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 steady, low inventory with increasing sales, creating a higher MOI. Despite winter cooling, the market just won’t let up, and an overall 2.455 MOI is still a sellers market. 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 1.2 to 3.6! But minuscule inventory makes big data swings like this commonplace, and not as accurate.
How is the Monte Sereno real estate market? Because the city is small, with just about 4000 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. Last month, for instance, there were only three homes sold and one pending!
There are no condominiums or townhomes in Monte Sereno at present. One of the major challenges for this city is to ensure that at least some housing units are deemed “affordable.” You can find the city’s housing plan here (a pdf online):
Recently closed home sales in Monte Sereno
Here are the quick statistics for the closed sales in the last complete month to give a sense of how things are going with the Monte Sereno real estate market. Sales data comes from my Monte Sereno Real Estate Report. Given that the supply of homes to study is tiny, what can we tell from this data?
It’s true that an average Monte Sereno house is about $2.5 million, and often higher in the current market – a little steep for most folks! The current numbers definitely show a massive swing in price point, but this is mostly due to the minute inventory where the data is drawn from. During times like this, it’s more important to look at the trends over multiple months than to base your understanding of the market off one month, and to compare with similar, nearby markets like Los Gatos.
|Trends at a Glance||JAN 2017||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||-11.1%||$2,222,500||$2,500,000||-30.5%||$3,197,000|
|Average Sales Price||-11.1%||$2,222,500||$2,500,000||-30.5%||$3,197,000|
|No. of Homes Sold||+100.0%||2||1||+100.0%||1|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||N/A||0|
|Sales Price vs. List Price||-13.2%||94.8%||109.2%||+3.6%||91.5%|
|Average Days on Market||-52.5%||10||21||-61.5%||26|
And a look at the data from last month for the Monte Sereno real estate market:
|Trends at a Glance||DEC 2016||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||+4.1%||$2,500,000||$2,401,000||+8.6%||$2,301,500|
|Average Sales Price||+3.5%||$2,500,000||$2,415,330||+0.8%||$2,479,830|
|No. of Homes Sold||-66.7%||1||3||-83.3%||6|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||N/A||0|
|Sales Price vs. List Price||+22.2%||109.2%||89.4%||+5.8%||103.2%|
|Average Days on Market||-38.1%||21||34||-9.2%||23|
Because so few houses sell per month, it’s volatile and pricing appears to jump around when that’s not actually the case. I suggest that readers also check the real estate market for Los Gatos to see a larger amount of data. The Monte Sereno home prices tend to be a little higher but generally follow the Los Gatos trends, so it’s worth while to view this info also to get a more balanced sense of how things are for real estate in Monte Sereno. Also, for those considering buying or selling, it’s important to look at the actual listings for each and every sale with similar features, size, amenities to get a sense of your home’s particular subset of the market.
Continue reading to view live Altos Research charts for the real estate market in Monte Sereno, including by pricing quartile. 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 4 months, or 120 days, for a better range. As of this writing, Los Altos only had one sale over the last 120 days, so data for that segment spans from 0 to 180 days back, or 6 months, and in that half a year we have merely 3 sold.
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.
Below are my results from the same search back in September 18, 2015. By comparisson, 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, Saratoga only had four homes sold matching this criteria within the 120 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 35 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 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 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
Today consumers have a lot of choices as to where to search for properties for sale in Silicon Valley (the South Bay area, Santa Clara County, San Jose, Los Gatos, Almaden etc.). But not all “find a home” sites are equally accurate. Some websites display listings that are sale pending, sold & closed or even withdrawn.
The very best, most accurate and most often updated site is the public branch of our agent-supported Multiple Listing Service or MLS, which is MLSListings.com. You can find it at www.MLSListings.com. (If sending your own agent info a house, it is helpful if you provide both the street address and the MLS #. By the way, the first few digits of the number imply the year that the listing was put into the system. 811 = 2011. 810 = 2010.)
Why is MLSListings.com the best source for finding Silicon Valley homes for sale?
It is updated constantly. Within a few minutes of whenever a real estate agent or broker changes the listing status, comments, photos, showing instructions, open house information,etc., the new information is displayed on MLSListings. While it’s not instantaneous, most changes appear within 5-10 minutes (photos being the slowest to load).
MLSListings is syndicated out to some other sites, but some don’t update often (or at all). Other sites rely upon the listing agent to go to that one site and update the status. Realtors and other licensees get busy and this task may slip through the cracks, making you believe that a home is available when it’s not. MLSListings.com is the source.
You don’t have to register. Some of the portals that you might consider visiting to view the MLS info may not include the virtual tour or all pics – or might show them to you only if you register. You do not need to register to view houses, condos, townhouses, multi units etc. on MLSListings.com. Continue reading
It’s possible to live in Silicon Valley and have no idea that there are still some original adobe houses to be found right here in the San Jose area. Today, though, I hope to help some of our residents discover the past which is lurking right in front of us!
