Month-over-Month Changes

In November 2023, the Monte Sereno real estate market experienced significant changes compared to October 2023:

  • Homes Sold: There was a 50% increase in homes sold, with 3 homes sold in November compared to 2 in the previous month.
  • Median Sale Price: There was a notable decrease in the median sale price, dropping 59% from $7,775,000 in October to $3,215,000 in November.
  • Days on Market (DOM): The DOM decreased dramatically to 6 days in November from 45 days in October.
  • Percentage of List Price Received: Sellers received an average of 107% of their asking price in November, up from 99% in October.

Analysis:

The month-over-month data shows a mixed market dynamic. The increase in the number of homes sold and the significant decrease in DOM indicate a surge in market activity. However, the sharp drop in median sale price suggests a shift in the types of properties sold or possibly a market adjustment.

Year-over-Year Comparison

Comparing November 2023 to November 2022, we observe the following:

  • Homes Sold: Increased by 50%, from 2 homes sold in November 2022 to 3 in November 2023.
  • Median Sale Price: There was a slight decrease, from $3.42M in November 2022 to $3.22M in November 2023.
  • Days on Market: A significant decrease in DOM, from 40 days in November 2022 to 6 days in November 2023.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, up from 93% in November 2022 to 107% in November 2023.

Analysis:

Year-over-year, the market in Monte Sereno shows a robust increase in sales volume and efficiency, with homes selling faster and for a higher percentage of the list price. The slight decrease in median sale price could indicate market stabilization.

Price Points and Quadrants

The sales in November 2023 in Monte Sereno are broken down as follows:

  • Top Quadrant: 1 home sold, Median Sale Price: $4,500,000, Median DOM: 0, Avg. $/Sq.Ft.: $1,556.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,215,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,432.
  • Third Quadrant: 1 home sold, Median Sale Price: $2,750,000, Median DOM: 6, Avg. $/Sq.Ft.: $890.

Analysis:

The distribution of sales across the quadrants indicates a balanced market, with properties in all price ranges finding buyers. The top quadrant, despite having the highest prices, shows remarkable market movement, suggesting a continued interest in premium properties.

Conclusion

The Monte Sereno market in November 2023 exhibited a dynamic shift with an increase in sales volume and a decrease in DOM, indicating a more active market. However, the decrease in median sale prices and the balanced distribution of sales across different price quadrants suggest a diverse buyer interest and a potential market adjustment. Overall, the market remains robust, particularly for sellers, with properties selling quickly and above list price.

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