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. Additionally, some of the properties carry hefty price tags, so reductions in those can really fiddle with the stats overall. Finally, while nearly all Monte Sereno properties are within the boundaries of the Los Gatos Union School District and the Los Gatos – Saratoga Joint Union High School District, a small handful has Campbell schools with the Campbell Union High School District. Homes in the latter area will sell for a bit less, so sales there will pull the average and median sales price down a little and not give an accurate impression for most of the city’s real estate market.
This morning I ran the numbers in MS generally and also by high school district. To get the months of inventory, we divide active listings by the number of homes sold over the last 30 days. As you can see in the charts below, homes are selling (closing) faster than they are coming on. In the Campbell HSD area, there are no recent closings but there is one pending (and I have been told by the listing agent that the pending got 8 offers; similarly, I had a listing on the same street & HSD close escrow about 6 weeks ago and it got 5 offers). It appears that the market is equally healthy in both high school districts.
Closed sales in Monte Sereno in May: prices up about 5% from previous month and over 30% from last year
Here are the quick statistics for the closed sales in the last complete month to give a sense of how things are going. 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? (more…)