Month-over-Month Changes

In April 2024, the Fremont real estate market showed a few notable changes from March 2024:

  • Homes Sold: 86 homes were sold, marking a 4% decrease from 90 sales the previous month.
  • Median Sale Price: Increased by 3% from $1,772,625 in March 2024 to $1,820,001 in April 2024.
  • Days on Market (DOM): Stayed stable at 7 days, showing no change from March 2024.
  • Percentage of List Price Received: Sellers received 112% of their asking price, indicating a continued strong market.

Analysis

The slight decline in homes sold, coupled with the stability in DOM and a rise in median sale price, suggests a market where demand remains robust but slightly less frantic than the previous month. The high percentage of list price received points to competitive offer conditions and seller advantage.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the market experienced significant growth:

  • Homes Sold: Increased by 69% from 51 to 86.
  • Homes Listed: Increased from 92 to 114.
  • Median Sale Price: Rose from $1.48M to $1.82M.
  • Median Days on Market: Slightly reduced from 8 days to 7 days.
  • Percentage of List Price Received: Grew from 106% to 112%.
  • Months of Inventory: Reduced from 0.9 to 0.7 months.

Analysis

The year-over-year statistics highlight a surging market with significant increases in the number of homes sold and listed. The substantial rise in median sale price alongside a shorter DOM illustrates a hot market, with sellers achieving more than their listing prices and a tightening inventory suggesting more competitive conditions for buyers.

Price Points and Quadrants

April 2024 sales details broken down by quadrants showed diverse activity across different segments:

  • Top Quadrant: 22 homes sold, Median Sale Price: $2,778,500, Median DOM: 8, Avg. $/Sq.Ft.: $980.
  • Second Quadrant: 22 homes sold, Median Sale Price: $2,012,500, Median DOM: 6, Avg. $/Sq.Ft.: $1,180.
  • Third Quadrant: 21 homes sold, Median Sale Price: $1,700,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,090.
  • Bottom Quadrant: 21 homes sold, Median Sale Price: $1,350,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,009.

Analysis

All quadrants are actively participating in the market with notable differences in price points and square footage values. The higher quadrants are moving faster and at higher price points, suggesting a strong preference for premium properties among buyers.

Conclusion

The Fremont market in April 2024 demonstrated a dynamic landscape with both month-over-month stability and significant year-over-year growth. Sellers continue to benefit from favorable conditions, while buyers face competitive market dynamics, especially in higher-priced segments. The comprehensive performance across different quadrants indicates healthy buyer interest at various price levels, reinforcing the robust nature of the Fremont real estate market.

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