Month-over-Month Changes

In April 2024, the Saratoga real estate market experienced several notable changes compared to March 2024:

  • Homes Sold: 18 homes were sold, marking a 25% decrease from 24 sales the previous month.
  • Median Sale Price: Increased by 4% from $4,050,000 in March 2024 to $4,215,000 in April 2024.
  • Days on Market (DOM): Rose to 9 days from 6 days in March 2024.
  • Percentage of List Price Received: Sellers received 106% of their asking price in April 2024, up from 104% in March 2024.

Analysis

The month-over-month data indicates a cooling in the market, evidenced by the decrease in the number of homes sold and the increase in DOM. However, the rise in median sale price and the higher percentage of list price received suggest that demand remains strong, and sellers are still achieving above their asking prices.

Year-over-Year Comparison

Comparing April 2024 to April 2023, the following changes were observed:

  • Homes Sold: Decreased by 25%, from 24 to 18.
  • Homes Listed: The document does not provide specific numbers for homes listed year-over-year.
  • Median Sale Price: Increased by 12% from $3,780,000 in April 2023 to $4,215,000 in April 2024.
  • Median Days on Market: Decreased from 13 to 9.
  • Percentage of List Price Received: Increased from 99% to 106%.
  • Months of Inventory: Increased from 1.7 to 2.1.

Analysis

The year-over-year comparison shows a significant increase in the median sale price and a higher percentage of list price received, which indicates a strong seller’s market. Despite the decrease in the number of homes sold, the market conditions favor sellers with faster sales and higher prices.

Price Points and Quadrants

The sales details for April 2024 were broken down by quadrants:

  • Top Quadrant: Homes Sold: 5, Median Sale Price: $5,670,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,313
  • Second Quadrant: Homes Sold: 5, Median Sale Price: $4,340,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,743
  • Third Quadrant: Homes Sold: 5, Median Sale Price: $4,038,000, Median DOM: 6, Avg. $/Sq.Ft.: $2,006
  • Bottom Quadrant: Homes Sold: 4, Median Sale Price: $3,140,000, Median DOM: 24, Avg. $/Sq.Ft.: $1,384

Analysis

The data shows that all quadrants are active, with the top and second quadrants seeing the most activity. Higher-priced homes in these quadrants are moving quickly, indicating a robust market for sellers in these price ranges.

Conclusion

The Saratoga market in April 2024 showed a decrease in homes sold compared to the previous month and a year-over-year decline. However, the increase in median sale price year-over-year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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