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How’s the Saratoga California real estate market?

Orchard and Hills in Saratoga, California

Orchard and Hills in Saratoga, California

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.

2a - Saratoga, CA, Real Estate Market Update

And for comparison, here’s the chart from last month:

2A - Saratoga, CA, Real Estate Market Update

This month the data is back to what’s been the norm as of late – a strong seller’s market with fairly low inventory. Just under 2 MOI is a hot market, but if you look at where the listings are and compare it to the sales you are able to see there is at least one big exception. We can tell that the highest price point, $5+ million, is a much slower buyer’s market, which is common, and the other price points are frequently even lower than the average. Because the inventory is so small, the data can be easily distorted, so it is helpful to look a little farther back for general trends and pricing. As always, each property is unique, so this chart is just a guide and finding the right price to list or offer requires closer inspection and is best done with the help of a qualified agent.

By comparing across school districts you can also see how different each area’s individual market can be. The overall MOI for different school districts this month ranges from 2.375 to 0.75. Small levels of inventory can create big data swings and make for less accurate charts, nevertheless, we can still spot trends if we know where to look.

 

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How's The Luxury Home Market?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 115 houses for sale listed at or more than two million dollars (just checked MLSListings.com), and in the last 30 days 52 have sold and closed escrow in those same areas and price ranges. For the Almaden – Saratoga region generally, then, there are 2.212 months of inventory in the over two million dollar price range (115/52). That makes it a strong seller’s market. Things have certainly stayed lively since last year. (In the same region, there are 39 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 12 houses for sale which are listed at or over $2,000,000.  In the last 30 days, 3 sold in that price range (with 2 sales pending). That makes for 4 “months of inventory,” which can be considered a balanced market in many areas though is leaning towards being a seller’s market. That would mean this luxury market has good turnover but is not as strong a market as elsewhere. It’s a close to balanced 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

Morgan Hill land along the Uvas RiverHow’s the real estate market in Morgan Hill? This article will include data, trends and statistics for both houses and condominiums/townhouses.

For the single family home segment in this “south county” town, prices are mostly consistent year over year and month over month. The sale price to list price ratio has been hovering mostly between 98% and 100% throughout 2017. Since December, this number has been creeping up above 100%. The cities of Morgan Hill and Gilroy are usually a bit less in demand than parts of Santa Clara County which are either tech magnets or closer to these big businesses. So while most of the Silicon Valley has a sale price to list price ratio of anywhere from 100% to 110%, it’s generally lower here, making the home buying conditions calmer for weary buyers, though still a sellers market. Below is a chart with basic info, but to see more information, you may click on this link to see the Real Estate Report for Morgan Hill.

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How’s the Mountain View real estate market? This is one of the very hottest areas within Silicon Valley and is home to a myriad of high tech companies and in a stone’s throw of others. With a charming and walkable downtown, easy access to CalTrain and a vibrant atmosphere conducive to both work and play, it is no wonder that people relocating to the San Francisco Bay Area or Silicon Valley place Mountain View squarely in their target.

All that popularity comes at a cost, though. Prices have been sky high here for years, both for rentals and for home purchasing. The good news, though, for those with property or those who take the plunge and buy: it doesn’t look like Mountain View is going to lose its appeal anytime soon.

In this article, which is updated periodically, we will include live Altos Charts which automatically update weekly (so bookmark this page!) as well as monthly insights from the Real Estate Report for Mountain View. And time to time it will be enhanced with “in the trenches” commentary, too.

Overview of the city of Mountain View’s residential real estate market for houses:

Here are the statistics for sales in the last few months. You can see that the average days on market are low at 9 days with homes on average selling well over list price at 114.5%. Overall, the Mountain View housing market is still a steady seller’s market. See the whole Mountain View Real Estate Report online here.

 

Mountain View real estate market trends and data by neighborhood

My Real Estate Report drills down the data by neighborhood in Mountain View (and also Palo Alto and San Jose – the latter being very understandable as it’s almost 1 million people, rather than Mountain View’s 75,000 people). Want to check out these areas? Then visit popehandy.rereport.com, select Santa Clara County, then under city choose Mountain View, and under ZIPS select the area you want. Here are your options there:

Please continue reading to see the data for condominiums and townhouses, plus also the live Altos Research charts for both single family homes and also condos and townhomes.

