Month-over-Month Changes

In September 2023, the Fremont real estate market showed some changes compared to August 2023:

  • Homes Sold: 87 homes were sold, marking a 16% increase from 75 sales the previous month.
  • Median Sale Price: Increased by 5% from $1,611,700 in August 2023 to $1,700,000 in September 2023.
  • Days on Market (DOM): Remained the same at 8 days from 8 days in August 2023.
  • Percentage of List Price Received: Sellers received 107% of their asking price, down from 108% in August 2023.

Analysis

The month-over-month data indicates a strengthening market. The increase in homes sold and the stable DOM suggest that demand is robust. Sellers are still receiving above their asking price, indicating a strong market.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were noted:

  • Homes Sold: Decreased by 11%, from 98 to 87.
  • Homes Listed: Decreased by 17%, from 102 to 85.
  • Median Sale Price: Increased from $1.51M to $1.7M.
  • Median Days on Market: Decreased from 15 to 8.
  • Percentage of List Price Received: Increased from 100% to 107%.
  • Months of Inventory: Decreased from 1.2 to 0.7.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but an increase in sale prices and a faster sales cycle. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 22 homes sold, Median Sale Price: $2,685,000, Median DOM: 7, Avg. $/Sq.Ft.: $983.
  • Second Quadrant: 22 homes sold, Median Sale Price: $1,825,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,013.
  • Third Quadrant: 22 homes sold, Median Sale Price: $1,532,500, Median DOM: 8, Avg. $/Sq.Ft.: $909.
  • Bottom Quadrant: 21 homes sold, Median Sale Price: $1,265,000, Median DOM: 10, Avg. $/Sq.Ft.: $901.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Fremont market in September 2023 showed an increase in homes sold compared to the previous month, but a decrease in homes listed year-over-year. The increase in median sale price year-over-year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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