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Saratoga, CA, Real Estate Market Update

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 then the numbers I crunched for Saratoga – overall, and then by price point and high school district, as 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. (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.)  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”.

Here’s the chart for Saratoga – all price points, all school districts.  The 3.13 months of inventory looks like an average market, with cooling since last month, but comparing across school districts you can see that some areas are still in a hot sellers market while others have slowed down considerably.

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And for comparison, here’s last months chart:

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Morgan Hill real estate market

How’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, prices are rising month over month and up  year over year in this “south county” town. The sale price to list price ratio   has been hovering between 98% and 100% for months.  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 them, so while most of the Silicon Valley has a sale price to list price ratio of over 100%, it’s below that here, making the home buying conditions much calmer for weary buyers.  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.

And from last month:

 Trends at a Glance MAR 2015 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price -0.1% $794,500 $795,000 +20.8% $657,450
Average Sales Price -2.3% $846,901 $867,227 +25.6% $674,422
No. of Homes Sold -11.1% 24 27 -14.3% 28
Pending Properties +38.9% 50 36 0.0% 50
Foreclosures Sold N/A 0 0 N/A 0
Short Sales Sold N/A 0 0 -100.0% 5
Active Listings +5.2% 61 58 -27.4% 84
Active Foreclosures N/A 0 0 -100.0% 1
Active Short Sales N/A 0 0 -100.0% 3
Sales Price vs. List Price +1.1% 99.7% 98.6% -0.8% 100.4%
Average Days on Market -20.3% 45 57 +65.4% 27

And from last month:

Live charts from Altos Research

The following charts are from Altos Research, updated automatically each week, using data of homes available to purchase (not sold / closed sales), for the Morgan Hill real estate market. (I have a paid subscription to this service.)

Morgan Hill homes listed for sale by price quartile

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

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Los Gatos Real Estate Market Trends and Statistics

The Los Gatos real estate market is varied from one price point or school district to the next, but over all, this is a stable period with some appreciation and in many cases, a warm seller’s market (as the sale price to list price ratio indicates). Most of the price gains happened last spring rather than in the last month or two.  Here are the current numbers, per my Los Gatos real estate report (click on the link for full information).

Los Gatos / Monte Sereno area (aka “area 16″ for our MLS)

Please continue reading for info on the LG condo market, and for real estate market information for Monte Sereno and the Los Gatos Mountains too. Continue reading

The Cambrian Park Real Estate Market Update

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 are experiencing dreadfully low inventory of homes for sale.  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 nearly two years of a deep seller’s market.   Month to month things are cooling down slightly (average and median price, plus sale price to list price ratio), but comparing year-over year stats tells us sales are up.  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.

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!

Trends at a Glance MAR 2015 PREVIOUS MONTH YEAR-OVER YEAR
Median Home Price +10.3% $930,000 $843,188 +12.0% $830,000
Average Sales Price +8.0% $973,916 $901,770 +17.9% $826,006
No. of Homes Sold +57.7% 41 26 -6.8% 44
Pending Properties +21.2% 40 33 -27.3% 55
Foreclosures Sold N/A 0 0 N/A 0
Short Sales Sold N/A 0 0 -100.0% 1
Active Listings +50.0% 30 20 -21.1% 38
Active Foreclosures 0.0% 1 1 N/A 0
Active Short Sales N/A 0 0 -100.0% 1
Sales Price vs. List Price +2.6% 111.0% 108.2% +4.2% 106.5%
Average Days on Market -28.8% 11 16 -8.7% 13
Cambrian Stats At A Glance

Year-Over-Year

  • Median home prices increased by 4.5% year-over-year to $899,000 from $860,000.
  • The average home sales price rose by 2.4% year-over-year to $922,873 from $901,522.
  • Home sales fell by 18.8% year-over-year to 52 from 64.
  • Active listings fell 24.8% year-over-year to 79 from 105.
  • Sales price vs. list price ratio rose by 1.7% year-over-year to 109.5% from 107.7%.
  • The average days on market fell by 31.3% year-over-year to 12 from 17.

