How 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 month, for instance, there were only four homes 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):
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 only 4 sold and 5 pending in October, the data won’t always be the most accurate. 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 like Los Gatos.
Below are the charts from the last two months.
|Trends At a Glance||Oct 2017||Previous Month||Year-over-Year|
|Median Price||$2,787,500 (+6.2%)||$2,625,000||$2,878,500 (-3.2%)|
|Average Price||$2,825,000 (+9.7%)||$2,576,250||$2,882,830 (-2.0%)|
|No. of Sales||4 (-33.3%)||6||6 (-33.3%)|
|Pending||5 (+25.0%)||4||3 (+66.7%)|
|Active||2 (-66.7%)||6||11 (-81.8%)|
|Sale vs. List Price||100.2% (+2.7%)||97.5%||103.1% (-2.9%)|
|Days on Market||51 (+99.0%)||26||55 (-6.9%)|
|Days of Inventory||15 (-48.3%)||29||55 (-72.7%)|
And a look at the data from the previous month for the Monte Sereno real estate market:
|Trends At a Glance||Sep 2017||Previous Month||Year-over-Year|
|Median Price||$2,625,000 (-26.3%)||$3,562,500||$3,782,500 (-30.6%)|
|Average Price||$2,576,250 (-31.4%)||$3,755,000||$3,782,500 (-31.9%)|
|No. of Sales||6 (+50.0%)||4||2 (+200.0%)|
|Pending||4 (0.0%)||4||7 (-42.9%)|
|Active||6 (+20.0%)||5||10 (-40.0%)|
|Sale vs. List Price||97.5% (+0.3%)||97.2%||88.9% (+9.7%)|
|Days on Market||26 (-68.9%)||82||83 (-69.3%)|
|Days of Inventory||29 (-22.7%)||38||145 (-80.0%)|
Because so few houses sell per month, pricing appears to jump around when that’s not actually the case. I suggest that readers also check the real estate market for Los Gatos to see a larger amount of data. The Monte Sereno home prices tend to be a little higher but generally follow the Los Gatos trends, so it’s worth while to view this info also to get a more balanced sense of how things are for real estate in Monte Sereno. Also, for those considering buying or selling, it’s important to look at the actual listings for each and every sale with similar features, size, amenities to get a sense of your home’s particular subset of the market.
Continue reading to view live Altos Research charts for the real estate market in Monte Sereno, including by pricing quartile.
Next, let’s look at the live charts from Altos to see how active listings reflect the market as seen from viewing sold listings.
Live Altos Research Charts for the Monte Sereno Real Estate Market
The median list price of all homes listed on the MLS in Monte Sereno and in San Jose – an interesting comparison! San Jose has far fewer dips and jumps than Monte Sereno. It’s a larger market, so it should have a smoother, less volatile chart. After nose diving in early 2016, the market rebounded and sky rocketed upwards til late 2016. Things have leveled out some since then, but it appears a new downward trend is emerging.
Pricing in the Monte Sereno real estate market, by price quartile.
Average days on market in Monte Sereno, CA, by price point.
The most expensive homes are, surprisingly, selling most quickly – on par with the most affordable homes. Likewise, the lower third are unusually slow to sell. The quickest sales are suddenly happening in the upper second priced homes, a shift from having taken longest to sell in summer 2017:
Inventory for all Monte Sereno listings and homes for sale over the last few years (back to 2005) – quite a jump in homes on the market in 2010 compared to normal for this small city. It’s easy to see where inventory hit rock bottom in 2014, and it’s been a game of catch-up ever since. Unfortunately, the market isn’t showing signs of catching up any time soon, but looks like it’s aiming at a new low:
About Monte Sereno, CA
Monte Sereno is a scenic, upscale residential community of about 4000 people. It’s located adjacent to the town of Los Gatos and the city of Saratoga, California. There are no businesses in Monte Sereno – just Daves Avenue School, homes, the post office, and the city office building along Highway 9. It is semi-rural. Some folks mistakenly think that whatever is happening in Los Gatos with the housing market is also reflective of the Monte Sereno real estate market. They are sometimes quite different, particularly as prices are higher in Monte Sereno and about 1/3 of Los Gatos is served by the Campbell or Union School Districts (while only a tiny sliver of MS is in those districts).
Monte Sereno Real Estate
With very few exceptions, Monte Sereno consists of houses and estates or luxury homes (there are a few townhouses). Most lots are larger, usually at least a quarter acre lot. One neighborhood enjoys a shared stable and horseback riding trails (those homes are on about 1/2 acre lots). As of this writing, only one property is currently actively listed (on our MLS) and is priced at a whooping $6,988,000! This can vary tremendously. A move-in ready house will not likely be found in Monte Sereno for less than one million dollars. (Last year a fixer on a busy road did sell for $750,000, though.) It is not uncommon to spend upwards of $1.5 million in home buying there.
Final note on this area and market influences- while nearly all Monte Sereno properties are within the boundaries of the Los Gatos Union School District and the Los Gatos – Saratoga Joint Union High School District, a small handful has Campbell schools with the Campbell Union High School District. Homes in the latter area will sell for a bit less, so sales there will pull the average and median sales price down a little and not give an accurate impression for most of the city’s real estate market.
Find Homes for Sale in Monte Sereno, California
$3,499,000 : 18792 Withey RD, MONTE SERENO3 beds, 3 baths
$6,988,000 : 18335 Lexington DR, MONTE SERENO6 beds, 6 baths
$4,485,000 : 15012 DANIELLE PL, MONTE SERENO5 beds, 6 baths
See all Real estate in the city of Monte Sereno.
(all data current as of 11/17/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.