The months of inventory, or absorption rate, in Saratoga reveals that the market is not too unhealthy in this upscale community. While much of the valley is struggling with long months of inventory, the condo and townhome market and single family home market in Saratoga are both under 6 months. The National Association of Realtors says that less than 6 months of inventory constitutes a sellers market, and more than 6 months a buyers market.
That said, the condo market is inching upwards, and so is the single family home market. Will the impact of the mortgage meltdown be felt in this corner of Silicon Valley?
Next, please view some of the key data on Saratoga CA single family homes (these charts from the Real Estate Report, a subscription I have):
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $1,690,000 | $1,625,000 (+4.0%) | $1,658,000 (+1.9%) |
| Average Price | $1,957,170 | $1,802,480 (+8.6%) | $1,831,840 (+6.8%) |
| No. of Sales | 23 | 26 (-11.5%) | 19 (+21.1%) |
| Active | 128 | 130 (-1.5%) | 121 (+5.8%) |
| Sale vs. List Price | 97.6% | 97.1% (+0.5%) | 100.4% (-2.8%) |
| Days on Market | 27 | 30 (-9.5%) | 32 (-14.7%) |
And the same information for the condo and townhouse market in Saratoga:
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $632,500 | $656,500 (-3.7%) | $605,000 (+4.5%) |
| Average Price | $625,000 | $686,250 (-8.9%) | $776,333 (-19.5%) |
| No. of Sales | 4 | 6 (-33.3%) | 3 (+33.3%) |
| Active | 15 | 19 (-21.1%) | 14 (+7.1%) |
| Sale vs. List Price | 98.5% | 97.6% (+0.9%) | 99.7% (-1.2%) |
| Days on Market | 12 | 53 (-77.0%) | 31 (-60.9%) |
The market is close to balanced in Saratoga, so it’s a very decent time to either buy or sell there now. If you’d like information on buying or selling a home in Saratoga, please contact me!
