Month-over-Month Changes

The Monte Sereno real estate market saw some shifts in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 3 homes were sold, a 25% decrease from 4 sales the previous month.
  • Median Sale Price: There was a 2% increase, from $3,425,000 in June to $3,500,000 in July.
  • Days on Market (DOM): The DOM rose significantly to 62 from 29 in June.
  • Percentage of List Price Received: Sellers received 96% of their asking price, a decrease from 98% in June.

These changes may indicate a market that is slowing down, with fewer sales and properties taking longer to sell.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Decreased by 40%, from 5 to 3.
  • Homes Listed: Decreased by 33%, from 3 to 2.
  • Median Sale Price: Decreased by 20%, from $4.40M to $3.50M.
  • Average Dollar per Square Foot: Decreased by 15%, from $1324 to $1120.
  • Median Days on Market: Increased by 786%, from 7 to 62.
  • Months of Inventory: Increased by 163%, from 0.8 to 2.1.

These statistics reflect a market with fewer listings and sales, lower prices, and significantly longer selling times compared to the previous year.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 1 home sold, Median Sale Price: $4,350,000, Median DOM: 85, Avg. $/Sq.Ft.: $757.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,500,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,642.
  • Third Quadrant: 1 home sold, Median Sale Price: $2,715,000, Median DOM: 62, Avg. $/Sq.Ft.: $961.

These details provide insights into the segments of the market that are most active, with an even distribution across the top three quadrants.

Conclusion

The Monte Sereno market in July 2023 showed a decrease in sales and a significant increase in selling times compared to both the previous month and year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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