Month-over-Month Changes

The Monte Sereno market in February 2024 showed a vibrant uptick from the previous month. Here’s a closer look at the data:

  • Homes Sold: There was a 50% increase in homes sold, moving from 2 sales in January 2024 to 3 sales in February 2024.
  • Median Sale Price: The median sale price experienced a growth of 12%, escalating from $4,314,400 in January 2024 to $4,840,000 in February 2024.
  • Days on Market (DOM): The DOM saw a significant rise to 33 days in February 2024 from just 5 days in January 2024, suggesting a slower pace of sales.
  • Percentage of List Price Received: Sellers received 97% of their asking price in February 2024, a decrease from 106% in January 2024.

Analysis

The increase in homes sold and median sale price indicates a strengthening market. However, the rise in DOM and the slight drop in the percentage of the list price received may suggest a shift towards a more balanced market, where buyers are beginning to have a bit more leverage.

Year-over-Year Comparison

Comparing February 2024 to February 2023, we observe the following:

  • Homes Sold: Saw an increase from 0 homes sold in February 2023 to 3 homes in February 2024.
  • Homes Listed: Increased from 4 in February 2023 to 5 in February 2024.
  • Median Sale Price: Significant growth to $4.84M in February 2024; unfortunately, the data for February 2023’s median sale price is unavailable for a direct comparison.
  • Days on Market (DOM): Rose to 33 days in February 2024, with the previous year’s data not provided.

Analysis

The year-over-year data reflects a burgeoning market with an increase in both homes sold and listed. The notable rise in the median sale price and DOM suggests a market that is growing in value, possibly due to increased demand and a longer selling period.

Price Points and Quadrants

The analysis of sales by quadrants for February 2024 reveals:

  • Top Quadrant: 1 home sold at a median sale price of $8,088,888, with an average dollar per square foot of $1,456 and a median DOM of 105 days.
  • Second Quadrant: 1 home sold at a median sale price of $4,840,000, with an average dollar per square foot of $1,668 and a median DOM of 16 days.
  • Third Quadrant: 1 home sold at a median sale price of $3,950,000, with an average dollar per square foot of $1,378 and a median DOM of 33 days.

Analysis

The distribution of sales across different quadrants indicates a diverse market appeal. The top quadrant, with its significantly higher sale price and longer DOM, suggests that high-end properties might take longer to sell but still command premium pricing. Meanwhile, properties in the second and third quadrants move faster, indicating robust activity in the mid to high range of the market.

Conclusion

The Monte Sereno real estate market in February 2024 demonstrated growth and vitality, marked by an increase in homes sold and a significant rise in median sale prices. While the DOM has increased, indicating a longer selling period, the market remains strong, especially in the mid to high segments. Understanding these dynamics is crucial for making informed decisions in this evolving market.

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