Continue reading

The Sunnyvale real estate market has been trending upward for many months. In general, houses in Sunnyvale are selling for about one million eight hundred thousand dollars – if they aren’t too small or in terrible shape (or conversely palatial or newly built or remodeled). Let’s begin with single family homes. The median list price for homes in Sunnyvale CA – all zip codes combined – interestingly, the high end homes are doing the best! (Live charts from Altos Research, which uses LIST prices, not sale prices.)

Sunnyvale real estate market: Altos Research, median list prices by quartile

Real Estate Market Chart by Altos Research www.altosresearch.com

What about the numbers for the closed sales? Now let’s have a look at the Sunnyvale CA RE Report for last month’s trends and statistics (click on link to get the full Sunnyvale real estate market report):

Trends At a Glance Feb 2018 Previous Month Year-over-Year
Median Price $1,980,000 (-0.8%) $1,995,000 $1,618,000 (+22.4%)
Average Price $2,001,490 (+4.3%) $1,919,180 $1,563,540 (+28.0%)
No. of Sales 28 (-9.7%) 31 23 (+21.7%)
Pending 32 (+28.0%) 25 25 (+28.0%)
Active 17 (+21.4%) 14 28 (-39.3%)
Sale vs. List Price 121.5% (-1.6%) 123.5% 109.7% (+10.8%)
Days on Market (+2.6%) 9 14 (-32.0%)
Days of Inventory 16 (+21.0%) 14 33 (-50.1%)

Yeowch! This market’s beyond hot – it’s scorching! The average sales haven’t cooled much since the last month with the average sales happening at 120.4% of list price. Properties are still flying off the shelves at 10 days on market.

What about the Sunnyvale condo and townhome market?

Continue reading

Bel Estos Drive near Carlton and Rosswood in San Jose's Cambrian areaMy Cambrian area of San Jose Real Estate Report was recently published with the updated numbers from the closed sales last month for this part of San Jose (95124 and 95118 with a little of 95008 too). Please click on the link above to see much more information there.

In this district of San Jose, we have been experiencing dreadfully low inventory of homes for sale, and buyers aren’t backing off as much as usual for this time of year – I believe because there is just a whole lot of pent up demand from upwards of two years in a deep seller’s market. What does that mean? Sellers, if you have a problem home, or one not updated or well maintained, this is the time to sell it – buyers have little to choose from so are purchasing properties that need more work than they would bother with in a more balanced market.

Want to learn more about Cambrian Park real estate, the Cambrian district, Cambrian neighborhoods, school districts and zip codes? Please also see this article: Cambrian Park: Good Schools, Low Crime, Close to Los Gatos and Campbell. Cambrian neighborhoods can be located at the menu bar: Neighborhoods –> San Jose (all areas) –> Cambrian Park (SJ).

Be sure to read to the end to see the live Altos charts too – they are near the end of the article so please keep reading into the next page!

Generally speaking it is still a hot seller’s market and great time to sell a Cambrian home.

 Please see the whole Cambrian Real Estate Report for charts, stats and more.
Other related Cambrian district resources:
Learn about the Cambrian months of inventory, or absorption rate, by elementary school district.

The condo and townhouse real estate market for San Jose 95124 & 95118

The Monte Sereno real estate market is similar to Los Gatos, but distinct - Monte Sereno shares many features with Los Gatos but is a distinct cityHow 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 January, for instance, there was only one home listed and none sold!

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):
http://www.montesereno.org/DocumentCenter/Home/View/674

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 $2.5-3 million, and often higher in the current market – a little steep for most folks! With 7 active, 1 pending, and 1 sales this past month, low data makes it hard to get the most accurate market information. 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 a single month, and to compare with similar, nearby markets such as Los Gatos.

Below are the charts from the last two months.

And a look at the data from the previous month for the Monte Sereno real estate market:

Continue reading to view live Altos Research charts for the real estate market in Monte Sereno, including by pricing quartile. Continue reading

Leo or Leona - the mascot of Los GatosThe Los Gatos real estate market is varied from one price point or school district to the next, but over all, this is a fairly stable period with some slight warming over the last couple of months. Here are the current numbers, per my Los Gatos real estate report (click on the link for full information).

The Los Gatos Mountains are a distinctly different market and as such are covered in a separate market update, updated less frequently than here, but with live Altos charts for that area.

