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Saratoga CA Real Estate Market Update

Orchard and Hills in Saratoga, California - photo for article on the Saratoga CA real estate market

Orchard and Hills in Saratoga, California

The Saratoga CA real estate market has some mixed signals, but overall it is a sellers market with some softening. Month to month it is flickering or wavering hotter and cooler. September was warmer, October was cooler.

  • Saratoga average house prices fell month over month and year over year
  • The median sale prices for single family homes also fell both monthly and annually
  • The days of inventory shrunk to 57 from 90 (it was 63 in October 44 in September). Some of this is seasonally normal, though last year at this time it was a super overheated market.
  • The sale to list price ratio skyrocketed to 101.7% from 97.3% in November, and from 96.6% in October. The market may be changing – it is certainly heating up.

 

How’s the Saratoga CA real estate market?

Saratoga has a diverse real estate market due to a wide range of home prices, square footage, lot sizes, school districts, and more. The luxury tier, generally $4 million and up (but in Saratoga, that’s really still just a house in an expensive zip code) normally moves slower than other price points. Saratoga’s entry level housing is usually the strongest. If the numbers swing wildly at any given month, it could be that more or fewer homes in a particular school district and pricing tier.

 

Trends at a Glance for the Saratoga CA Real Estate Market

Data below is from the ReReport.

Our December numbers show a market that warmed up from the month before in some data points, but cooled in others. Home prices continued to slide, but the number of pending sales still vastly outnumbers the amount of active inventory. The days on market cooled, but days of inventory shrank. Each home will need to be analyzed on its own to know what’s going on. Saratoga has many micro markets.

Trends At a Glance Dec 2022 Previous Month Year-over-Year
Median Price $3,400,000 (-5.0%) $3,580,000 $3,560,000 (-4.5%)
Average Price $3,203,230 (-8.4%) $3,496,980 $4,009,530 (-20.1%)
No. of Sales (0.0%) 9 17 (-47.1%)
Pending 35 (+2.9%) 34 27 (+29.6%)
Active 17 (-41.4%) 29 11 (+54.5%)
Sale vs. List Price 101.7% (+4.5%) 97.3% 109.1% (-6.8%)
Days on Market 49 (+33.7%) 37 28 (+77.3%)
Days of Inventory 57 (-39.4%) 93 19 (+191.9%)

 

 

Next, a quick glance at the Altos Research market profile for a quick summary of the Saratoga CA real estate market conditions. Altos uses LIST prices, not sold prices, for this chart and the others, below.

 

Real-Time Market Profile Saratoga, CA 95070

 

Altos Research – list prices for Saratoga CA 95070 (more…)

Thanksgiving Interfaith Service in Saratoga

The Thanksgiving Interfaith Service in Saratoga often takes place on Thanksgiving morning. There’s also an annual service in Los Gatos, and that one is anywhere from 2 – 7 days in advance of the holiday.

Both of these welcome everyone to join them in gratitude and prayer. Also in both of these areas, the venue rotates from one house of worship to another each year. In Los Gatos, the interfaith prayer event took place a week before Thanksgiving (you can read about the Interfaith Thanksgiving Service in Los Gatos here).

It was harder to find information online for the similar service in Saratoga this year. I just found this small blurb on the Saratoga Federated Church website:

Saratoga’s Thanksgiving Interfaith Service – November 24, 2022

Thursday, November 24 at 10:00 am at LDS Church at 19100 Allendale Avenue, Saratoga.

And this from the Congregation Beth-David site:

INTERFAITH THANKSGIVING SERVICE IN SARATOGA (OFFSITE/ZOOM)

Thursday, November 24, 10:00 – 11:00 am.
Church of Jesus Christ of Latter-Day Saints
19100 Allendale Avenue, Saratoga
Join with others for an uplifting service of thanksgiving and community. Rabbi Roller will be delivering the sermon. For those preferring to attend the service on Zoom, please follow this link: https://zoom.us/j/3211896714?pwd=MDB5elUxZlpBNTljOVU2bTVObTl3dz09

Wishing everyone a very Happy Thanksgiving!

Below is an OLD graphic from 2018 – helpful mainly because it shows which faith communities have been involved in the past.

 

2018 Thanksgiving Interfaith Service in Los Gatos

 

 

 

 

 

 

 

 

 

What Does It Cost to Buy a 4 Bedroom, 2 Bath Home in Silicon Valley with Good Schools?

Often I have clients who are interested in purchasing a 4 bedroom, 2 bath home in a good school district in Silicon Valley, particularly in the South Bay and West Valley areas. But what does it cost to buy that “average home”? Tonight I did a study on the MLS of homes that have sold and closed escrow in the last 4 months with these characteristics:

  • single family home (house)
  • 4 bedrooms
  • 2 full bathrooms
  • 1800 to 2200 square feet of living space
  • 6000 to 10,000 sf lot

Disclaimers aside, here are the numbers for select West Valley Communities in the West/South Bay area with good schools.

