Month-over-Month Changes

In August 2023, the Saratoga real estate market showed some notable changes compared to July 2023:

  • Homes Sold: 18 homes were sold, marking a 38% increase from 13 sales the previous month.
  • Median Sale Price: Increased by 16% from $3,700,000 in July 2023 to $4,275,000 in August 2023.
  • Days on Market (DOM): Dropped to 8 days from 11 days in July 2023.
  • Percentage of List Price Received: Sellers received 101% of their asking price, down from 102% in July 2023.

Analysis

The month-over-month data indicates a heating market. The significant increase in homes sold and the decrease in DOM suggest that demand is rising. Sellers are still receiving above their asking price, indicating a strong market.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 33%, from 27 to 18.
  • Homes Listed: Decreased by 11%, from 18 to 16.
  • Median Sale Price: Increased from $3.8M to $4.27M.
  • Median Days on Market: Decreased from 21 to 8.
  • Percentage of List Price Received: Increased from 96% to 101%.
  • Months of Inventory: Decreased from 1.4 to 1.0.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but an increase in sale prices and a faster sales cycle. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 5 homes sold, Median Sale Price: $5,850,000, Median DOM: 40, Avg. $/Sq.Ft.: $1,446.
  • Second Quadrant: 5 homes sold, Median Sale Price: $4,700,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,461.
  • Third Quadrant: 4 homes sold, Median Sale Price: $3,860,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,544.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $2,925,000, Median DOM: 17, Avg. $/Sq.Ft.: $1,085.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Saratoga market in August 2023 showed an increase in homes sold compared to the previous month, but a decrease 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 higher-priced homes are particularly competitive.

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