How’s the Saratoga California real estate market?
This is a fairly comprehensive article on the Saratoga real estate market that will include the live statistics from Altos Research for listed properties (not closed) in Saratoga CA 95070, the closed sale data from the RE Report for last month in Saratoga 95070, and the numbers I crunched for Saratoga – overall and by price point and high school district, since Saratoga has 3 different high school districts, each with an impact on home values.
First, let’s consider the months of inventory by price point and high school district that I crunched using MLSListings.com, our local multiple listing service provider.
The months of inventory is a reference to how fast homes would be absorbed into the market if sales continued at the same pace and no new inventory came onto the market. It’s often referred to as “the absorption rate” – and that can be months of inventory, weeks of inventory, or days of inventory. A “balanced” market is somewhere around 4-5 months for us, though the National Association of Realtors says that 6 months is balanced nationwide. Anything under 3 is a good seller’s market, and under 1 is like saying that homes are “flying off the market.”
(For comparison, please also see a similar article on the Live in Los Gatos blog for the town of Los Gatos – real estate market by price point and high school district.)
Here’s the chart for Saratoga – all price points, all school districts.
And for comparison, here’s the chart from last month:
This month shows a very stable market with minute warming since last month. The overall 1.48 MOI is a hot sellers market showing active Summer conditions. By comparing across school districts you can see how different each area’s individual market can be. The overall MOI for different schools this month ranges from 0.25 to 1.875. Small levels of inventory can create big data swings and can make for less accurate charts. Nonetheless, we can still spot market trends if we know where to look.
What makes an expensive house in the San Jose area more than just a pricey bit of real estate, but instead a Silicon Valley luxury home? How is high end real estate different from the rest of the market? When is a property not just a home with land, but an estate?
In other parts of the U.S., spending $1,200,000 may fetch a 4000 square foot home, new construction, in an upscale gated community with country club amenities such as a golf course, tennis courts, and more. Here, that same $1,200,000 will procure an entry to mid-level single family home in many parts of Santa Clara County. It won’t necessarily be a Silicon Valley luxury home.
Luxury connotes a combination of qualities, features, and amenities. And it includes pricing (relative to the nearby market), condition, land, design.
Pricing Luxury Homes in Silicon Valley: What Do They Cost?
Expensive Silicon Valley homes are not necessarily luxury homes. Depending on the city or town, the price tag could be higher or lower. For instance, a fabulous house on a large lot in Gilroy’s Eagle Ridge might sell for 1/3 as much as the identical type of home, land and neighborhood found in Saratoga, Monte Sereno, or Los Gatos, or Los Altos, if a similar home happened to be available. Generally, though, luxury homes could cost as little as $1,000,000 or so in some parts of Silicon Valley or in neighboring counties, but in most parts of Silicon Valley, a true estate type property will be valued at $2,000,000 or $3,000,000 or more. In some areas, such as Palo Alto, that $2 million doesn’t go too far and the home you can purchase at that price tag may need major updating – or it could be “land value”. For our purposes today, we’ll use $2 million as the bottom number for estate properties, but it may or may not be the case in some areas.
What does it cost to buy a home with really good schools in Silicon Valley? Los Gatos, Saratoga, Cupertino and Palo Alto are all areas with highly regarding public schools. These aren’t the only areas with good schools but they are popular “west valley” areas that people may consider if working for Apple, Google, Microsoft, Facebook or any number of high tech employers.
Los Gatos and Saratoga both have multiple school districts, running from good to very good or excellent. The cost of housing tends to follow the popularity of the district, so for those areas I’m showing the breakdown not just for the whole town of Los Gatos but also by the high school district (Los Gatos-Saratoga or Campbell Union High School District). Same with Saratoga. (The Monte Sereno real estate market is very similar to Los Gatos, but slightly more expensive. Most of Monte Sereno has Los Gatos schools, but a small number of homes are in the Campbell area.)
Here are the average numbers for single family homes sold in the last 60 days ranging from 1500 – 2500 square feet, on a lot between 5000 and 10,000 SF, with 3-5 bedrooms and 2-3 bathrooms to give a sense of what it would cost to purchase a typical house in these areas. Please note that right now it’s a strong seller’s market, so many (if not most or all) homes are selling for more than the list price. DOM stands for days on the market.
