Month Over Month Changes

The Fremont real estate market has seen some notable shifts from June to July 2023. Here’s a detailed breakdown:

  • Homes Sold: A decrease from 72 to 61 homes sold, marking a 15% drop.
  • Median Sale Price: A decrease of 2%, from $1,640,500 in June to $1,610,000 in July.
  • Days on Market (DOM): Stayed the same at 8 from June to July, indicating a consistent market pace.
  • Percentage of List Price Received: Sellers received 106% of their asking price in July, down from 107% in June.

These figures suggest a market that is experiencing a slight decrease in sales and median sale price, with consistent selling times.

Year Over Year Changes

Comparing July 2023 to July 2022, the Fremont market has seen the following year-over-year changes:

  • Homes Sold: 61 in July 2023 vs. 86 in July 2022, a decrease of 29%.
  • Homes Listed: 82 in July 2023 vs. 168 in July 2022, down by 51%.
  • Median Sale Price: $1.61M in July 2023 vs. $1.63M in July 2022, a decrease of 1%.
  • Average Dollar per Square Foot: $998 in July 2023 vs. $964 in July 2022, up by 4%.
  • Median Days on Market: 8 in July 2023 vs. 11 in July 2022, a decrease of 27%.
  • Months of Inventory: 0.7 in July 2023 vs. 1.8 in July 2022, a decrease of 61%.

The year-over-year data shows a trend towards fewer sales and listings, lower median sale price, but a faster market pace.

Quadrants Analysis: What’s Selling?

Here’s a breakdown of what’s selling in Fremont by quartile:

  • Top Quartile: 16 sold, Median Sale Price: $2,361,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,005
  • Second Quartile: 15 sold, Median Sale Price: $1,725,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,020
  • Third Quartile: 15 sold, Median Sale Price: $1,480,000, Median DOM: 8, Avg. $/Sq.Ft.: $953
  • Bottom Quartile: 15 sold, Median Sale Price: $1,305,000, Median DOM: 8, Avg. $/Sq.Ft.: $905

This data reveals that properties across all quartiles are moving, with relatively similar selling times.

Conclusion

The Fremont real estate market in July 2023 has shown mixed trends, with a decrease in sales and median sale price month over month, but a consistent pace in selling times. The market appears to be more balanced, with properties across all price points moving.

The decrease in months of inventory suggests a more competitive market for buyers, while the slight increase in the average dollar per square foot year over year indicates that quality properties are still in demand. Both buyers and sellers must be aware of these trends to make informed decisions in this evolving market.

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