How’s the Saratoga California real estate market?
As always, “the market” is really several micro markets even within the same geographical area. Let’s start with the broad view of how the real estate market is for the single family home (houses and duet homes) market as opposed to the condo & townhouse market in the same city. So first, let’s look at the a graph displaying the overview of the median list prices for condominiums and single family homes in Saratoga – all price quartiles combined. The market for single family homes has been in a fairly stable band for awhile, but is lower overall. Does this mean that any particular house has lost value? Not necessarily. This represents homes for sale – and it may mean only that the more affordable properties are on the market (perhaps more in the Campbell Union High School District or simply “entry level” houses generally). Ditto that for the rising median list price of condos. It could indicate rising home values, or it could point to more expensive townhouses getting listed.
Also from Altos Research (to which I have a subscription), here’s a look at a glance of what your money can buy you in Saratoga. (Please click on image to see larger view of it.)
Let’s now focus in on both the closed and active data for single family homes in Saratoga, and see if we can get a clearer picture of what’s happening with the Saratoga, CA real estate market.
Here are the real estate sales statistics for closed sales last month among houses and duet homes (if there are any) in the 95070 zip code (click on link to read the full Saratoga Real Estate Report for houses):
|TRENDS AT A GLANCE||AUG 2014||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||-2.4%||$1,952,000||$2,000,000||+11.5%||$1,750,000|
|Average Sales Price||+9.5%||$2,572,820||$2,348,770||+39.6%||$1,842,780|
|No. of Homes Sold||-27.0%||27||37||-25.0%||36|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||-100.0%||1|
|Sales Price vs. List Price||-2.7%||100.6%||103.5%||-1.1%||101.7%|
|Average Days on Market||+21.4%||31||26||+43.5%||22|