Month-over-Month Changes

February 2024 in Woodside’s real estate market saw various changes compared to January 2024:

  • Homes Sold: Maintained at 5 homes, indicating a stable volume in sales activity.
  • Median Sale Price: Experienced a decrease, falling by 9% from $2,950,000 in January 2024 to $2,675,000 in February 2024.
  • Days on Market (DOM): Significantly reduced to 13 days from 109 days in January 2024, suggesting faster sales.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, increasing to 102% in February 2024 from 94% in January 2024.

Analysis

The month-over-month data presents a mixed picture for Woodside. While the volume of homes sold remained constant, the notable reduction in the median sale price could suggest a slight cooling in market values. However, the dramatic decrease in DOM and the increase in the percentage of list price received indicate a still competitive market where well-priced homes are selling quickly, often above asking price.

Year-over-Year Comparison

Comparing February 2024 to February 2023, we observe significant shifts:

  • Homes Sold: Saw a dramatic increase of 150%, from 2 homes in February 2023 to 5 in February 2024.
  • Median Sale Price: Demonstrated a stark decrease from $23.67M in February 2023 to $2.68M in February 2024.
  • Days on Market (DOM): Decreased substantially from 53 days in February 2023 to 13 days in February 2024.
  • Percentage of List Price Received: Improved, moving from 93% in February 2023 to 102% in February 2024.
  • Months of Inventory: Reduced from 7.3 to 3.8, indicating a faster-moving market.

Analysis

Year-over-year data reveals a significantly more dynamic market. The substantial increase in homes sold and the drastic reduction in DOM point to a robust demand. Despite the sharp decrease in median sale prices, the increase in the percentage of list price received and reduced months of inventory reflect a seller’s advantage in the current market conditions.

Price Points and Quadrants

The sales details for February 2024 were dissected by quadrants, presenting the following insights:

  • Top Quadrant: 1 home sold, Median Sale Price: $4,527,500, Median DOM: 72, Avg. $/Sq.Ft.: $1,070.
  • Second Quadrant: 1 home sold, Median Sale Price: $2,675,000, Median DOM: 0, Avg. $/Sq.Ft.: $1,178.
  • Third Quadrant: 1 home sold, Median Sale Price: $1,935,000, Median DOM: 166, Avg. $/Sq.Ft.: $608.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $1,550,000, Median DOM: 13, Avg. $/Sq.Ft.: $987.

Analysis

The distribution of sales across the quadrants shows a market with activity at all price points. The top quadrant, while having the highest median sale price, also experienced the longest DOM, suggesting a slower movement for high-end properties. Conversely, the bottom and second quadrants showed quicker sales, indicating a stronger demand for more affordably priced homes in Woodside.

Conclusion

The Woodside market in February 2024 demonstrated a complex landscape. Despite a month-over-month decrease in median sale prices, the year-over-year comparison shows increased sales volume, reduced DOM, and sellers receiving a greater percentage of their asking price. The quadrant data provides valuable insights, suggesting that while there’s activity across all price points, the market dynamics vary significantly by segment. This analysis provides a clear overview for both buyers and sellers, highlighting a competitive market that demands strategic pricing and marketing.

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