Month-over-Month Changes

In November 2023, the Monte Sereno real estate market experienced several notable 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: A significant decrease was observed, with the median sale price dropping by 59% from $7,775,000 in October 2023 to $3,215,000 in November 2023.
  • Days on Market (DOM): The DOM decreased dramatically to 6 days in November from 45 days in October 2023.
  • Percentage of List Price Received: Sellers received an average of 107% of their asking price in November, up from 99% in October 2023.

Analysis

The month-over-month data indicates a dynamic shift in the Monte Sereno market. The increase in homes sold and a substantial decrease in median sale price suggest a more active market with potentially more affordable pricing. The significant drop in DOM indicates a faster-moving market, while the increase in the percentage of list price received shows continued strong demand.

Year-over-Year Comparison

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

  • Homes Sold: Increased by 50% (3 homes sold in Nov 2023 vs. 2 in Nov 2022).
  • Median Sale Price: Slightly decreased from $3.42M in Nov 2022 to $3.22M in Nov 2023.
  • Days on Market: Decreased significantly from 40 days in Nov 2022 to 6 days in Nov 2023.
  • Percentage of List Price Received: Increased from 93% in Nov 2022 to 107% in Nov 2023.
  • Months of Inventory: Increased from 1.6 in Nov 2022 to 2.1 in Nov 2023.

Analysis

Year-over-year, the Monte Sereno market shows a marked increase in sales activity and a faster sales cycle, with homes selling much quicker than the previous year. The slight decrease in median sale price, coupled with a higher percentage of list price received, indicates a competitive market with strong buyer interest.

Price Points and Quadrants

The sales details for November 2023 in Monte Sereno were 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 different price quadrants indicates a balanced market in Monte Sereno. Each quadrant saw activity, with homes in the top quadrant fetching the highest price per square foot. The relatively low DOM across all quadrants suggests a market where properties, irrespective of their price point, are moving quickly.

Conclusion

The Monte Sereno real estate market in November 2023 demonstrated a significant shift from the previous month, with an increase in sales volume and a decrease in median sale prices. Year-over-year comparisons show a market that is moving faster with homes selling quicker and for a higher percentage of the list price. The activity across different price quadrants indicates a healthy and dynamic market catering to a diverse range of buyers and sellers.

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