Month-over-Month Changes

In March 2024, the Monte Sereno real estate market saw some fluctuations compared to February 2024:

  • Homes Sold: Decreased from 3 to 2 sales, marking a 33% drop.
  • Median Sale Price: Dropped by 6% from $4,840,000 in February to $4,550,000 in March.
  • Days on Market (DOM): Shortened significantly from 33 days in February to 13 days in March.
  • Percentage of List Price Received: Increased from 97% in February to 112% in March, indicating strong demand for available homes.

Analysis

The month-over-month data shows a decrease in sales volume but a faster sales cycle and increased buyer competition, as evidenced by homes selling for more than the asking price.

Year-over-Year Comparison

Comparing March 2024 with March 2023, we observe:

  • Homes Sold: Number of homes sold remained the same.
  • Median Sale Price: Increased from $3.73M in March 2023 to $4.55M in March 2024.
  • Days on Market: More than tripled from 4 days in March 2023 to 13 days in March 2024.
  • Percentage of List Price Received: Increased from 100% in March 2023 to 112% in March 2024.

Analysis

Year-over-year, the market in Monte Sereno has seen an increase in median sale prices and a significant improvement in how much buyers are willing to pay over the asking price, despite a slower pace in sales.

Price Points and Quadrants

The sales breakdown for March 2024 by price quadrants is as follows:

  • Top Quadrant: 1 home sold, Median Sale Price: $5,600,000; Median DOM: 17; Avg. $/Sq.Ft.: $1,377.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,500,000; Median DOM: 9; Avg. $/Sq.Ft.: $2,902.

Analysis

The data shows a market with significant activity at both the top and upper-middle price points. The highest-priced properties moved relatively quickly considering their value, indicating robust demand for luxury properties. The substantial average price per square foot in the second quadrant reflects a premium on highly desirable properties.

Conclusion

The Monte Sereno real estate market in March 2024 displayed a mixture of declining sales but increased market efficiency and buyer willingness to pay premium prices. This suggests a market where quality over quantity prevails, with buyers focused on securing top-tier properties at competitive prices. The data highlights the strong market dynamics for sellers who can attract buyers willing to engage in competitive bidding, ensuring their properties achieve maximum value.

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