Month-over-Month Changes

In September 2023, the Monte Sereno real estate market experienced several changes compared to August 2023:

  • Homes Sold: 2 homes were sold, marking a 33% decrease from 3 sales the previous month.
  • Median Sale Price: Decreased by 2% from $3,450,000 in August 2023 to $3,375,000 in September 2023.
  • Days on Market (DOM): Increased to 35 days from 7 days in August 2023.
  • Percentage of List Price Received: Sellers received 97% of their asking price, down from 111% in August 2023.

Analysis

The month-over-month data indicates a market slowdown. The decrease in homes sold and the significant rise in DOM suggest that demand is tapering off. Sellers are also receiving less than their asking price, signaling a shift towards a more balanced market.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were noted:

  • Homes Sold: Decreased by 60%, from 5 to 2.
  • Homes Listed: Decreased by 62%, from 8 to 3.
  • Median Sale Price: Decreased from $3.65M to $3.38M, a drop of 8%.
  • Median Days on Market: Slightly decreased from 36 to 35.
  • Percentage of List Price Received: Decreased from 101% to 97%.
  • Months of Inventory: Increased from 1.2 to 3.0, a rise of 150%.

Analysis

Year-over-year, the market has seen a significant decrease in the number of homes sold and listed, along with a drop in sale prices. The increase in months of inventory suggests a market that is less favorable for sellers compared to the previous year.

Price Points and Quadrants

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

  • Top Quadrant: 1 home sold, Median Sale Price: $3,700,000, Median DOM: 53, Avg. $/Sq.Ft.: $1,745.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,050,000, Median DOM: 17, Avg. $/Sq.Ft.: $1,096.

Analysis

The data shows that the top quadrant is seeing higher prices per square foot, indicating a strong market for sellers in this price range. However, the second quadrant is experiencing quicker sales, suggesting that homes in this price range are in demand.

Conclusion

The Monte Sereno market in September 2023 showed a decrease in homes sold compared to both the previous month and year-over-year. The increase in median days on market and the decrease in the percentage of list price received indicate a market that is becoming less favorable for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are still competitive but are staying on the market longer.

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