Month-over-Month Changes

In May 2024, the Monte Sereno real estate market experienced notable shifts compared to April 2024. This month, a total of 4 homes were sold, marking a 20% decrease from the 5 sales recorded the previous month. This decline in sales volume indicates a potential cooling in the market activity as summer approaches.

The median sale price for homes in Monte Sereno saw a significant jump, increasing by 86% from $4,500,000 in April 2024 to $8,350,000 in May 2024. This sharp rise in prices suggests a high demand for premium properties and limited inventory, driving up prices.

Additionally, the average days on market (DOM) increased to 59 days in May 2024, up from just 8 days in April 2024. This increase in DOM could reflect a slowing market where homes are taking longer to sell, possibly due to the higher price points.

Sellers in Monte Sereno received an average of 98% of their asking price in May 2024, down from 106% in April 2024. This slight decline in the percentage of list price received could indicate that buyers are gaining a bit more leverage, negotiating prices closer to their expectations rather than bidding significantly above the list price.

Analysis

The month-over-month data reveals a mixed scenario for Monte Sereno. While the decrease in the number of homes sold and the increase in DOM point to a potential slowdown in buyer activity, the substantial increase in median sale prices suggests that demand for high-end properties remains strong. Sellers are still able to secure prices close to their asking, indicating a relatively balanced market with slight buyer advantage.

Year-over-Year Comparison

When comparing May 2024 to May 2023, the Monte Sereno market showed significant changes:

  • Homes Sold: 4 homes were sold in May 2024, up from 0 in May 2023. This indicates a recovery and renewed interest in the market.
  • Median Sale Price: The median sale price rose to $8,350,000 in May 2024 from a considerably lower figure in May 2023, reflecting increased demand and possibly a shift towards higher-value properties.
  • Median Days on Market: The median DOM decreased from 66 days in May 2023 to 59 days in May 2024, showing a quicker turnaround in the sale of homes despite the higher prices.
  • Percentage of List Price Received: Sellers received 98% of their asking price in May 2024, suggesting a more favorable market for sellers compared to the previous year.
  • Months of Inventory: The months of inventory remained steady at 0.8, indicating a seller’s market where inventory is tight but sufficient to meet the current level of buyer interest.

Analysis

The year-over-year data indicates a strengthening market in Monte Sereno, characterized by higher sales volumes and increased prices. The reduction in median DOM and the consistent percentage of list price received imply that despite higher prices, homes are selling faster and sellers are getting offers close to their asking prices. This trend suggests robust demand and a competitive market environment.

Price Points and Quadrants

The sales data for May 2024, broken down by price points and quadrants, reveals interesting trends across different segments of the market:

  • Top Quadrant: 1 home sold with a median sale price of $9,600,000. The median DOM for this segment was 66 days, and the average price per square foot was $1,832. This indicates strong activity in the luxury market segment, where high-value homes are still attracting buyers despite longer selling times.
  • Second Quadrant: 1 home sold with a median sale price of $8,500,000 and a median DOM of 60 days. The average price per square foot in this quadrant was $1,747. This reflects a healthy mid-high range market with significant buyer interest.
  • Third Quadrant: 1 home sold for a median price of $8,200,000, with a median DOM of 58 days and an average price per square foot of $780. The lower average price per square foot suggests more spacious properties at slightly lower price points.
  • Bottom Quadrant: 1 home sold with a median sale price of $5,750,000, a median DOM of 9 days, and an average price per square foot of $1,571. The quick turnaround and high price per square foot indicate a competitive market for more affordable luxury homes.

Analysis

The quadrant data shows that all segments of the Monte Sereno market are active, with a notable concentration of activity in the higher price ranges. The longer DOM in the top quadrants suggests that luxury homes take longer to sell, reflecting the niche market for these properties. However, the faster sales in the bottom quadrant point to strong demand for more moderately priced homes, where competition among buyers is likely higher.

Conclusion

The Monte Sereno real estate market in May 2024 demonstrated varied dynamics with decreasing sales volume month-over-month but significantly higher prices. The year-over-year comparison highlights a more robust market with rising median sale prices and faster sales. The price points and quadrant analysis reveal a strong demand across all segments, particularly in the higher-end market. Buyers and sellers should be aware of these trends to make informed decisions in this competitive landscape.

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