buyers looking to enter this market should be prepared for competitive bidding, while sellers can expect favorable conditions to achieve or exceed their asking prices. The breakdown of sales by quadrants suggests a balanced interest across different price points, with higher-priced homes seeing particularly brisk activity.

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