Month-over-Month Changes

In March 2024, the Woodside real estate market showed significant changes compared to February 2024:

  • Homes Sold: Increased by 17% from 6 homes in February to 7 in March.
  • Median Sale Price: Saw a dramatic increase by 113% from $2,587,500 in February to $5,500,000 in March.
  • Days on Market (DOM): Remained stable at 12 days, unchanged from February.
  • Percentage of List Price Received: Decreased slightly to 96% from 102% the previous month.

Analysis

This month’s data reflects a dynamic market with a sharp rise in median sale prices and a consistent rate of sales, suggesting an increased demand for high-value properties. Although there was a slight drop in the percentage of list price received, the substantial increase in sales price indicates a market where high-value transactions are becoming more common.

Year-over-Year Comparison

Comparing March 2024 with March 2023:

  • Homes Sold: Increased by 40% from 5 to 7.
  • Median Sale Price: Jumped by 56% from $3,510,000 last year to $5,500,000.
  • Days on Market: Decreased significantly from 19 days last year to 12 this year.
  • Percentage of List Price Received: Decreased from 99% last year to 96%.
  • Months of Inventory: Dropped from 5.1 months last year to 3.5 months, indicating tighter market conditions.

Analysis

Year-over-year, the Woodside market has experienced robust growth in sales and prices with faster sales processes, suggesting a very active market. The decrease in months of inventory and DOM supports the notion of a seller’s market with high competition among buyers.

Price Points and Quadrants

  • Top Quadrant: 2 homes sold, Median Sale Price: $8,225,000, Median DOM: 82, Avg. $/Sq.Ft.: $1,822.
  • Second Quadrant: 2 homes sold, Median Sale Price: $5,747,500, Median DOM: 6, Avg. $/Sq.Ft.: $1,299.
  • Third Quadrant: 2 homes sold, Median Sale Price: $5,075,000, Median DOM: 25, Avg. $/Sq.Ft.: $1,611.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $4,250,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,763.

Analysis

The quadrant analysis reveals a diverse but upward-trending market across Woodside. The highest price points see longer DOM, indicating selective buyers at the top end, while lower quadrants show quicker sales, suggesting more fluid movement in these segments.

Conclusion

March 2024 in Woodside demonstrated a significant uptick in market activity, with increased sales volume and price points. Despite a minor dip in the percentage of list price received, the overall data underscores a strong seller’s market, buoyed by limited inventory and high buyer interest. The diverse dynamics across different market quadrants highlight opportunities for both buyers and sellers, with premium properties leading the charge in price gains.

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