Saratoga real estate market
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 the data is back to what’s been the norm as of late – a strong seller’s market with fairly low inventory. Just over 2 MOI looks very hot, 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 3.333 to 0.4. 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.