If you are new to Santa Clara County, you may be wondering if this is correct. The cost to buy a home in these areas is what?
- Los Gatos: approximately $1,500,000 to $2,150,000 depending on the school district
- Saratoga: approximately $1,700,000 to about $2,500,000 depending on the schools
- Cupertino: approx $2,000,000 (some high schools will bring in higher prices and others lower)
- Palo Alto: approx $2,700,000 – $3,000,000
Remember, these prices do not mean that the houses being sold are perfect. Because it is a strong seller’s market, many properties are being sold which need new roofing, extensive pest work, remodeling, perhaps updating of electrical or plumbing systems or more. Many home buyers will need to spend 1-2% on things like termite fumigation, dry rot or roof repairs, carpets, paint, windows and more, and usually this will be done before they move in. So whatever the budget is, buffer it a little bit for both money and time to make it turnkey.
To compare, here’s the same chart, following the same criteria, taken in April 2014. See what’s changed:
For people relocating to Silicon Valley from out of the San Jose or Peninsula area, this real estate market can be daunting. There are other areas with good schools which are a bit further from most employment areas which can be an alternative, too. They include the Cambrian 95124 and Almaden 95120 (especially the southern area with Bret Harte Middle School and Leland High School) areas within San Jose.
Finally, in some cases, it may be more affordable to make use of private schools, which are plentiful in the San Francisco Bay area. In some situations it can be financially more affordable to buy outside of the highly competitive areas with the best schools and utilize the private school system. Some of the private schools are religious, some secular, and some with a language focus (bilingual in French, German, Chinese, etc.).
Interested in purchasing a home in one of these fantastic communities? Please call or email me! 408 204-7673 or mary (at) popehandy.com
$419,000 : 17320 Stevens Canyon RD, CUPERTINO1 bed, 1 bath
$1,788,000 : 10131 Pasadena AVE, CUPERTINO4 beds, 3 baths
$2,018,168 : 10458 Lockwood DR, CUPERTINO0 beds, 0 bath
$1,598,000 : 11655 Wildflower CT, CUPERTINO3 beds, 3 baths
$1,098,000 : 21977 McClellan RD, CUPERTINO2 beds, 2 baths
$1,499,000 : 7572 Hollanderry PL, CUPERTINO3 beds, 2 baths
$1,788,000 : 19745 Auburn DR, CUPERTINO4 beds, 2 baths
$1,750,000 : 917 November DR, CUPERTINO4 beds, 2 baths
$2,299,950 : 11573 Country Spring CT, CUPERTINO4 beds, 3 baths
$1,198,888 : 19937 Beekman PL, CUPERTINO3 beds, 2 baths
See all Real estate in the city of Cupertino.
(all data current as of 9/20/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Luxury home sales are going like crazy in the west valley areas of Santa Clara County. Right now in Almaden Valley, Los Gatos, Monte Sereno and Saratoga, there are 105 houses for sale listed at or more than two million dollars (just checked MLSListings.com), and in the last 30 days 56 have sold and closed escrow in those same areas and price ranges. For the Almaden – Saratoga region generally, then, there are 1.88 months of inventory in the over two million dollar price range (105/56). That makes it a strong seller’s market. Things have certainly livened up a lot since October. (In the same region, there are 25 pending sales.)
Next we’ll look at these four Silicon Valley communities separately to see how the luxury market in each one is faring overall.
Almaden Valley (San Jose, 95120)
Currently in Almaden there are 9 houses for sale which are listed at or over $2,000,000. In the last 30 days, 8 sold in that price range (with two sales pending). That makes for just over 1.13 “months of inventory.” That would mean this luxury market has rapid turnover and is in a strong seller’s market. It’s a deep seller’s market in Almaden Valley among the most expensive real estate offerings for sale. Five to six months is balanced and over six is a buyer’s market. Continue reading
One question I get a lot is this: what does it cost to buy a 4 bedroom, 2 bath house of about 2000 square feet?