Cost to Buy 4 Bed 2 Bath Home in Popular Silicon Valley Communities

The first number is the number of sales during that time (more sales = more reliable averages). This one is not in the older charts, but with inventory as low as it has been lately this makes a huge difference. The second number is the average sales price per square foot, the third number is the average sales price, and the last number is the average days on market:

2022-11-3 Average Cost to Buy West Valley Homes 120D 4b-2b West Valley

 

And now a look back to late winter, early spring of 2017…

 

 

What’s changed? A lot! The order has shifted some, showing where demand has increased or decreased. Most noticeably, the prices are mostly up significantly, which is most noticeable in the price per square foot. Cambrian has traveled a good deal up the ladder. Palo Alto and Los Altos were displaced by the sole Saratoga sale, and Blossom Valley of San Jose remains in it’s regular position at the bottom.

The home prices tend to run with school rankings. Previously this was by district API scores.  You can check the 2013, three year average, API scores in Santa Clara County for both the districts and the individual schools online here, however that system is no longer used. So how to people judge? Most buyers use sites like GreatSchools.org when looking for a home with good schools which ranks schools on a scale of 1-10 in a few categories.            (more…)

Prides Crossing Neighborhood

1 Prides Crossing South sign along Cox AvenueThe Prides Crossing neighborhood in the northern part of Saratoga has a lot to boast about: a sense of community, easy access to commuter routes and many amenities, and laid-back California luxury. We’ll go into more detail below, but here is a profile of the neighborhood in bullet points:

  • The average home is ~2,400 SqFt on ~12,500 SqFt lot, built between the early 1960s-70s
  • Homes are in the attendance area for either Saratoga or Cupertino schools
  • Expect to pay between $3 – $4M for most homes, possibly a little less for a small home near a busy street, and more for a larger, centrally located home
  • The neighborhood is home to 2 parks, a member-owned pool and racket club, and has easy access to commuter routes, shopping, entertainment, and places of worship
  • There are few hazards, but keep an eye out for Zinsco panels

Where is Prides Crossing?

Prides Crossing Map with markers

Click to view full size – Prides Crossing map with markers

North of 85 near the Campbell and West San Jose borders, boundaries of the neighborhood include Prospect Rd to the north and Cox Ave to the south, with 85 and Saratoga Creek at the southern corners. To the west, Scully Ave and to the east Titus Ave border what makes up the majority of the neighborhood, although they are not exact boundaries (the map paints a better picture). Miller Ave is the main thoroughfare through the community with a brick and brass sign marking it’s entrance at it’s intersection with Cox Ave.

While not technically part of Prides Crossing, I did include a corner of the Summerplace subdivision (built 1973) in the neighborhood map as it might easily be mistaken as such. There are 46 homes in the Summerplace tract (5233), but 37 are only accessible through the Prides Crossing neighborhood, touching the south end of Kevin Moran Park, while the other 9 are on the opposite side of highway 85!

Continue reading below, or explore other areas in our interactive map of neighborhoods in this city. We are slowly adding more!

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Finding Mid-Century Modern and Eichler Homes in Silicon Valley’s West Side

Mid-century modern homes, including those designed by Joseph Eichler, dot the Silicon Valley & South Bay Area real estate landscape.  There are probably more than 5,000 Eichlers in Santa Clara County altogether, plus all the other homes of that genre with the similar modern style, which was influenced by the ranch and prarie styles as well as the dramatic work by Frank Lloyd Wright (open beam ceilings, nearly flat roofs, lots of exposed wood & glass windows stretching from the floor to the ceiling).  Eichlers, especially, put a premium on privacy from the street but open to the outdoors otherwise.

Not every community in Santa Clara County has Eichler homes, but most have the mid-century modern style homes & neighborhoods. These homes vary from tiny, modest cottages of 1100 square feet to large & elegant  houses of nearly 3,000 square feet, featuring big, central atriums or courtyards.  (There are also some co-ops in the valley too.)  The quality varies, as the homes were constructed by several different builders with different home buying budgets in mind.  Real estate prices range from “entry level” to very expensive, depending on the location (city and schools), size of the home & lot, and condition of the property. Most of them are now about 50 years old, though some are a little younger.

Some of the West Side Silicon Valley Communities which feature Eichler and Mid-Century Modern Homes

In Los Gatos there are no Eichlers but there are a small handful of single family homes which are mid-century modern on Eastridge Drive (just off Blossom Hill Road and Hillbrook). There are a couple more at the end of Magnuson Terrace (off Magnuson Loop and Los Gatos Blvd).  Additionally, there are some smaller mid-50s homes on El Gato (and adjacent portions of Escobar) off of Los Gatos-Almaden Road. Unfortunately, not all of these homes are “well kept”, though many are.

An Eichler home in Saratoga - beautiful mid-century modern houseMonte Sereno is home to 16 Eichler houses on Via Sereno beginning at the intersection of Winchester Blvd with Via Sereno.  These houses were built in the late 60s to early 70s.
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Parker Ranch neighborhood

The Parker Ranch neighborhood is found in the low western foothills of Saratoga along the Cupertino border, making it a fantastic commute location for many high tech workers.  With larger homes and lots, it’s easy to stretch out!   The rolling hills make a pleasant vista, or, if you’re in a higher elevation provide beautiful valley views.  The Parker Ranch subdivision boasts highly acclaimed Cupertino schools.  There are many reasons why this is a much beloved area of Saratoga.

