Month-over-Month Changes

The transition from January 2024 to February 2024 unveils significant movements within the Saratoga real estate landscape:

  • Homes Sold: In February 2024, the market observed a 50% decrease in homes sold, dropping to 7 from 14 sales the month before.
  • Median Sale Price: The median sale price slightly declined by 1%, from $4,140,000 in January 2024 to $4,100,000 in February 2024.
  • Days on Market (DOM): The DOM saw an increase, rising to 20 days in February 2024 from 16 days in January 2024.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, at 103% in February 2024 compared to 100% in January 2024.

Analysis

The Saratoga market indicates a cooling phase, with a significant drop in homes sold and a slight decrease in the median sale price. However, the increase in DOM and the percentage of the list price received suggest a nuanced market where sellers retain some advantage.

Year-over-Year Comparison

Comparing February 2024 with February 2023, the following year-over-year changes stand out:

  • Homes Sold: Increased by 17%, from 6 in February 2023 to 7 in February 2024.
  • Median Sale Price: Saw a rise of 21%, from $3.40M in February 2023 to $4.10M in February 2024.
  • Average Dollar per Square Foot: Increased by 16%, from $1,365 in February 2023 to $1,580 in February 2024.
  • Days on Market: Dramatically decreased by 52%, from 42 days in February 2023 to 20 days in February 2024.
  • Percentage of List Price Received: Remained stable at 103% year-over-year.
  • Months of Inventory: Saw a significant reduction of 58%, from 3.1 in February 2023 to 1.3 in February 2024.

Analysis

Year-over-year data indicates a strengthening market, characterized by increased sales, a significant rise in sale prices, and a faster selling process. The stable percentage of the list price received and the sharp decline in months of inventory further suggest a seller’s market, with high demand and low supply.

Price Points and Quadrants

Breaking down February 2024 sales by quadrants reveals insights into which market segments are most active:

  • Top Quadrant: 2 homes sold, Median Sale Price: $4,478,750, Median DOM: 13, Avg. $/Sq.Ft.: $1,689.
  • Second Quadrant: 2 homes sold, Median Sale Price: $4,225,000, Median DOM: 213, Avg. $/Sq.Ft.: $1,030.
  • Third Quadrant: 2 homes sold, Median Sale Price: $3,537,500, Median DOM: 24, Avg. $/Sq.Ft.: $1,155.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $2,770,000, Median DOM: 14, Avg. $/Sq.Ft.: $3,017.

Analysis

The distribution across quadrants suggests a diverse market with active sales in all segments. However, the significant DOM in the second quadrant may indicate challenges in selling higher-priced homes, despite a robust overall market.

Conclusion

February 2024’s market update for Saratoga highlights a nuanced real estate landscape. While the month-over-month data points towards a slight cooling, the year-over-year comparison reveals a strong and fast-moving market. The detailed analysis by quadrants provides a granular view, showing vibrancy across different price points. Sellers remain in a favorable position, especially in specific market segments, indicating ongoing high demand for homes in Saratoga.

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