Month over Month Changes

In October 2023, the Fremont real estate market experienced several changes compared to September 2023:

  • Homes Sold: There were 66 homes sold, marking a 27% decrease from 91 sales in the previous month.
  • Median Sale Price: Increased by 2% from $1,675,000 in September 2023 to $1,710,000 in October 2023.
  • Days on Market (DOM): Remained stable at 8 days, the same as in September 2023.

 Percentage of List Price Received: Sellers received 106% of their asking price, slightly down from 107% in September 2023.

Analysis

 The monthovermonth data indicates a significant decrease in the number of homes sold, suggesting a cooling in the market. However, the stable DOM and the high percentage of list price received indicate that the market remains favorable for sellers.

 Year over Year Comparison

Comparing October 2023 to October 2022, the following changes were observed:

  •  Homes Sold: Decreased by 25%, from 88 to 66.
  •  Median Sale Price: Increased from $1.44M to $1.71M.
  •  Days on Market: Decreased significantly from 16 to 8 days.
  •  Percentage of List Price Received: Increased from 99% to 106%.
  •  Months of Inventory: Decreased from 1.1 to 0.7. 

Analysis

Yearoveryear, there is a noticeable decrease in the number of homes sold, but a significant increase in the median sale price and a faster sales cycle. This suggests a strong seller’s market with tight inventory and high demand.

 Price Points and Quadrants

The sales details for October 2023 were broken down by quadrants:

  •  Top Quadrant: 17 homes sold, Median Sale Price: $2,650,000, Median DOM: 8, Avg. $/Sq.Ft.: $984.
  •  Second Quadrant: 17 homes sold, Median Sale Price: $1,890,000, Median DOM: 8, Avg. $/Sq.Ft.: $970.
  •  Third Quadrant: 16 homes sold, Median Sale Price: $1,588,815, Median DOM: 9, Avg. $/Sq.Ft.: $972.
  •  Bottom Quadrant: 16 homes sold, Median Sale Price: $1,360,000, Median DOM: 10, Avg. $/Sq.Ft.: $947.

Analysis

The data shows activity across all quadrants, with the top quadrant seeing the highest median sale price. This indicates a diverse market with opportunities for buyers and sellers across various price ranges.

 Conclusion

The Fremont market in October 2023 showed a decrease in homes sold compared to the previous month and yearoveryear. However, the increase in median sale price and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights, showing a balanced market across different price points.

Data provided by MLSListings and is deemed reliable but not guaranteed.