Month-over-Month Changes

In August 2023, the Woodside real estate market showed some notable changes compared to July 2023:

  • Homes Sold: 6 homes were sold, marking a 20% increase from 5 sales the previous month.
  • Median Sale Price: Increased by 46% from $6,500,000 in July 2023 to $9,503,750 in August 2023.
  • Days on Market (DOM): Dropped to 85 days from 93 days in July 2023.
  • Percentage of List Price Received: Sellers received 95% of their asking price, up from 92% in July 2023.

Analysis

The month-over-month data indicates a heating market in Woodside. The increase in homes sold and the significant jump in the median sale price suggest a strong demand. Despite the longer DOM, sellers are receiving a higher percentage of their asking price, indicating a seller’s market.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 14%, from 7 to 6.
  • Homes Listed: Increased by 100%, from 6 to 12.
  • Median Sale Price: Increased from $5.1M to $9.5M.
  • Median Days on Market: Increased from 28 to 85.
  • Percentage of List Price Received: Remained stable at 95%.
  • Months of Inventory: Increased from 3.8 to 5.3.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but a significant increase in the median sale price and homes listed. The market appears to be in a transitional phase, with both buyers and sellers adjusting to new price points.

Price Points and Quadrants

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

  • Top Quadrant: 2 homes sold, Median Sale Price: $17,000,000, Median DOM: 65, Avg. $/Sq.Ft.: $2,025.
  • Second Quadrant: 2 homes sold, Median Sale Price: $9,503,750, Median DOM: 103, Avg. $/Sq.Ft.: $1,587.
  • Third Quadrant: 1 home sold, Median Sale Price: $2,375,000, Median DOM: 103, Avg. $/Sq.Ft.: $737.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $1,275,000, Median DOM: 15, Avg. $/Sq.Ft.: $787.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Woodside market in August 2023 showed an increase in homes sold compared to the previous month, but a decrease in homes sold year-over-year. The significant increase in median sale price year-over-year and the stable percentage of list price received indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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