Fremont real estate market update for Detached Home Sales Data for December 2023
Inventory: 18 units were listed for sale as of the last day of December
approximately 0.3 months of inventory.
Sales Activity: 57 units were sold during December,
Median Sales Price: $1,511,562 during December
Average price per sq.ft. in December was $999
Average Days-on-Market (DOM) is approximately 15 days
Sold over Asking: On average, buyers paid 105% of list price in December
Median Sales Price
Fremont Real Estate Market's Median Sales price declined in November and December 2023 but this reflected more on fewer sale of more expensive homes and higher volume of sales of lower priced homes.
Inventory, Pending and Sold
Supply of homes for sale is following seasonal habits and dropping to the lowest levels of the year.
Monthly Market Activity
Inventory is at the lowest point we've seen this last year, with only 0.3 months of inventory. DOMs is about 2 weeks and its been like that for almost 9 months. Average $/Sqft has been around $999 for about 8 months. Finally we've been selling on average about 5% over list for the last 10 months. This doesn't mean you offer 5% over list. You have to look at the particulars of a property to decide what makes sense for it.
Market Trends
Below average Inventory levels is creating upward pricing pressure. If rates drop in 2024, hopefully we'll see more inventory come on the market. Some market pundits are expecting 2024 to be stronger (read great inventory) market, and the 2nd half to be stronger than the 1st half.
Sales Activity and Price Trends. 2023
More unit sale occurred in lower price segments in 2023 than in 2022. If rates decline this year as expected than pricing will rise. Hopefully also the lower rates will get owners of higher priced homes to sell and upgrade thereby increasing choices of trade-ups.
If you are considering selling or buying please contact us. We'd be happy to run numbers with you and create a plan to accomplish your next housing goal.
Sunil Sethi Real Estate (check out our new website)
CITY INFORMATION
Zip Codes: 94536, 94538, 94539, 94555
Population: 230,504
Median household income: $114,118
Call the Fremont Chamber of Commerce: (510) 795-2244
HOUSING INFORMATION
Housing units: 76,000
Percent of housing stock that is Single-Family Detached Homes: 73.4%
Homeownership rate: 63.5%
Average persons per household: 3.07
PUBLIC SCHOOL DISTRICT K-12
Call the Fremont Unified School District: (510) 657-2350
Fremont's 10 LARGEST EMPLOYERS (links to careers)
If you are considering purchasing or selling a home in Fremont, Give Sunil Sethi Real Estate a Call. We'd love to help you! Our Google Profile
Charts courtesy of BayEast.org