So to answer this question, let’s see what houses like this are selling for (4 bed, 2 bath, appx 2000 SF or 185 square meters) and see how the cost looks in one Santa Clara Count y / Silicon Valley area versus another.
Today I compared several areas and cities using this criteria: single family homes of 1800 – 2200 SF, 3-5 bedrooms, 2-3 bathrooms, on lot sizes of 6000 SF to 10,000 SF. Normally I would chart this over the last 2 months, or 60 days, but because of the low inventory causing the sellers market I have expanded the search to the last 3 months, or 90 days, for a better range. As of this writing, Saratoga only had one sale over the last 90 days, so data for that segment may or may not be a good average.
Here’s how it shakes out in the “west valley areas” along the Highway 85 corridor, most of which are known to have good to great public schools. What areas are most affordable? One way of analyzing this is the “price per square foot” figure. Whenever I update the chart, I re-arrange the order of the cities from high to low based on the price per square foot, although there’s usually minimal movement.
To compare, here are the numbers from the this past January 26, 2017. There were fewer sales, so the search range was bumped up to 120 days instead of 90 days (and Los Altos was so low, it was individually searched at 180 days). You might notice price per square foot appears lower across the board in January compared to July. This is most likely because the market has heated up over spring and summer, which you can also see in the DOM.
Below are my results from the same search back in September 18, 2015. By comparison, you can tell that Santa Clara’s average Price has increased, pushing it above Almaden and Campbell.
How competitive is the market? Have a look at the DOM or “Days on Market” figure. All of these days on market are short, but they range from low to heart-skippingly fast.
In most cases, the priciest and most desirable places have either the best schools or shortest commute location or both (Palo Alto and Cupertino have both). Had I ranked these for school scores, you’d find that Cambrian is fairly high up and a good “bang for the buck” location – though not a super short commute for folks who work in Mountain View (though not so bad for people working in Cupertino). Almaden, too, offers a good value for the quality of the schools, homes, and neighborhoods, though the commute is longer. None of these is especially close to North San Jose (where a major employer is Cisco).
It should also be noted that in some of the smaller communities with less on the market these numbers may not be as stable as others with more data – for instance, Los Altos only had four homes sold, the second lowest, matching this criteria within the 90 days of collected data, and therefore may not be as accurate as others, such as the Blossom Valley area of San Jose with the most data at 38 homes sold. For these smaller communities with less data, it is beneficial to look at them more closely – Saratoga, for instance, has 3 different high school districts which have an impact the real estate prices. This chart is really just a snapshot to give a general sense of the relative affordability of these markets to one another. Continue reading
Often I have clients who are interested in purchasing a 4 bedroom, 2 bath home in a good school district in Silicon Valley, particularly in the South Bay and West Valley areas. Tonight I did a study on the MLS of homes that have sold and closed escrow in the last 4 months with these characteristics:
- single family home (house)
- 4 bedrooms
- 2 bathrooms
- 1800 to 2200 square feet of living space
- 6000 to 10,000 sf lot
Disclaimers aside, here are the numbers for select West Valley Communities in the West/South Bay area with good schools. The first number is the average sales price per square foot, the second number is the average sales price:
And a look at the chart from all back in 2015…
And all the way back in 2011. What’s changed? A lot! The order has shifted some, showing where demand has increased or decreased. Most noticeably, the prices are significantly lower in 2011 than they are now. The 2015 chart shows prices somewhere in-between the 2011 and 2017 levels. Palo Alto and Los Altos remain consistently in the top two positions.
The home prices tend to run with the school district API scores. You can check the 2013, three year average, API scores in Santa Clara County for both the districts and the individual schools online here. Continue reading
Silicon Valley Shakespeare, formerly known as the Shady Shakespeare Theatre Company, is gearing up for the upcoming season of outdoors performances. This group has been active for 16 years and is a well-loved regular in the Saratoga summer arts scene. Every year they hold two sets of outdoor performances. The first are free performances of a Shakespeare classic in Willow Street Park of Willow Glen, San Jose. Bring your own seating and come early for the best spot. Following that, they produce a second Shakespeare play and another more contemporary work at the troupe’s usual venue, Sanborn Skyline County Park in the hills over Saratoga. Tickets may be purchased in advance for the Saratoga performances.