Los Gatos / Monte Sereno housing values and pricing trends (aka “area 16” for our MLS, zip codes 95030 and 95032)

Do you love Los Gatos, live there now or want to live there? Please also visit the Live in Los Gatos Blog!

Learn about Los Gatos neighborhoods, see photos, videos, pricing information, age of homes and much more! Get frequent Los Gatos real estate market updates, find out about local events, business, see images of the parks, historic buildings, and get to know Los Gatos even better. “Live in Los Gatos” is an award winning blog, also written by local Los Gatos Realtor and resident Mary Pope-Handy – check it out today!

Live in Los Gatos Blog

Please continue reading for info on the Los Gatos condo market, and for real estate market information on Monte Sereno. Continue reading
Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the market in the scenic Santa Teresa area of San Jose? The part of Silicon Valley is usually a bit “softer” as it’s farther from most work places and the school scores are generally not super strong, either. That being said, the Santa Teresa real estate market, like most of Santa Clara County, has been hot since before 2017. The average Days on Market are low at 21 days. The sales to list price ratio remains well over list price at 110.0%. This shows that this seller’s market has only heated up since last month. Santa Teresa is in a stable, hot seller’s market.

Here’s quick view of the real estate statistic and trends for just the Santa Teresa area’s single family homes (houses / duet homes):

Santa Teresa real estate market stats & trends

Trends At a Glance Feb 2018 Previous Month Year-over-Year
Median Price $1,040,000 (+7.8%) $965,000 $851,000 (+22.2%)
Average Price $1,056,070 (+7.6%) $981,036 $872,268 (+21.1%)
No. of Sales 14 (0.0%) 14 11 (+27.3%)
Pending 18 (+28.6%) 14 13 (+38.5%)
Active 11 (+57.1%) 7 10 (+10.0%)
Sale vs. List Price 110.0% (+2.7%) 107.1% 103.8% (+6.0%)
Days on Market 11 (-60.2%) 27 34 (-67.6%)
Days of Inventory 21 (+41.4%) 15 25 (-13.6%)

And from last month, for comparison, the Santa Teresa real estate market:

Trends At a Glance Jan 2018 Previous Month Year-over-Year
Median Price $965,000 (-4.0%) $1,005,000 $850,000 (+13.5%)
Average Price $981,036 (+0.2%) $978,761 $832,273 (+17.9%)
No. of Sales 14 (+7.7%) 13 11 (+27.3%)
Pending 14 (+16.7%) 12 (+55.6%)
Active (+40.0%) 5 10 (-30.0%)
Sale vs. List Price 107.1% (-1.5%) 108.7% 101.3% (+5.7%)
Days on Market 27 (+151.1%) 11 30 (-9.9%)
Days of Inventory 15 (+30.0%) 12 27 (-45.0%)

You can read the Santa Teresa area real estate market report at this link if you’d like more details and statistical analysis. This particular page goes to the report for houses, but you can navigate home type to see condos/townhomes or any other area in San Jose, Santa Clara County, San Mateo County, or Santa Cruz County.

 Also, please note that zip codes don’t always relate to the districts. Zip code 95138 is a great example of that as part of it is in Santa Teresa and part in Evergreen (pricey and upscale Silver Creek). Pull up the averages for 95138 and you might think all the homes are selling for around $1.4 million. But if you look in the charming but more affordable Silver Leaf area of the same zip code, you’ll find the cost half as much – or less! So too with 95123 (though less dramatic) as about half of that is in Blossom Valley and part in Santa Teresa.
It’s good to do a lot of research, but beware the “easy answers” of price per square foot or average sales price per zip code. Often your best help will come from a highly experienced real estate professional who’s willing to help you to crunch the numbers for the Santa Teresa real estate market (boring grunt work but not actually difficult).
And don’t forget the condo market! This can be even more difficult to pin down because of the small amount of data and the wide variety of values. Here’s a quick look at the current Santa Teresa condo market from the RE Report data:
Trends At a Glance Feb 2018 Previous Month Year-over-Year
Median Price $785,000 (+8.3%) $725,000 $618,000 (+27.0%)
Average Price $809,417 (+11.7%) $724,400 $664,625 (+21.8%)
No. of Sales 12 (+140.0%) 5 (+50.0%)
Pending (-33.3%) 12 16 (-50.0%)
Active (0.0%) 2 14 (-85.7%)
Sale vs. List Price 110.8% (-1.0%) 111.9% 102.7% (+7.8%)
Days on Market (-7.8%) 9 58 (-85.0%)
Days of Inventory (-62.5%) 12 47 (-90.5%)
Disclaimers made, here are some Altos Research numbers for the four Santa Teresa zip codes:

