Month-over-Month Changes

In November 2023, the Saratoga real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There was a significant increase in homes sold, with 20 homes sold in November 2023, marking a 43% increase from 14 sales in October 2023.
  • Median Sale Price: The median sale price saw a decrease, dropping 13% from $3,922,000 in October 2023 to $3,412,500 in November 2023.
  • Days on Market (DOM): The DOM decreased, dropping to 11 days in November 2023 from 16 days in October 2023.
  • Percentage of List Price Received: Sellers received an average of 103% of their asking price in November 2023, a slight increase from 101% in October 2023.

Analysis

The month-over-month data shows a robust increase in the number of homes sold, indicating a surge in market activity. However, the decrease in median sale price suggests a slight adjustment in market values. The reduced DOM and increased percentage of list price received highlight a competitive market environment.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Saratoga market observed the following changes:

  • Homes Sold: There was a dramatic increase of 122% in homes sold, from 9 in November 2022 to 20 in November 2023.
  • Median Sale Price: The median sale price decreased slightly from $3.58M in November 2022 to $3.41M in November 2023.
  • Days on Market: The DOM decreased from 13 days in November 2022 to 11 days in November 2023.
  • Percentage of List Price Received: Sellers received 103% of their asking price in November 2023, up from 97% in November 2022.
  • Months of Inventory: There was a significant decrease in months of inventory, from 2.3 in November 2022 to 1.3 in November 2023.

Analysis

Year-over-year, the Saratoga market has seen a substantial increase in the number of homes sold, indicating a growing demand. The slight decrease in median sale price, coupled with reduced DOM and increased percentage of list price received, suggests a market that is favorable to sellers, with properties moving quickly and at competitive prices.

Price Points and Quadrants

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

  • Top Quadrant: 5 homes sold, Median Sale Price: $4,518,888, Median DOM: 13, Avg. $/Sq.Ft.: $1,153.
  • Second Quadrant: 5 homes sold, Median Sale Price: $3,700,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,708.
  • Third Quadrant: 5 homes sold, Median Sale Price: $3,205,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,367.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $2,455,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,218.

Analysis

The quadrant data reveals a balanced market across all price points, with each quadrant seeing equal sales volume. The top and second quadrants, representing higher-priced homes, show a strong market presence, indicating a sustained interest in premium properties.

Conclusion

The Saratoga market in November 2023 demonstrated a dynamic landscape, with a significant increase in homes sold both month-over-month and year-over-year. Despite a slight decrease in median sale prices, the market remains competitive, with properties selling quickly and often above the asking price. The balanced activity across all price quadrants indicates a healthy market catering to a diverse range of buyers and sellers.

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