Month-over-Month Changes

The transition from December 2023 to January 2024 brought several notable changes to Saratoga’s housing landscape:

  • Homes Sold: There was a slight decrease in the number of homes sold, dropping from 15 sales in December 2023 to 14 in January 2024, marking a 7% reduction.
  • Median Sale Price: The median sale price experienced a substantial increase, rising 30% from $3,192,000 in December 2023 to $4,140,000 in January 2024.
  • Days on Market (DOM): The DOM saw a considerable increase, doubling from 7 days in December 2023 to 16 days in January 2024.
  • Percentage of List Price Received: There was a decrease in the percentage of list price received, from 109% in December 2023 to 100% in January 2024.

Analysis

The month-over-month data indicates a cooling in the number of transactions but a significant appreciation in property values. The increase in DOM suggests a slight shift towards a more balanced market, where buyers may have more negotiation power. However, the properties still sell at their asking price on average, maintaining a strong seller’s market.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe a dynamic growth in Saratoga’s market:

  • Homes Sold: There was a 100% increase in the number of homes sold, from 7 in January 2023 to 14 in January 2024.
  • Homes Listed: The number of homes listed rose from 7 to 10.
  • Median Sale Price: The median sale price increased significantly, from $3.50M in January 2023 to $4.14M in January 2024.
  • Days on Market (DOM): The DOM decreased significantly, from 33 days to 16 days, indicating a faster sales process.
  • Percentage of List Price Received: The percentage of list price received slightly decreased from 101% in January 2023 to 100% in January 2024.
  • Months of Inventory: Reduced significantly from 2.0 months in January 2023 to 0.9 months in January 2024, indicating tighter market conditions.

Analysis

The year-over-year data reflects a robust growth in sales volume and an increase in listing activity, alongside a notable rise in median sale prices. The faster sales cycle and reduced inventory underline a strong demand for homes in Saratoga, further emphasizing the market’s competitive nature.

Price Points and Quadrants

A closer look at the sales data by price quadrants provides further insights:

  • Top Quadrant: 4 homes sold at a median price of $5,269,000, highlighting the market’s luxury segment.
  • Second Quadrant: 4 homes sold at a median price of $4,225,000, indicating strong activity in the high-end market.
  • Third Quadrant: 3 homes sold at a median price of $3,625,000, showing demand in the mid-upper price range.
  • Bottom Quadrant: 3 homes sold at a median price of $3,460,050, representing the market’s more accessible segment.

Analysis

The distribution of sales across different price quadrants reveals a balanced market dynamic, with healthy activity spanning from the most accessible to the luxury segments. This diversity underscores the varied buyer interests in Saratoga, with each segment experiencing its unique market conditions.

Conclusion

The Saratoga real estate market in January 2024 displayed a mix of declining sales volume month-over-month but significant appreciation in property values and a swift sales pace year-over-year. The varied activity across price quadrants suggests a broad spectrum of opportunities for both buyers and sellers. As we navigate through 2024, Saratoga continues to affirm its position as a desirable and dynamic housing market.

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