Month-over-Month Changes

In September 2023, the Saratoga real estate market experienced the following changes compared to August 2023:

  • Homes Sold: 15 homes were sold, marking a 25% decrease from 20 sales the previous month.
  • Median Sale Price: Increased by 1% from $4,275,000 in August 2023 to $4,300,000 in September 2023.
  • Days on Market (DOM): Remained the same at 9 days.
  • Percentage of List Price Received: Sellers received 105% of their asking price, up from 101% in August 2023.

Analysis

The month-over-month data indicates a contraction in the number of homes sold, suggesting a potential cooling in the market. However, the stable DOM and increased percentage of list price received indicate that the market remains favorable for sellers.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were noted:

  • Homes Sold: Decreased by 17%, from 18 to 15.
  • Homes Listed: Increased by 156%, from 9 to 23.
  • Median Sale Price: Increased from $3.76M to $4.3M.
  • Median Days on Market: Decreased from 15 to 9.
  • Percentage of List Price Received: Increased from 98% to 105%.
  • Months of Inventory: Increased from 1.2 to 1.8.
  • Average Dollar per Sq. Ft.: Increased from $1,418 to $1,557.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but a significant increase in homes listed. The increase in median sale price and faster sales cycle suggest a market favorable to sellers, despite the increase in inventory.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 4 homes sold, Median Sale Price: $6,850,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,558.
  • Second Quadrant: 4 homes sold, Median Sale Price: $4,475,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,246.
  • Third Quadrant: 4 homes sold, Median Sale Price: $3,755,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,633.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $3,185,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,573.

Analysis

The data shows that all quadrants are active, but the top and third quadrants are seeing the most activity in terms of average price per square foot. This suggests that both high-end and mid-range homes are moving at a brisk pace, indicating a diverse and robust market.

Conclusion

The Saratoga market in September 2023 showed a decrease in homes sold compared to the previous month but an increase in homes listed year-over-year. 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 both high-end and mid-range homes are particularly competitive.

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