Month-over-Month Changes

In April 2024, the Monte Sereno real estate market experienced several notable changes compared to March 2024:

  • Homes Sold: There were 5 homes sold, marking a significant 150% increase from the 2 homes sold in March 2024.
  • Median Sale Price: The median sale price slightly decreased by 1%, from $4,550,000 in March 2024 to $4,500,000 in April 2024.
  • Days on Market (DOM): The average days on market dropped to 8 days from 13 days in March 2024, indicating a faster sales cycle.
  • Percentage of List Price Received: Sellers received 106% of their asking price on average in April 2024, compared to 112% in March 2024.

Analysis

The month-over-month data for April 2024 suggests a robust market with an increase in the number of homes sold. The slight decrease in median sale price and the reduced DOM indicate that homes are selling quickly, though sellers received slightly less over their asking price compared to the previous month.

Year-over-Year Comparison

When comparing April 2024 to April 2023, the following changes were observed:

  • Homes Sold: There was a 17% decrease in the number of homes sold, from 6 in April 2023 to 5 in April 2024.
  • Homes Listed: The number of homes listed decreased by 33%, from 3 in April 2023 to 2 in April 2024.
  • Median Sale Price: The median sale price increased significantly from $2.91 million in April 2023 to $4.50 million in April 2024.
  • Average Dollar per Square Foot: This metric saw a 29% increase, from $1,256 in April 2023 to $1,614 in April 2024.
  • Days on Market (DOM): The median DOM decreased from 12 days in April 2023 to 8 days in April 2024.
  • Percentage of List Price Received: Sellers received 106% of their list price in April 2024, up from 100% in April 2023.
  • Months of Inventory: This decreased from 2.0 months in April 2023 to 0.6 months in April 2024.

Analysis

The year-over-year comparison indicates a significant increase in the median sale price and average dollar per square foot, demonstrating a strong seller’s market. The reduction in the number of homes sold and listed, along with the faster sales cycle, suggests that inventory is tight but demand remains high, driving up prices.

Price Points and Quadrants

Breaking down the sales details for April 2024 by price points and quadrants:

  • Top Quadrant: 2 homes sold with a median sale price of $7,900,000. The median DOM was 4 days, and the average price per square foot was $1,597.
  • Second Quadrant: 1 home sold with a median sale price of $4,500,000. The median DOM was 8 days, and the average price per square foot was $1,705.
  • Third Quadrant: 1 home sold with a median sale price of $4,350,000. The median DOM was 30 days, and the average price per square foot was $1,435.
  • Bottom Quadrant: 1 home sold with a median sale price of $3,100,000. The median DOM was 1 day, and the average price per square foot was $1,731.

Analysis

The data indicates that all quadrants of the market are active, with the top quadrant showing the highest activity and median sale prices. Homes in the second quadrant are selling quickly with high price points, suggesting strong demand in these segments. The third and bottom quadrants also show movement, with properties selling at varying speeds and price points.

Conclusion

The Monte Sereno market in April 2024 showed an increase in the number of homes sold compared to the previous month, and a significant increase in median sale price and average dollar per square foot year-over-year. The reduction in DOM and months of inventory indicates a competitive market, particularly for higher-priced homes. The quadrant data highlights the activity across different price points, providing valuable insights for both buyers and sellers in understanding market dynamics.

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