Month-over-Month Changes

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

  • Homes Sold: There was a 25% decrease in homes sold, down from 20 sales in November to 15 in December.
  • Median Sale Price: The median sale price decreased by 6%, from $3,412,500 in November to $3,192,000 in December.
  • Days on Market (DOM): The DOM decreased, dropping to 7 days in December from 11 days in November.
  • Percentage of List Price Received: Sellers received an average of 109% of their asking price in December, up from 103% in November.

Analysis

The month-over-month data indicates a cooling in the number of homes sold and a slight decrease in median sale prices. However, the decrease in DOM and the increase in the percentage of list price received suggest that while the market might be stabilizing, it remains favorable for sellers.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Saratoga market showed the following trends:

  • Homes Sold: Increased by 50%, from 10 in December 2022 to 15 in December 2023.
  • Homes Listed: Increased significantly, from 2 in December 2022 to 10 in December 2023.
  • Median Sale Price: Slightly decreased from $3.20M in December 2022 to $3.19M in December 2023.
  • Median Days on Market: Decreased dramatically from 23 days in December 2022 to 7 days in December 2023.
  • Percentage of List Price Received: Increased from 102% in December 2022 to 109% in December 2023.

Analysis

Year-over-year, there’s a significant increase in both homes sold and listed, indicating a more active market. The decrease in DOM and increase in the percentage of list price received point towards a strong seller’s market, despite the slight dip in median sale prices.

Price Points and Quadrants

The sales details for December 2023 in Saratoga were as follows:

  • Top Quadrant: 4 homes sold, Median Sale Price: $4,330,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,464.
  • Second Quadrant: 4 homes sold, Median Sale Price: $3,425,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,329.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,960,000, Median DOM: 30, Avg. $/Sq.Ft.: $1,401.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $2,450,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,746.

Analysis

The distribution of sales across the quadrants shows a balanced market, with activity in all price ranges. The top and second quadrants, representing higher-priced homes, had a quicker turnover, indicating continued demand in these segments.

Conclusion

The Saratoga market in December 2023 demonstrated a decrease in the number of homes sold month-over-month but showed a significant increase year-over-year. The market dynamics, including a stable DOM and high percentage of list price received, indicate a robust market, particularly favorable for sellers. The quadrant data highlights a balanced market with opportunities across various price points.

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