Month-over-Month Changes

The Saratoga real estate market saw some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 13 homes were sold, a 32% decrease from 19 sales the previous month.
  • Median Sale Price: There was a 7% decrease, from $3,970,000 in June to $3,700,000 in July.
  • Days on Market (DOM): The DOM rose to 11 from 7 in June.
  • Percentage of List Price Received: Sellers received 102% of their asking price, a decrease from 103% in June.

These changes may indicate a slight slowing in the market, with fewer sales and a decrease in prices.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 24%, from 17 to 13.
  • Homes Listed: Decreased by 14%, from 29 to 25.
  • Median Sale Price: Increased by 19%, from $3.10M to $3.70M.
  • Average Dollar per Square Foot: Decreased by 1%, from $1389 to $1381.
  • Median Days on Market: Decreased by 48%, from 21 to 11.
  • Months of Inventory: Decreased by 44%, from 1.8 to 1.0.

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

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 4 homes sold, Median Sale Price: $4,512,500, Median DOM: 12, Avg. $/Sq.Ft.: $1,362.
  • Second Quadrant: 3 homes sold, Median Sale Price: $3,710,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,336.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,750,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,304.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $2,336,000, Median DOM: 41, Avg. $/Sq.Ft.: $1,344.

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

Conclusion

The Saratoga market in July 2023 showed a decrease in sales and prices compared to the previous month but an increase in sales compared to the previous 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.