Month-over-Month Changes

In September 2023, the Woodside real estate market experienced several changes compared to August 2023:

  • Homes Sold: 6 homes were sold, showing no change from the previous month.
  • Median Sale Price: Decreased by 71% from $9,503,750 in August 2023 to $2,750,000 in September 2023.
  • Days on Market (DOM): Dropped to 51 days from 85 days in August 2023.
  • Percentage of List Price Received: Sellers received 88% of their asking price, down from 95% in August 2023.

Analysis

The month-over-month data indicates a significant drop in median sale prices, along with a decrease in the percentage of list price received. This suggests that the market may be undergoing a correction. However, the number of homes sold remained stable, and the days on the market decreased, indicating a faster sales cycle.

Year-over-Year Comparison

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

  • Homes Sold: No change, with 6 homes sold in both periods.
  • Homes Listed: Increased by 7%, from 14 to 15.
  • Median Sale Price: Decreased from $4.91M to $2.75M.
  • Median Days on Market: Slightly decreased from 52 to 51.
  • Percentage of List Price Received: Decreased from 96% to 88%.
  • Months of Inventory: Increased from 5.1 to 6.7.
  • Average Dollar per Sq. Ft.: Decreased from $1974 to $1569.

Analysis

Year-over-year, the market shows a decrease in median sale prices and a slight increase in inventory. The drop in the percentage of list price received and average dollar per sq. ft. suggests a softening market.

Price Points and Quadrants

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

  • Top Quadrant: 2 homes sold, Median Sale Price: $19,250,000, Median DOM: 57, Avg. $/Sq.Ft.: $3,602.
  • Second Quadrant: 2 homes sold, Median Sale Price: $2,750,000, Median DOM: 111, Avg. $/Sq.Ft.: $622.
  • Third Quadrant: 1 home sold, Median Sale Price: $2,500,000, Median DOM: 82, Avg. $/Sq.Ft.: $586.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $2,300,000, Median DOM: 16, Avg. $/Sq.Ft.: $948.

Analysis

The data shows that the top quadrant had the highest median sale price and average dollar per sq. ft., indicating a strong market for luxury homes. However, the second and third quadrants saw longer days on the market, suggesting less demand in those price ranges.

Conclusion

The Woodside market in September 2023 showed a significant decrease in median sale prices both month-over-month and year-over-year. The market appears to be softening, particularly in the lower price ranges. However, the top quadrant remains strong, indicating a market that is still favorable for luxury home sellers. Data provided by MLSListings and is deemed reliable but not guaranteed.