The Monte Sereno Real Estate Market Update, November 2009
Thursday, November 12th, 2009The post below was published in November of 2009. For a more current look at the Monte Sereno real estate market, please see:
The Monte Sereno Real Estate Market
The Monte Sereno real estate market is trickier than most Silicon Valley markets to gauge because it’s so tiny. With just four thousand residents, there simply aren’t that many homes for sale in Monte Sereno at any given time and there are even fewer solds.
Monte Sereno Real Estate Trends at a Glance
The info below is from my Silicon Valley REReport, which comes out monthly. Click on the link to see the full report on October’s home sales activity in Monte Sereno.
| Trends At a Glance | Oct 2009 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $1,450,000 | $1,641,000 (-11.6%) | $1,322,500 (+9.6%) |
| Average Price | $1,450,000 | $1,689,750 (-14.2%) | $1,322,500 (+9.6%) |
| No. of Sales | 1 | 4 (-75.0%) | 2 (-50.0%) |
| Pending Properties | 4 | 4 (0.0%) | 3 (+33.3%) |
| Active | 23 | 24 (-4.2%) | 29 (-20.7%) |
| Sale vs. List Price | 104.6% | 97.3% (+7.5%) | 95.3% (+9.8%) |
| Days on Market | 9 | 77 (-88.3%) | 81 (-88.9%) |
Home Values in Monte Sereno
Sellers often want to know, perhaps more than anything, what is happening to home values. “What’s my house worth?” is a perennial question because the answer can change from month to month. Buyers want to know what any particular property should be worth – and often do not see eye to eye with sellers on this point. Hence, few homes go into escrow (or under contract) each month. (The months supply of inventory has averaged 19 months in MS this year – more on that below – which indicates that there’s a bit of a standoff between buyers and sellers. Buyers aren’t buying in the vast majority of cases.)