The historic Adobe Woman’s Club is just a block or two off the campus of Santa Clara University, tucked away on a side street now that The Alameda is re-routed as The El Camino. Address: 3260 The Alameda, Santa Clara. According to the state’s historical preservation site, this state landmark # 249 is one of the oldest in the Santa Clara Valley, was built between 1792 and 1800 and was one of many row houses built for the native Americans who worked at Mission Santa Clara. Please note that this is private property and you may not enter without permission, but the adobe abode is very visible from the sidewalk.
Today the beautifully preserved adobe house functions as a nonprofit group with these objectives: “to promote educational, moral, social welfare, cultural, civic and community service. Anyone who supports these objectives is welcome.” This scenic place can also be rented out for private events. The garden is quite lovely and the interior appears to be very modern. You can see photos of the inside of the house at the club’s website: The Santa Clara Woman’s Club.
Home buyers in Silicon Valley are getting frustrated, discouraged and disheartened as they write offer after offer, only to lose out in multiple bid situations. It’s not just the poor FHA home buyer either – this is happening to those with 20% down and more too. Yesterday I had about a dozen and a half offers on my cute listing in Santa Teresa, and had the unhappy task of telling all but one of those Realtors that their buyers did not get the house.
What can be done to improve the odds of success?
Usually losing out is a simple case of the best price and terms winning out. (I wrote a series of articles on how to compete in multiple offers that you can find here.) At times, though, there’s a bit more nuance, especially if there are two or more bids which are “neck and neck” or nearly tied. Sometimes the buyer’s agent either does or doesn’t do certain things which can impact how your real estate purchase offer is viewed by the listing agent and seller(s). Here are 5 important things that the buyer’s Realtor or sales person can do which will help the odds of success:
- The agent should read the MLS printout carefully to see if there are any instructions regarding offers. This one may seem obvious. but too many buyer’s agents just draft the offer and send it in, ignoring information that will probably be useful (such as offer deadline, preferred form – CAR or PRDS contracts, availability of disclosures, the request to call before writing the contract etc.). Ignoring clear instructions will usually result in creating bad feelings between the parties, and lessen the odds of success.
- The buyer’s agent should call or email the listing agent before writing the offer (and after reading the MLS!). Sometimes there are requirements or just preferences that won’t be known unless contact is made. Additionally, though, the listing agent will simply want to know about the level of interest and not have any surprises – it’s a courtesy call. If the relationship between real estate agents is improved, so are the odds of success.
- The agent should ask if it is possible to present the offer in person… and be willing to do it, of course. Many seller’s agents won’t want a live presentation (most would email), however the fact that your agent is willing to spend the time and make the effort to present in person usually speaks volumes about his or her professionalism. It’s also a hint that the agent is a cut above most. In my real estate practice, several times I beat out other offers by asking if I could meet with the listing agent and sellers to discuss my clients’ offer, and then doing it. (With my multiple offer situation yesterday, only 3 agents requested to present to me live. One of them had the winning contract. Of course, the rest of the package was also super strong – but this one step is a clue to the whole offer strength and commitment.)
Here’s a Campbell house which is always in the spirit of Halloween. If it has a name, as homes in Carmel always do, it should be called the “skull and crossbones house“.
What do you think? Is this good decor for a home year round? (And it’s not even Halloween and this isn’t even my haunted real estate blog since we’re talking decor, not spooks.)
$1,009,000 : 1061 Longfellow AVE, CAMPBELL4 beds, 3 full baths
$1,049,000 : 480 Chapman DR, CAMPBELL3 beds, 2 full baths
$899,888 : 607 Union AVE, CAMPBELL3 beds, 2 full, 1 half baths
$848,800 : 43 Albatross CT, CAMPBELL2 beds, 2 full, 1 half baths
$749,000 : 573 Latimer CIR, CAMPBELL3 beds, 2 full, 1 half baths
$2,100,000 : 55 Catalpa LN, CAMPBELL5 beds, 4 full, 1 half baths
$3,995,000 : 921 Dry Creek RD, CAMPBELL6 beds, 5 full, 1 half baths
$499,000 : 3593 S Bascom AVE 22, CAMPBELL2 beds, 1 full bath
$1,498,000 : 920 Cullen CT, CAMPBELL3 beds, 2 full, 1 half baths
$1,848,000 : 1052 Mcbain AVE, CAMPBELL4 beds, 3 full, 1 half baths
See all Real estate in the city of Campbell.
(all data current as of 2/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
When a parent, spouse or loved one dies and he or she owned a home, there’s a lot for the survivors to do in addition to the very real and painful process of mourning. I have been through this with my own parents (and their house in Saratoga), a great aunt in Willow Glen and many clients in San Jose, Los Gatos and elsewhere in Silicon Valley.
