Month-over-Month Changes

January 2024 saw notable shifts in Woodside’s housing market:

  • Homes Sold: The number of homes sold decreased by 37% from 8 sales in December 2023 to 5 in January 2024.
  • Median Sale Price: There was a substantial increase in the median sale price, which rose by 30% from $2,265,000 in December 2023 to $2,950,000 in January 2024.
  • Days on Market (DOM): The DOM increased significantly to 109 days in January from 50 days in December 2023, indicating a slower turnover rate.
  • Percentage of List Price Received: Sellers received 94% of their asking price in January 2024, a slight decrease from 97% in December 2023.

Analysis

The month-over-month data suggests a cooling in the volume of transactions but an increase in property values. The extended DOM indicates that while fewer homes are selling, those that do are fetching higher prices, possibly reflecting a market with more discerning buyers and premium listings.

Year-over-Year Comparison

Looking at January 2024 compared to January 2023, the Woodside market experienced the following:

  • Homes Sold: A 67% increase in homes sold, up from 3 in January 2023 to 5 in January 2024.
  • Median Sale Price: The median sale price decreased from $4.10M in January 2023 to $2.95M in January 2024, a notable reduction.
  • Days on Market (DOM): A significant increase in DOM from 43 days in January 2023 to 109 days in January 2024.
  • Percentage of List Price Received: Sellers received a slightly higher percentage of their list price, improving from 92% in January 2023 to 94% in January 2024.

Analysis

The year-over-year data indicates an increase in sales volume but a decrease in median sale prices, suggesting that while more homes are selling, they are doing so at lower price points. The substantial increase in DOM highlights a slower market, where homes take longer to sell.

Price Points and Quadrants

The breakdown by price quadrants for January 2024 reveals:

  • Top Quadrant: 2 homes sold with a median price of $6,325,000, indicating robust activity in the luxury segment.
  • Second Quadrant: 1 home sold at $2,950,000, reflecting steady demand in the high-end market.
  • Third Quadrant: 1 home sold at $2,850,000, showing interest in the upper-middle market.
  • Bottom Quadrant: 1 home sold at $2,000,000, highlighting opportunities at more accessible price points.

Analysis

The distribution across quadrants suggests a diverse market in Woodside, with significant activity in the top-end and a range of options available across other price segments. This diversity may appeal to a broad spectrum of buyers, from those seeking luxury estates to those looking for more modestly priced homes.

Conclusion

The Woodside real estate market in January 2024 demonstrated a dynamic landscape, with changes in sales volume, pricing, and market pace. Despite a decrease in the number of homes sold month-over-month, the year-over-year analysis shows an increase in transactions. However, the significant rise in DOM and the varied performance across different price quadrants suggest a complex market environment. As we move further into 2024, these trends will be important for buyers and sellers to watch, offering insights into the evolving nature of the Woodside housing market.

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