Month-over-Month Changes

February 2024 in Fremont showcased notable advancements in the real estate market compared to January 2024:

  • Homes Sold: An impressive uptick was observed with 57 homes sold, marking a 30% increase from the 44 sales in the preceding month.
  • Median Sale Price: The median sale price also saw a healthy growth, with an 11% increase from $1,560,000 in January to $1,725,000 in February 2024.
  • Days on Market (DOM): The homes were selling faster, as the DOM decreased to 7 days in February from 10 days in January 2024.
  • Percentage of List Price Received: Sellers benefitted from a competitive market, receiving an average of 109% of their asking price in February, up from 106% in January.

Analysis

The month-over-month data for Fremont highlights a significant surge in market activity and value. The substantial increase in homes sold and the median sale price, coupled with the reduction in DOM and the rise in the percentage of list price received, indicates a thriving market with strong buyer demand and competitive bidding.

Year-over-Year Comparison

When compared to February 2023, Fremont’s real estate market in February 2024 demonstrates remarkable growth:

  • Homes Sold: Saw a 33% increase, rising from 43 in February 2023 to 57 in February 2024.
  • Median Sale Price: Experienced an 18% uplift, moving from $1.46M in February 2023 to $1.72M in February 2024.
  • Days on Market (DOM): Significantly improved, with DOM reducing from 12 days in February 2023 to just 7 days in February 2024.
  • Percentage of List Price Received: Sellers are receiving more for their homes, with the percentage increasing from 101% in February 2023 to 109% in February 2024.
  • Months of Inventory: Tightened from 1.2 in February 2023 to 0.6 in February 2024, indicating a more dynamic market with fewer homes available relative to demand.

Analysis

The year-over-year metrics further solidify Fremont’s position as a rapidly growing and highly competitive market. The considerable increase in homes sold and median sale price, along with faster sales and sellers receiving an even greater percentage of their asking price, underscores the heightened demand and limited inventory, favoring sellers while also showcasing a healthy market for buyers ready to compete.

Price Points and Quadrants

The sales breakdown by quadrants in February 2024 sheds light on which market segments are most active:

  • Top Quadrant: 15 homes sold, Median Sale Price: $2,150,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,069.
  • Second Quadrant: 14 homes sold, Median Sale Price: $1,780,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,098.
  • Third Quadrant: 14 homes sold, Median Sale Price: $1,575,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,014.
  • Bottom Quadrant: 14 homes sold, Median Sale Price: $1,400,833, Median DOM: 7, Avg. $/Sq.Ft.: $1,029.

Analysis

The quadrant data reveals a balanced market with strong activity across all price points, indicating robust demand in Fremont. Each segment, from the top to the bottom quadrant, shows significant movement, suggesting a diverse buyer interest ranging from premium to more affordable homes. The relatively low DOM in all quadrants reflects a market where listings move quickly across the board.

Conclusion

Fremont’s real estate market in February 2024 displayed impressive growth and dynamism, characterized by increased sales, rising prices, faster transactions, and sellers receiving more than their asking price. The year-over-year comparison emphasizes a market trend of increasing demand and competitive sales environment. The balanced activity across different price quadrants suggests that Fremont remains a sought-after location for a wide range of buyers. As we move into March 2024, Fremont’s market is poised for continued vibrancy and competition.

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