Where to begin? in terms of settling the estate, it is wise to first speak with an attorney and tax professional about the property (will, trust etc. if applicable) and what they advise and require to help in doing what is required and adviseable. (I have some wonderful people I can suggest if you would like a referral.) They will try to help you to legally minimize capital gains and estate taxes and can advise you on topics such as when might be the best time to sell vis a vis the tax liability. This is extremely important and it can be very expensive to not take into account their guidance on this point, so I strongly recommend that you or other beneficiaries discuss everything with the attorney or accountant prior to electing whether the home will be sold, rented etc. in the short term.
How can a real estate professional help?
Most often, something you’ll need for the lawyer and CPA or other tax professional is a valuation of the home as of the date of death (whether or not there is a surviving spouse or co-owner). You can obtain this by hiring a licensed residential real estate appraiser who will do an appraisal for you. Alternatively, you may be able to engage a real estate licensee (salesperson) to do a competitive market analysis or comparative market analysis (CMA), which would provide the probable buyer’s value for the property. Continue reading
What should you expect when you go to visit homes for sale in Silicon Valley? Here are a few quick tips.
- Many home sellers in the San Jose area will ask that you remove your shoes. So wearing slip ons of some kind will be a lot easier than footwear with laces, buckles, zippers etc.
- Most of the time, sellers will not be home. They wisely will clear out, when possible, to give you the space to look without feeling like you’re imposing on them. Sometimes, though, for any number of reasons, this may not happen.
- If sellers are home, they will usually answer the door or, worst case, respond when the agent and buyers enter and announce themselves. Once in awhile, though, there’s a surprise seller somewhere in the house. (Maybe one time in a hundred? I have run into people who were in bed, in a shower, on a couch and simply not responding.) So be alert when viewing homes, be cautious, or it could be like that scene in “E.T.” where ET and the little girl see each other and scream their lungs out.
- Pets are usually not present and loose, but again, sometimes there’s a misfire, so be on guard for dogs and cats (more likely the latter). If dogs are present and loose I usually will not show the home. I love dogs and own one, but they’re not all equally friendly.
- Personalization: usually sellers will have decluttered and depersonalized their homes so that you and other home buyers can “see themselves” in that space. For some sellers, particularly seniors, it can be very difficult to remove those items until the moving van is in the driveway. So be prepared to see at least some homes with an inordinate amount of stuff, whether it’s family photos, collections, religious imagery or worship space, rooms not being used for their intended purpose, and so on. In these places, you’ll need to be able to see past what’s currently there as the personal items can be confusing. For instance, I have seen family rooms used as dining rooms, dining rooms used as hobby rooms, bedrooms used as prayer or exercise rooms, garages divided into several smaller rooms (with easily removable walls), etc.
- Normally, homes are clean and pleasant to see. Sometimes with distressed properties, tenant occupied (unmotivated residents), homes with invalid residents, or other physical or emotional situations the home may be a wreck. Know that you will probably see a wide spectrum of care for the house and yard.
What about your behavior in the home? Most home buyers are very considerate but here are a couple of things to think about.
In addition to removing your shoes if requested to do so, you should plan on making sure any little members of the family stay with you and are “gentle” on the home and belongings. Children can move fast and not all homes are child-proofed. (I have seen kids go in the opposite direction as their parents and then jump on the home seller’s furniture, open drawers of furniture, etc. – not good.) I worry the most when the sellers have a cat and the buyers have a toddler – often not a perfect combination. In fact, sellers and agents usually want your group to stay together and not go in opposite directions no matter what the ages are.
Home sellers usually understand that someone may need to use the bathroom while there, but in general, of course, they’d rather that this not happen. If you or your kids need to use the restroom, please check afterward to make sure that everything’s clean. The other day I visited my listing and when I went into the master bathroom there were big splotches of urine on the toilet seat. Not cool! (And if the seller is home, of course you should ask permission first.)
If the sellers are home, it’s good to keep any feedback to yourself until you have left the property (or to share it quietly so as not to be overheard).
These are the basics. Happy house hunting!
$1,998,000 : 7424 Heatherwood DR, CUPERTINO4 beds, 2 full baths
$1,698,000 : 10491 Wunderlich DR, CUPERTINO3 beds, 2 full, 1 half baths
$1,275,000 : 10059 Dove Oak CT, CUPERTINO3 beds, 2 full, 1 half baths
$739,000 : 20500 Town Center LN 177, CUPERTINO1 bed, 1 full bath
$1,548,800 : 6295 Shadygrove CT, CUPERTINO3 beds, 2 full baths
$1,499,000 : 18650 Ralya CT, CUPERTINO3 beds, 2 full baths
$2,448,000 : 10380 Sterling BLVD, CUPERTINO5 beds, 4 full, 1 half baths
$3,499,000 : 10377 Avenida LN, CUPERTINO4 beds, 3 full, 1 half baths
$1,599,000 : 7961 Woodlark WAY, CUPERTINO3 beds, 2 full baths
$1,980,000 : 10315 El Prado WAY, CUPERTINO0 beds, 0 baths
See all Real estate in the city of Cupertino.
(all data current as of 2/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.