This year, the first show in San Jose will be the Merry Wives of Windsor held in June, providing locals the opportunity to enjoy free, live theatre within the community (donations are welcome). In Saratoga, see the Prince of Denmark in Hamlet from July through September, or catch the contemporary addition to Sherlock Holmes‘ adventures in the new case by Jeffrey Hatcher from August through September.
It’s a great deal, too, with tickets priced at $25. Senior (60+), college student, and educator discounts for $20, and kids come free with paying adult. Tickets are available to purchase online, so buy tickets ahead of time. Shows run through September 3rd.
Check the Silicon Valley Shakespeare website for more!
$885,000 : 17970 Helen WAY, LOS GATOS2 beds, 2 baths
$8,695,000 : 233 Forrester RD, LOS GATOS5 beds, 7 baths
$16,988,999 : 16450 Aztec Ridge DR, LOS GATOS8 beds, 10 baths
$2,999,000 : 159 Teresita WAY, LOS GATOS4 beds, 4 baths
$2,088,000 : 50 Clifton AVE, LOS GATOS3 beds, 2 baths
$7,299,000 : 15815 GLEN UNA DR, LOS GATOS5 beds, 6 baths
$1,395,000 : 124 YOSEMITE WAY, LOS GATOS3 beds, 2 baths
$1,549,000 : 16759 Frank AVE, LOS GATOS3 beds, 2 baths
$1,400,000 : 158 Lester LN, LOS GATOS4 beds, 3 baths
$3,695,000 : 221 Highland TER, LOS GATOS3 beds, 3 baths
See all Real estate in the city of Los Gatos.
(all data current as of 9/20/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
The Parker Ranch neighborhood is found in the low western foothills of Saratoga along the Cupertino border, making it a fantastic commute location for many high tech workers. With larger homes and lots, it’s easy to stretch out! The rolling hills make a pleasant vista, or, if you’re in a higher elevation provide beautiful valley views. The Parker Ranch subdivision boasts highly acclaimed Cupertino schools. There are many reasons why this is a much beloved area of Saratoga.
There are just shy of 80 houses and luxury homes in Parker Ranch, so it’s not a hugely populous area, but it is fairly large. Here are a few quick facts on this scenic subdivision:
- Range of home size: 2,797-7,500 SF
- Average SF: 4,517 SF
- Range of lot size: 22,000-146,361 SF
- Average Lot: 70,786 SF
- Years Built: 1900-2013, lots of development in the 1980s
What do homes cost in Parker Ranch?
Because there’s an incredible variety in home and lot size, as well as age and condition, it’s not easy to pinpoint the likely price of the neighborhood. However, as a very broad rule, most homes will currently range between $2.5 and $3.5 million.
What are the subdivision’s boundaries?
Map Boundaries: Streets include Vista Arroyo Ct, Star Ridge Ct, Prospect Rd (pasture only), Picea Ct, Pheasant Ridge Rd, Parker Ranch Rd (major road), Parker Ranch Ct, Farr Ranch Rd (2nd major road), Farr Ranch Ct, Diamond Oaks Ct, Continental Cir, Comer Dr, and Chiquita Ct. To the W and N, the border is Prospect rd. A SW portion borders the Saratoga Country Club. To the S is Mt Eden.
Any special issues with Parker Ranch homes?
As with all homes near the coastal foothills, water and drainage will be very important to manage here. Also there are high voltage power lines running through part of the community, with some homes built very close to both the lines and the towers.
Homes for sale in Parker Ranch
Saratoga, CA – on the popehandy.com site
Sale pending with 7 offers! Absolutely stunning views of the coastal foothills in the distance and a verdant orchard at your feet at 18632 Woodbank Way, Saratoga CA 95070, a charming knoll top cul-de-sac in the Quito Road neighborhood. From this home and yard you’ll see the peaks of El Sombroso on the left and El Sereno on the right – a nearly impossible to find panoramic view! This wonderful ranch style home is for sale, listed at $2,400,000. Read on to learn more! (On the MLS by Tuesday April 4 at noon & can be shown after that time.)