Real Estate Market Chart by Altos Research www.altosresearch.com

You’ll note that one of the four zips is super high – this is 95138, which has a number of homes in The Ranch, a subdivision in Evergreen near Silver Creek. The part of 95138 which is in Santa Teresa is considerably more affordable, well under $1 million in the vast majority of cases. So let’s take that one out so we can get a better feel for the true pricing of Santa Teresa homes.

Real Estate Market Chart by Altos Research www.altosresearch.com

Here two of the zip codes seem to be on track with each other, but 95123 is going at a different pace. Half of that area is Blossom Valley, which tends to be a stronger market. Regardless, it would seem that overall, the median list price of homes for sale in Santa Teresa has gone from the mid 700 thousands to the mid 800 thousands over the last year, now hanging out close to the 900 mark. And that’s about what I have seen, anecdotally, too.

Santa Teresa homes for sale

Interested in buying a house, townhouse or condominium in the Santa Teresa area? Below, please check out a list of available properties, listed in order of most recently added to the MLS first. Or better yet, call or email me to discuss working together!

 

  1. 4 beds, 3 baths
    Home size: 2,165 sq ft
    Lot size: 2,151 sqft
  2. 2 beds, 2 baths
    Home size: 992 sq ft
    Lot size: 797 sqft
  3. 4 beds, 4 baths
    Home size: 2,124 sq ft
    Lot size: 5,998 sqft
  4. 3 beds, 3 baths
    Home size: 1,623 sq ft
    Lot size: 5,898 sqft
  5. 4 beds, 3 baths
    Home size: 1,722 sq ft
    Lot size: 3,942 sqft

See all Real estate in the Santa Teresa community.
(all data current as of 4/22/2018)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Home values in Santa Clara County, the heart of Silicon Valley, have been going through the roof ever since Google announced that it was going to expand into downtown San Jose. Communities like Cambrian, Willow Glen, Blossom Valley, and Santa Teresa were seeing values rise at a good clip prior to the announcement. But since Google essentially put the golden shovel into the ground – in theory – the prices turned straight up, like a geyser. Santa Clara County appreciation has perhaps never been stronger than it is right now.

Realtor Property Network, or RPR, is a tool available to those of us who are dues paying members of the National Association of Realtors. Tonight I was looking at the data for a few communities within Santa Clara County, and was amazed at the appreciation over just the last month in some of them. Here’s what I found:

 

Santa Clara County Appreciation

The more expensive areas, such as Los Gatos, are appreciating nicely – but not at the same rate as the more affordable areas like Blossom Valley and Santa Teresa (both districts within the sprawling city of San Jose).Santa Clara County Appreciation as whole has risen 21.77% since a year ago.

What does that mean?

In terms of dollars and sense, it can mean seeing your whole down payment disappear. Those who have cautiously waited on the sidelines have seen the value of their buying power shrink while they studied the market and looked for a good deal.

In Santa Teresa, the median home price this last month was $965,000 and the average home price was $981,000 (per my Silicon Valley Real Estate Report). Six month ago, those numbers were $875,000 and $896,000. Home prices have gone up about $14,000 – $15,000 per month (based on the median and average sale prices).

While I was mid way through my research, the RPR site went off for scheduled maintenance. I was going to check Saratoga and Cupertino next to see if my theory holds true that this rising tide (i.e., Google) is mostly floating the boats in the most affordable areas. That will have to be continued.

At my office meeting yesterday, I heard many real estate agents tell tales of woe for their buyers, who were going up against 20 to 30 or 40 other competing offers – or more!

It is, indeed, a challenging time for home buyers. For home sellers, it’s a dream – as long as they don’t also have to buy here in Santa Clara County or anywhere else in Silicon Valley.

Interested in buying or selling in Santa Clara County, or nearby? Please give me a call and we can schedule a time for a confidential consultation.

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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


Selling homes in
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Mary Pope-Handy's Live in Los Gatos blog won the 2007 Project Blogger contest, sponsored by Inman News and Active Rain

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