As of this writing, the Saratoga real estate market is a mild seller’s market for both single family homes and for condominiums and townhouses (condos and townhomes comprise a small part of the overall market in Saratoga). November’s closed sales, quick facts:
- Single family homes are selling at an average of 99% of list price, and have 38 days on market.
- For condos and townhomes, the sale to list price ratio is a cooler 95.2%, and the days on market is 53
- Single family home prices, median and average, are off slightly (less than 1%) from last year, and are also off from October (-3.8% from the median and 7.3 % for the average)
- Condo and TH prices have been rising, both month over month and year over year, both average and median sale prices
The Saratoga real estate market is comprised of several “micro markets”, as the city itself has several school districts, homes that are close to downtown and homes that are in suburban neighborhoods and others which are in remote mountain locations, and of course a wide variety of home prices up into the luxury tier. Each of these will be a little different. Please take the general numbers with a big grain of salt!
In terms of pricing, the lowest price points have been fairly flat while the most expensive properties have seen an increase in list prices. You can view that in the weekly Altos Research Report for Saratoga CA 95070.
Overall, though, as of this writing it is a slight seller’s market in Saratoga. Below, please find an Altos Research profile for Saratoga, CA 95070, using list prices (not sold data). This is automatically updated each week.
Saratoga real estate market weekly profile
Some Saratoga Market Stats
The absorption rate is the same thing as the months of inventory (or weeks or days of inventory). It reflects how long it would take in the current Saratoga real estate market to sell the current supply of homes for sale if no new properties came on the market. Below please find a multi year view, which I crunched from MLS Listings today, of Saratoga and its months of inventory (or MOI). Lower months of inventory means it is a hotter market. You can see that the MOI is lower than a year ago, and lower than some years at the same time, but not as low as November 2016 or 2017.
Median Sale Price
Below please find a multi year chart of the median sale price. The median price is the middle figure in which half the properties sold for more and half for less. (The average price could be lower or higher.)
What IS Selling in Saratoga, CA, right now?
Of the fifteen contingent and pending sales in Saratoga today, most list prices range between two and three million dollars.
- Four are listed at under $2 million (lowest list price is 1.2 mil)
- Seven are price between $2 and $3 million (73% are listed at under $3 million all together)
- Three are offered at between $3 and $4 million
- The remaining home was priced a hair under $15 million.
Of these, 4 are contingent (some contingency in place) and 11 are pending (all contingencies removed).
There are 33 single family homes for sale which are not under contract. Of these, 16 are priced at or under $3 million, with an average list price of $2,293,059 for an average square footage of 2064 SF and a lot size of 31,737 SF. If that property were in the Westmonth High School area, it might be bigger than if it were in Saratoga High or Lynbrook area – these are just general numbers.
Are the luxury homes selling in Saratoga?
Over the last year, there have been 102 homes sold over $3,000,000 in Saratoga (out of 281 single family homes sold and closed). The most expensive home to sell went for $7,785,000 and the next most expensive one to sell was at $6,995,000. The most expensive contingent sale is just under $15,000,000.
If you’d like information on buying or selling a home in Saratoga or anywhere in the west valley, please contact me for an appointment. I’ll be happy to provide you with market data specific to your wants and needs.
Please also see:
Saratoga CA Real Estate Market
