Month-over-Month Changes

In January 2024, the Monte Sereno real estate market observed significant changes compared to December 2023:

  • Homes Sold: There was a remarkable 100% increase, with 2 homes sold in January 2024, up from 1 sale the previous month.
  • Median Sale Price: Saw a substantial increase of 73%, rising from $2,500,000 in December 2023 to $4,314,400 in January 2024.
  • Days on Market (DOM): Experienced a significant decrease, dropping to 5 days in January 2024 from 21 days in December 2023.
  • Percentage of List Price Received: Sellers received an average of 106% of their asking price in January 2024, an increase from 100% in December 2023.

Analysis

The month-over-month data indicates a robust acceleration in the Monte Sereno market. The significant increase in homes sold and median sale price, coupled with a decrease in DOM, suggests a rapidly strengthening market. The fact that sellers received more than their asking price on average indicates a highly competitive market environment.

Year-over-Year Comparison

Comparing January 2024 to January 2023, the Monte Sereno market experienced the following changes:

  • Homes Sold: Decreased by 60%, from 5 homes sold in January 2023 to 2 in January 2024.
  • Median Sale Price: Increased significantly by 33%, from $3.25M in January 2023 to $4.31M in January 2024.
  • Days on Market (DOM): Saw a dramatic decrease of 92%, from 63 days in January 2023 to just 5 days in January 2024.
  • Percentage of List Price Received: Improved, with sellers receiving 106% of their asking price in January 2024, up from 97% in January 2023.
  • Months of Inventory: Decreased from 0.9 in January 2023 to 0.5 in January 2024, indicating a tighter market.

Analysis

Year-over-year, the Monte Sereno market has tightened significantly, with fewer homes sold but at much higher prices and much faster rates. The substantial decrease in DOM and the increase in the percentage of list price received reflect a market that favors sellers, where demand outpaces supply.

Price Points and Quadrants

The sales details for January 2024 in Monte Sereno were as follows:

  • Top Quadrant: Not explicitly detailed, but the overall market dynamics suggest that higher-priced homes are likely seeing significant interest, as indicated by the overall median sale price increase and the percentage of list price received.
  • Analysis: The available data suggests that all segments of the market are active, with a particular strength in the higher price points. This is consistent with the observed increase in median sale price and the percentage of list price received, indicating a competitive market across various price segments.

Conclusion

The Monte Sereno market in January 2024 demonstrated a dynamic shift with an increase in sales activity and prices, alongside a decrease in the time homes spent on the market. This suggests a strong seller’s market, with high demand driving up prices and reducing the sales cycle. The year-over-year comparison further emphasizes this trend, with significant increases in sale prices and efficiency in sales transactions. The data indicates a market that is increasingly competitive, especially for higher-priced homes, which are moving quickly and often above asking price.

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