Month-over-Month Changes

In October 2023, the Saratoga real estate market experienced some notable shifts compared to September 2023:

  • Homes Sold: There were 13 homes sold, a decrease of 24% from 17 sales in the previous month.
  • Median Sale Price: The median sale price remained stable, showing no significant change from the previous month.
  • Days on Market (DOM): The DOM increased to 12 days, up from 8 days in September 2023.
  • Percentage of List Price Received: Sellers received 102% of their asking price, a slight decrease from 105% in September 2023.

Analysis: 

The month-over-month data indicates a cooling in the Saratoga market, with a notable decrease in the number of homes sold and an increase in DOM. The slight decrease in the percentage of list price received suggests a slight shift towards buyers, but the market remains favorable for sellers with prices holding steady.

Year-over-Year Comparison

Comparing October 2023 to October 2022, we observe the following changes:

  • Homes Sold: Increased by 8% (from 12 homes sold in October 2022).
  • Homes Listed: Increased by 86% (from 14 homes listed in October 2022).
  • Median Sale Price: Rose from $3.13M in October 2022 to $3.94M in October 2023.
  • Days on Market: Decreased significantly from 48 days in October 2022 to 12 days in October 2023.
  • Percentage of List Price Received: Increased from 97% in October 2022 to 102% in October 2023.
  • Months of Inventory: Increased from 1.4 to 1.8.
  • Average Dollar per Sq. Ft.: Increased by 4% (from $1273 to $1329).

Analysis:

Year-over-year, the Saratoga market has seen a growth in sales and listings, with a significant increase in the median sale price and a drastic reduction in DOM. The increase in the percentage of list price received and the average dollar per square foot indicates a robust seller’s market, despite the slight increase in inventory.

Price Points and Quadrants

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

  • Top Quadrant: 4 homes sold, Median Sale Price: $5,625,000, Median DOM: 46, Avg. $/Sq.Ft.: $1,207.
  • Second Quadrant: 3 homes sold, Median Sale Price: $4,020,000, Median DOM: 41, Avg. $/Sq.Ft.: $1,368.
  • Third Quadrant: 3 homes sold, Median Sale Price: $3,550,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,337.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $3,230,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,136.

Analysis:

The data shows activity across all price quadrants, with the top quadrant leading in terms of median sale price but having a longer DOM. The third quadrant shows a quicker turnover, indicating a strong demand in this price range. The balanced activity across quadrants suggests a diverse and dynamic market.

Conclusion

The Saratoga real estate market in October 2023 demonstrated a decrease in the number of homes sold month-over-month but showed significant year-over-year growth in sales, listings, and median sale price. The market dynamics indicate a strong seller’s market, with properties selling above the asking price and a quick turnover in certain price ranges. The quadrant data provides valuable insights, highlighting the demand across various price points.

 

Data provided by MLSListings and is deemed reliable but not guaranteed.