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Saratoga, CA, Real Estate Market Update

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.

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

This year, the realty market is having it’s own climate change – a drop in inventory has left the market hot all winter! Normally, seasonal cooling goes both ways – less buyers and less sellers – but with a lingering demand adding up, this year the market just won’t cool down. Now that we’re back in spring with summer just around the corner, the market should be getting even more active! Just about 1.8 months of inventory looks like a hot sellers market, but comparing across school districts you can see how different each market might really be.

 

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

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. Right now it’s showing clear sellers market with the most recent numbers slightly higher both month over month and also year over year. The average Days on Market are a blazing 8 days total – barely over a week on average! However, compared to much of Santa Clara County, the sales to list price ratio of about 104% is lower than some in the current 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):

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 (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 condo market from the RE Report data:

As you can see in the chart above, the condo market is also doing well, but it’s a cooler market than the housing market is, which is common. In today’s condo market, though, many areas are competing with the housing market and are much hotter sellers markets than usual, so Santa Teresa might be a good place to look for the stressed buyer.

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 600 thousands to the mid 700 thousands over the last year.  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.

 

  1. 2 beds, 2 full baths
    Home size: 850 sq ft
    Lot size: 435 sqft
  2. 3 beds, 2 full, 1 half baths
    Home size: 1,804 sq ft
    Lot size: 2,352 sqft
  3. 4 beds, 3 full baths
    Home size: 2,090 sq ft
    Lot size: 6,621 sqft
  4. 4 beds, 2 full, 1 half baths
    Home size: 2,256 sq ft
    Lot size: 9,539 sqft
  5. 3 beds, 2 full, 1 half baths
    Home size: 1,447 sq ft
    Lot size: 1,481 sqft

See all Silicon Valley Real Estate for Sale.
(all data current as of 5/24/2016)

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

 

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 in this “south county” town, prices are rising year over year and heating up with the season since last month. 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 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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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 fairly stable period. While there was some seasonal cooling in the fall and winter there has still remained a greater demand.  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, which shows 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)

Los Gatos/Monte Sereno Real Estate Stats At A Glance

Year-Over-Year

  • Median home prices fell by 3.7% year-over-year to $1,775,000 from $1,842,500.
  • The average home sales price rose by 10.5% year-over-year to $2,244,390 from $2,031,910.
  • Home sales fell by 42.1% year-over-year to 22 from 38.
  • Active listings rose 1.1% year-over-year to 96 from 95.
  • Sales price vs. list price ratio fell by 4% year-over-year to 99.1% from 103.3%.
  • The average days on market rose by 83.3% year-over-year to 30 from 17.

Compared To Last Month

  • Median home prices slipped by 9.2% to $1,775,000 from $1,955,000.
  • The average home sales price fell by 4.7% to $2,244,390 from $2,356,230.
  • Home sales down by 15.4% to 22 from 26.
  • Active listings increased 29.7% to 96 from 74.
  • Sales price vs. list price ratio dropped by 6.1% to 99.1% from 105.5%.
  • The average days on market dropped by 24.5% to 30 from 40.

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

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 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 nearly two years of a deep seller’s market. 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!

Cambrian area sales at a glance:

Year-Over-Year

  • Median home prices increased by 19.7% year-over-year to $1,075,000 from $898,000.
  • The average home sales price rose by 20.5% year-over-year to $1,107,360 from $919,328.
  • Home sales rose by 11.3% year-over-year to 59 from 53.
  • Active listings rose 17.0% year-over-year to 110 from 94.
  • Sales price vs. list price ratio fell by 3.4% year-over-year to 105.7% from 109.4%.
  • The average days on market rose by 31.7% year-over-year to 16 from 12.

Compared To Last Month

  • Median home prices improved by 10.3% to $1,075,000 from $975,000.
  • The average home sales price rose by 8.3% to $1,107,360 from $1,022,910.
  • Home sales up by 11.3% to 59 from 53.
  • Active listings increased 17.0% to 110 from 94.
  • Sales price vs. list price ratio dropped by 0.0% to 105.7% from 105.7%.
  • The average days on market dropped by 10.1% to 16 from 17.

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.

 Please see the whole Cambrian Real Estate Report for charts, stats and more.

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

Sunnyvale real estate market trends & statistics

Sunnyvale has been an extremely hot seller’s market for many months.   In general, houses in Sunnyvale are selling for about a million four 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.)

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 report):

What about the condo and townhome market?

Continue reading

Mountain View CA real estate market trends and statistics

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 have stayed below to two weeks
and inventory is steady but low. Prices are up year-over-year and month-over-month. Homes are still selling for well over list price, averaging just under 114%, making this a very difficult market for buyers.  See the whole Mountain View Real Estate Report online here.

Mountain View Stats At A Glance:

Year-Over-Year

  • Median home prices increased by 18.8% year-over-year to $1,811,000 from $1,525,000.
  • The average home sales price rose by 13.1% year-over-year to $1,879,610 from $1,662,520.
  • Home sales fell by 23.8% year-over-year to 16 from 21.
  • Active listings fell 0.0% year-over-year to 34 from 34.
  • Sales price vs. list price ratio fell by 0.4% year-over-year to 113.8% from 114.2%.
  • The average days on market fell by 17.5% year-over-year to 13 from 15.

Compared To Last Month

  • Median home prices improved by 3.8% to $1,811,000 from $1,745,000.
  • The average home sales price fell by 10.7% to $1,879,610 from $2,105,360.
  • Home sales up by 45.5% to 16 from 11.
  • Active listings increased 25.9% to 34 from 27.
  • Sales price vs. list price ratio increased by 2.8% to 113.8% from 110.7%.
  • The average days on market increased by 26.9% to 13 from 10.

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 amost 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.

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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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