Month-over-Month Changes

In May 2024, the Saratoga real estate market exhibited notable changes compared to April 2024:

  • Homes Sold: A total of 35 homes were sold in May 2024, representing a significant 94% increase from the 18 homes sold in April 2024.
  • Median Sale Price: The median sale price slightly decreased by 5%, from $4,215,000 in April 2024 to $4,000,000 in May 2024.
  • Days on Market (DOM): The average DOM decreased to 7 days in May 2024, down from 9 days in April 2024.
  • Percentage of List Price Received: Sellers received an average of 109% of their asking price in May 2024, compared to 106% in April 2024.

Analysis

The month-over-month data indicates a significant surge in the number of homes sold, suggesting increased buyer activity and demand. Despite the slight decrease in the median sale price, the reduction in DOM and the higher percentage of list price received indicate a competitive market where sellers are still at an advantage.

Year-over-Year Comparison

When comparing May 2024 to May 2023, the following changes were observed:

  • Homes Sold: Increased by 21%, from 29 homes sold in May 2023 to 35 homes in May 2024.
  • Homes Listed: Increased by 73%, from 22 listings in May 2023 to 38 listings in May 2024.
  • Median Sale Price: Rose by 5%, from $3.80M in May 2023 to $4.00M in May 2024.
  • Average Dollar per Square Foot: Increased by 12%, from $1450 in May 2023 to $1621 in May 2024.
  • Median Days on Market: Decreased from 8 days in May 2023 to 7 days in May 2024.
  • Percentage of List Price Received: Increased from 101% in May 2023 to 109% in May 2024.
  • Months of Inventory: Increased from 1.1 months in May 2023 to 1.4 months in May 2024.

Analysis

The year-over-year comparison shows a robust market with increased sales volume and listing activity. The rise in the median sale price and the average dollar per square foot indicates an appreciating market. The decreased DOM and increased percentage of list price received further support the presence of strong buyer demand and a competitive market environment.

Price Points and Quadrants

The sales data for May 2024, broken down by quadrants, provides further insights into the Saratoga real estate market:

  • Top Quartile: 9 homes sold, Median Sale Price: $5,180,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,378.
  • Second Quartile: 9 homes sold, Median Sale Price: $4,300,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,631.
  • Third Quartile: 9 homes sold, Median Sale Price: $3,750,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,625.
  • Bottom Quartile: 8 homes sold, Median Sale Price: $3,195,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,571.

Analysis

The quadrant breakdown reveals that higher-priced homes in the top and second quartiles are moving quickly, with competitive prices and relatively low DOM. The third and bottom quartiles also show healthy activity, indicating that various price points are performing well in the market. The overall data suggests that while the high-end market is particularly strong, there is balanced demand across different price segments.

Conclusion

The Saratoga real estate market in May 2024 shows a dynamic and competitive landscape. Month-over-month, there has been a significant increase in the number of homes sold, with minor adjustments in pricing. Year-over-year data highlights a strong appreciation in home values and sustained buyer demand. The detailed quadrant analysis confirms that both high-end and mid-range markets are active, providing opportunities for sellers across different price points.

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