Month-over-Month Changes

In March 2024, the Saratoga real estate market exhibited significant changes compared to February 2024:

  • Homes Sold: The number of homes sold surged by 243%, from 7 in February to 24 in March.
  • Median Sale Price: Experienced a slight decrease of 1%, from $4,100,000 in February to $4,050,000 in March.
  • Days on Market (DOM): Reduced dramatically to 6 days from 20 days in February.
  • Percentage of List Price Received: Sellers received 106% of their asking price, up from 103% in February.

Analysis

The sharp increase in the number of homes sold indicates a significant boost in market activity, likely driven by increased buyer demand or seasonality. The slight drop in median sale price might suggest a broader range of homes sold or a few high-value properties influencing overall figures. The decrease in DOM and increase in the percentage of list price received highlight a highly competitive market, where homes sell quickly and above the asking price.

Year-over-Year Comparison

Comparing March 2024 to March 2023:

  • Homes Sold: Rose by 41%, from 17 homes last year.
  • Median Sale Price: Slightly decreased from $4.10M to $4.05M.
  • Days on Market: Shortened from 7 days last year to 6 days this year.
  • Percentage of List Price Received: Improved significantly from 101% to 106%.

Analysis

Year-over-year data illustrates a robust growth in the number of transactions, coupled with a competitive market environment where sellers are achieving more than their listing price. The market dynamics indicate strong buyer demand and a sellers’ market, with homes selling faster and for nearly the asking price.

Price Points and Quadrants

  • Top Quadrant: Median Sale Price at $5,100,000 with homes selling in 6 days and averaging $1,502 per sq. ft.
  • Second Quadrant: Median Sale Price at $4,430,400 with homes selling in 5 days and averaging $1,705 per sq. ft.
  • Third Quadrant: Median Sale Price at $3,840,000 with homes also selling in 6 days and averaging $1,572 per sq. ft.
  • Bottom Quadrant: Median Sale Price at $3,175,000 with homes selling in 8 days and averaging $1,324 per sq. ft.

Analysis

The quadrant data shows that all segments of the market are performing well with quick sales times, especially in the higher price brackets, reflecting the high-end appeal of the Saratoga market. The top and second quadrants, in particular, indicate strong demand for luxury properties.

Conclusion

The Saratoga market in March 2024 has demonstrated vigorous activity with homes selling quickly and for higher than listed prices, indicative of a strong seller’s market. Buyers need to act swiftly in this competitive market, especially in higher price segments where properties continue to fetch premium values. The consistent activity across various price points shows a healthy demand in all sectors of the market.

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