Month-over-Month Changes

In August 2023, Monte Sereno’s real estate market displayed the following changes compared to July 2023:

  • Homes Sold: 3 homes were sold, marking no change from the previous month.
  • Median Sale Price: Decreased by 1% from $3,500,000 to $3,450,000.
  • Days on Market (DOM): Dropped significantly to 7 days from 62 days.
  • Percentage of List Price Received: Increased to 111% from 96%.

Analysis

The month-over-month data suggests a market in flux. While the number of homes sold remained stable, the significant drop in DOM and increase in the percentage of list price received indicate heightened market activity and stronger negotiating power for sellers.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 40%, from 5 to 3.
  • Homes Listed: Increased by 50%, from 4 to 6.
  • Median Sale Price: Increased from $3.07M to $3.45M.
  • Median Days on Market: Decreased from 22 to 7.
  • Average Dollar per Square Foot: Increased from $1,369 to $1,629.
  • Percentage of List Price Received: Increased from 100% to 111%.
  • Months of Inventory: Increased from 0.8 to 2.7.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but an increase in homes listed and sale prices. The faster sales cycle and higher average dollar per square foot suggest a market favorable to sellers, despite the increase in months of inventory.

Price Points and Quadrants

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

  • Top Quadrant: 1 home sold, Median Sale Price: $6,150,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,220.
  • Second Quadrant: 1 home sold, Median Sale Price: $3,450,000, Median DOM: 20, Avg. $/Sq.Ft.: $1,576.
  • Third Quadrant: 1 home sold, Median Sale Price: $2,650,000, Median DOM: 6, Avg. $/Sq.Ft.: $2,089.

Analysis

The data shows that all quadrants are active, albeit with only one home sold in each. The top quadrant, with the highest median sale price, moved the quickest, suggesting that luxury homes are in demand.

Conclusion

The Monte Sereno market in August 2023 showed a stable number of homes sold compared to the previous month but a decrease year-over-year. The increase in median sale price and the faster sales cycle indicate a strong market, particularly for sellers. The quadrant data provides valuable insights, showing that luxury homes are particularly competitive.

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