Compared To Last Month

  • Median home prices slipped by 3.3% to $899,000 from $930,000.
  • The average home sales price fell by 5.2% to $922,873 from $973,916.
  • Home sales up by 26.8% to 52 from 41.
  • Active listings increased 12.9% to 79 from 70.
  • Sales price vs. list price ratio dropped by 1.4% to 109.5% from 111.0%.
  • The average days on market increased by 5.2% to 12 from 11.
 Generally speaking it is still a hot seller’s market and great time to sell a Cambrian home.  We were expecting a breather, but aren’t getting it – particularly in the areas with Union and Cambrian Schools.

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

Many Silicon Valley homes are selling 10% to 25% over list price now

ExpectationsAlthough some properties are not selling within 10 days, many Silicon Valley homes listed for sale do go pending a week to ten days later with multiple offers.  Of those which sell quickley, pending sale prices are often far above the list price; we are seeing 10% overbids often, and sometimes 25% or more, in select cases.

Unfortunately, Bay Area many home buyers’ expectations have not yet caught up to the reality of the overheated market and are shocked that a great “full price offer” may well be the worst of the contracts presented.

What’s causing this to happen?

First, there’s a very dire shortage of homes to buy.  That can create a buying frenzy all by itself in an area where people are well employed and want to put down roots.

Second, the listed prices are placed strategically low to attract multiple offers.  If you were to look at the list price as opposed to the comps’ sale prices, you’d see that homes are not listed where they should sell, but often about 5% below that amount in many cases (sometimes more than 10% lower, though).

It is extremely important to realize that the list price may have little to do with the eventual purchase price.  Study the comps and then assume a trajectory.  If homes are going up at the rate of $10,000 per month for the type of home you like, then when you bid, consider the sale price 30 days out – or more – and then you may hit the target.

 

The real estate market in San Jose’s Santa Teresa area

January’s home sale prices in the Santa Teresa area of San Jose were off a little from the month before, and mixed compared real estate prices of a year ago.  Much of this market heat depends on the price point, condition, staging, and pricing strategy.  I’m hearing of some overbids with pending properties which are more than 10% over list price (in the most affordable range).  The main driver will be the number of offers!  Smart sellers are not pricing where the most recent properties have sold, but rather where they were listed – and by keeping the offer prices ultra attractive, anticipate multiple offers by doing so.

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

Please see also this article on the area:

http://sanjoserealestatelosgatoshomes.com/the-santa-teresa-area-within-the-city-of-san-jose/

Santa Teresa prices and Sales as of Feb 6 2015

Santa Teresa prices and Sales as of Feb 6 2015

 

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

 

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Santa Clara County Real Estate Market

The Santa Clara County real estate statistics for Single Family Homes

 Read the full report for houses and duet homes in Santa Clara County here 

(NEW! You can also access the stats for San Mateo and Santa Cruz Counties from here!)

Prices are up both month over month and year over year, and home sales are up a little too – some welcome relief for inventory starved home buyers!

 

 

Santa Clara County Stats At A Glance for sales closed in December 2014

Year-Over-Year

  • Median home prices increased by 11.4% year-over-year to $849,975 from $763,000.
  • The average home sales price rose by 12.2% year-over-year to $1,088,090 from $969,694.
  • Home sales fell by 16.6% year-over-year to 676 from 811.
  • Active listings fell 36.4% year-over-year to 1,011 from 1,589.
  • Sales price vs. list price ratio fell by 0.1% year-over-year to 102.3% from 102.4%.
  • The average days on market fell by 1.4% year-over-year to 33 from 34.

Compared To Last Month

  • Median home prices slipped by 0.3% to $849,975 from $852,500.
  • The average home sales price fell by 1.9% to $1,088,090 from $1,109,020.
  • Home sales down by 4% to 676 from 704.
  • Active listings dropped 26.8% to 1,011 from 1,381.
  • Sales price vs. list price ratio dropped by 0.5% to 102.3% from 102.8%.
  • The average days on market increased by 10.5% to 33 from 30.

 

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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


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