Month-over-Month Changes

In October 2023, the Monte Sereno real estate market experienced the following changes   compared to September 2023:

  • Homes Sold: The number of homes sold remained constant at 2 homes, showing no change from the previous month.
  • Median Sale Price: There was a significant increase in the median sale price, rising by 130% from $3,375,000 in September 2023 to $7,775,000 in October 2023.
  • Days on Market (DOM): The DOM increased to 45 days in October 2023, up from 35 days in September 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price in October 2023, a slight increase from 97% in September 2023.

Analysis

The Monte Sereno market in October 2023 displayed stability in the number of homes sold but a remarkable increase in the median sale price. The rise in DOM suggests a slight cooling, yet the high percentage of list price received indicates continued seller advantage.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 50%, from 4 homes in October 2022 to 2 homes in October 2023.
  • Homes Listed: Increased significantly.
  • Median Sale Price: Saw a substantial increase from $4.02M in October 2022 to $7.77M in October 2023.
  • Days on Market: Increased from 10 days in October 2022 to 45 days in October 2023.
  • Percentage of List Price Received: Increased slightly from 97% in October 2022 to 99% in October 2023.

Months of Inventory: Increased from 1.7 in October 2022 to 3.0 in October 2023.

Average Dollar per Sq. Ft.: Increased by 25% year-over-year.

Analysis

Year-over-year, the Monte Sereno market has experienced a decrease in the number of homes sold but a significant increase in the median sale price and DOM. The increase in the percentage of list price received and the average dollar per square foot indicates a strong market for sellers, despite the reduced sales volume.

Price Points and Quadrants

The sales details for October 2023 were broken down by quadrants:

  • Top Quadrant: 1 home sold, Median Sale Price: $11,800,000, Median DOM: 24, Avg. $/Sq.Ft.: $1,930.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,750,000, Median DOM: 65, Avg. $/Sq.Ft.: $1,256.

Analysis

The data shows activity in the top and second quadrants, with the top quadrant witnessing a significantly higher sale price and a faster sales cycle. This suggests a strong market for high-end properties in Monte Sereno.

Conclusion

The Monte Sereno market in October 2023 demonstrated a stable number of sales compared to the previous month but a significant increase in median sale price year-over-year. The market is favourable for sellers, especially in the high-end segment, as indicated by the high median sale prices and the percentage of list price received. The data provides valuable insights for both buyers and sellers, highlighting the competitive nature of the market, particularly for premium properties.

 

Data provided by MLSListings and is deemed reliable but not guaranteed.