This 3 bedroom, 2 bath Saratoga home enjoys 2346 square feet of living space and boasts newly refinished hardwood floors, dual pane windows, air conditioning, and loads of room for entertaining between the living room, enlarged dining room, and family room – which sits at the back of the house and enjoys the best views. The kitchen, too, overlooks the yard and the Santa Cruz Mountains, as does the master bedroom. The home was built in 1964, but the bathrooms were remodeled since that time.
Very livable now, move in and enjoy your own resort! Or further improve the home or build new – the option is yours!
Interior features of 18632 Woodbank Way, Saratoga CA 95070 include:
- Formal entry
- Spacious living room overlooking the front yard, with gorgeous hardwood floors and brick fireplace
- Enlarged dining room, also with hardwood floors and bathed in natural light
- Family room with wood burning stove facing the enormous yard and coastal mountain range – a stunning view
- Kitchen and nook also have southern, back yard vistas
- Laundry closet just off the breakfast nook
- Master bedroom suite at rear of house with hardwood floors, double closets and fabulous sunlight & views
- Master bath with stall shower (Jack and Jill style, also opening to hallway)
- Two other bedrooms, also with double closets, facing the front, and hardwood floors
- Hall bathroom with big shower stall
- Dual pane windows – the house is drenched in natural sunlight!
- Air conditioning
- 3 car garage – extra storage over the 2 car portion with pull down ladder to attic
Outside, enjoy both a deck and patio for entertaining or relaxing. The orchard hearkens to an older, more rustic time and primarily consists of prune trees but there are also orange, persimmon, and apricot trees. Additionally, there are some oak and other trees on the property.
The exterior rear wall of the 3 car garage is covered in a exquisite gray stone. The two car side of the garage can be opened electronically. That section also features a pull down ladder with attic storage access. The third may be manually opened.
The front yard of the property features pavers for the semicircular driveway and beautiful landscaping and wooden walkways to the home’s front door.
It may be possible to have a horse, or to build a tennis court, pool, or guest house on the grounds.
Schools for 18632 Woodbank Way, Saratoga CA 95070:
Marshall Lane Elementary
Rolling Hills Middle
This is an exceptionally rare opportunity to enjoy your own Saratoga orchard, an oasis of tranquility and beauty in the hustle and bustle of busy Silicon Valley, along with one of the most stunning views anywhere.
Open house and offer info:
On MLS Tuesday 4-4 before 12 noon; disclosures available the following day MLS # ML81645093
Open house schedule:
Wednesday, April 5 9:30am to 12:30pm
Saturday April 8, Sunday April 9, and Saturday April 15 2 to 4 pm
Offers, if any, April 18th or later – no pre-emptive offers, please. Allow 48 hours for response.
The Saratoga holiday season begins this Saturday, November 26, 2016, with the Chamber of Commerce Holiday Wine Stroll followed by Tree Lighting & Celebration of Light.
Tickets for the Wine Stroll are on sale now online or by phone for $40 and will be available day-of for $45. The Stroll goes from 2pm to 5pm. Visit the website or call 408-867-0753 for more details.
The Tree Lighting Ceremony will begin at 5:30pm. For more information, visit the website at saratoga.ca.us/treelighting
$11,988,000 : 13740 Pierce RD, SARATOGA8 beds, 11 baths
$1,650,000 : 13601 Riverdale DR, SARATOGA4 beds, 2 baths
$1,958,000 : 20109 Marigny Place, SARATOGA3 beds, 3 baths
$7,588,000 : 19770 Glen Una DR, SARATOGA6 beds, 6 baths
$2,785,000 : 20737 Russell LN, SARATOGA5 beds, 3 baths
$2,348,000 : 13290 Pierce RD, SARATOGA3 beds, 2 baths
$3,088,800 : 13974 Shadow Oaks WAY, SARATOGA4 beds, 4 baths
$2,548,000 : 13901 Malcom AVE, SARATOGA4 beds, 3 baths
$2,398,000 : 12716 LARCHMONT AVE, SARATOGA4 beds, 2 baths
$2,995,000 : 19370 Redberry DR, SARATOGA4 beds, 3 baths
See all Real estate in the city of Saratoga.
(all data current as of 9/20/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.