How’s the Saratoga California real estate market?
As always, “the market” is really several micro markets even within the same geographical area. Let’s start with the broad view of how the real estate market is for the single family home (houses and duet homes) market as opposed to the condo & townhouse market in the same city. So first, let’s look at the a graph displaying the overview of the median list prices for condominiums and single family homes in Saratoga – all price quartiles combined.
The single family home prices are rising, while condo prices are falling. Here we see two very different markets at work. Oversimplified, it appears good for one market, bad for the other. Now let’s dig deeper and see.
Here are the real estate sales statistics for closed sales last month among houses in the 95070 zip code (click on link to read the full Saratoga Real Estate Report for houses):
|TRENDS AT A GLANCE||MAR 2014||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||+3.9%||$2,035,000||$1,959,000||+27.2%||$1,600,000|
|Average Sales Price||-13.0%||$1,995,300||$2,294,000||+20.4%||$1,657,650|
|No. of Homes Sold||+68.8%||27||16||0.0%||27|
|Short Sales Sold||-100.0%||0||1||N/A||0|
|Active Short Sales||N/A||0||0||-100.0%||2|
|Sales Price vs. List Price||+2.6%||106.1%||103.4%||+1.3%||104.7%|
|Average Days on Market||-36.8%||27||43||-2.1%||28|
Year over year, housing prices have risen considerably, and even month over month, prices are rising in Saratoga. (more…)