Month-over-Month Changes

In October 2023, the Woodside real estate market experienced notable changes compared to September 2023:

  • Homes Sold: 4 homes were sold, a 50% decrease from 8 sales in the previous month.
  • Median Sale Price: There was an 18% decrease from $3,117,500 in September 2023 to $2,550,000 in October 2023.
  • Days on Market (DOM): The DOM dropped to 30 days in October 2023 from 51 days in September 2023.
  • Percentage of List Price Received: Sellers received 99% of their asking price in October 2023, up from 90% in September 2023.

Analysis:

The month-over-month data indicates a significant cooling in the market, with a substantial decrease in the number of homes sold and a drop in the median sale price. The decrease in DOM suggests that homes are selling faster, but the lower sales volume and sale price indicate a potential shift in market dynamics.

Year-over-Year Comparison

Comparing October 2023 to October 2022, the following changes were observed:

  • Homes Sold: Remained the same at 4 homes sold.
  • Median Sale Price: Decreased significantly from $5.98M in October 2022 to $2.55M in October 2023.
  • Days on Market: Decreased from 45 days in October 2022 to 30 days in October 2023.
  • Percentage of List Price Received: Increased slightly from 97% in October 2022 to 99% in October 2023.
  • Months of Inventory: Increased from 6.0 in October 2022 to 6.5 in October 2023.

Analysis:

Year-over-year, the market in Woodside shows a drastic decrease in median sale prices despite the number of homes sold remaining constant. The faster sales cycle and higher percentage of list price received suggest a competitive market, but the significant drop in sale prices could indicate changing market conditions.

Price Points and Quadrants

The sales details for October 2023 in Woodside were broken down by quadrants:

  • Top Quadrant: 1 home sold, Median Sale Price: $5,075,000, Median DOM: 47, Avg. $/Sq.Ft.: $1,907.
  • Second Quadrant: 1 home sold, Median Sale Price: $2,800,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,647.
  • Third Quadrant: 1 home sold, Median Sale Price: $2,300,000, Median DOM: 12, Avg. $/Sq.Ft.: $737.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $1,480,000, Median DOM: 71, Avg. $/Sq.Ft.: $533.

Analysis:

The data indicates a diverse range of activity across all price quadrants. The top quadrant continues to see high-value transactions, while the bottom quadrant indicates movement in more modestly priced homes. This diversity suggests a market with opportunities for buyers and sellers across various price points.

Conclusion

The Woodside market in October 2023 showed a decrease in homes sold and median sale price compared to the previous month, with a faster sales cycle. Year-over-year, the market experienced a significant drop in median sale prices. The quadrant data highlights a varied market, catering to a wide range of price points. 

 

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