Parker Ranch neighborhood home - 1 - 2021

There are just shy of 80 houses and luxury homes in Parker Ranch, so it’s not a hugely populous area, but it is fairly large.  Here are a few quick facts on this scenic subdivision:

  • Range of home size:  2,797-7,500 SF
  • Average SF:  4,517 SF
  • Range of lot size:  22,000-146,361 SF
  • Average Lot:  70,786 SF
  • Years Built:  1900-2013, lots of development in the 1980s

Side note for history buffs: this land was once owned by Painless Parker, the famous – or infamous – dentist. Click on the link to learn more!

What do homes cost in the Parker Ranch area?

Because there’s an incredible variety in home and lot size, as well as age and condition, it’s not easy to pinpoint the likely price of the neighborhood.  However, as a very broad rule, most homes will currently sell north of $3.5 million. (more…)

Congress Springs Road, Saratoga’s Historic Toll Road and What it is Now

Did you know that locals in Saratoga  once had a two-day long party to celebrate a road? Those party animals!

Saratoga Toll Rd

Congress Springs Road is the name given to a stretch of Highway 9 as it passes through Saratoga, where it is also called Big Basin Way. East of 35, the road follows Saratoga Creek between the Saratoga Gap Open Space Preserve and Sanborn County Park to the edge of downtown Saratoga, or Saratoga Village, near the intersection with Ambric Knolls Road (as indicated on Google Maps).

The origins of Congress Springs Road (and this portion of 9) came from a committee of private investors in 1863 who wanted to build a road into the Santa Cruz mountains to access the expansive lumber resources around the San Lorenzo River and Pescadero Creek. Constructed between 1865 to June, 1871, the five-year project was a significant engineering feat, built by Chinese laborers through dense forest and undergrowth on steep valley slopes. The final track stretched from downtown to Saratoga Summit and was a road named the Saratoga and Pescadero Turnpike and Wagon Road.

The project was highly anticipated and its conclusion was met with a two-day, overnight celebration. Over two-hundred attended the festivities, where colorful wagons paraded up to the Summit before stopping at a picnic and camp site to spend the night with music, speeches, and a lavish trout dinner before the trek home next morning.

Within a year, the road was collecting tolls ranging from 25 cent to 1 dollar (based on vehicle and capacity), and had an established stage route.

The road was purchased by the county for $5,000 on December 29, 1879 and re-named Congress Springs Road on Feb 2, 1880 after the famous Pacific Congress Springs.Congress Springs

Don’t know this landmark? Saratoga is home to natural mineral springs, about a mile out of town, which have a similar composition to the renown Congress Springs in Saratoga, NY. A resort was built on 720 acres around the springs and opened the summer of 1866. By the 1870s, the resort was the place to be – popular with the famous, wealthy, fashionable, and elite, the resort also bottled and shipped Congress water internationally as a healthy beverage and cure for numerous maladies. The hotel featured private rooms and cottages with lush lawns, hiking, fishing (the Saratoga Creek was abundant with fish), hunting, and picnicking on the grounds, and by 1872, hot and cold mineral baths, connections with the Southern Pacific Railroad, and its own dairy, orchard, and vineyard.

On June 15, 1903, a fire broke out in the kitchen during dinner. Despite attempts to control the fire, the hotel was decimated by the blaze. The hotel was never rebuilt and the resort slowly stagnated until it was diminished to a picnic ground and the property was purchased by the San Jose Water Works and closed to the public in 1942.

So what is left of this many-named mountain road? Portions of it have been widened, re-engineered and paved to be a part of highway 9. Sections of the road were not used to build the highway and have since been repurposed as Saratoga Toll Road and Saratoga Toll Road Trail in Castle Rock State Park. (citation: http://www.trailstompers.com/castle-rock-state-park-trail-runs.html)

Toll Gate in Saratoga 1850Something to clarify is that a “closer in” stretch of this road already had a toll booth on it, and a sign in Saratoga Village marks that one as having begun in 1850 – 1851. The City of Saratoga has a little historical background on that earlier toll road (see http://www.saratoga.ca.us/about/history.asp), explaining that Saratoga began as a saw mill (Los Gatos has a parallel in Forbes Mill), and that

“In 1848, William Campbell set up shop on the banks of what is now Saratoga Creek. His sawmill was destined to be the seed of a new community, but before he could complete it, gold was discovered at the western base of the Sierras, touching off the California Gold Rush and delaying Campbell’s plans.Martin McCarty leased Campbell’s mill in 1850, and began improving access to the site by building a toll road.”

Related reading:
Saratoga California neighborhood map

Want to learn more about Saratoga’s history?  Information for this post was collected from a variety of interesting sources, including these:

Signposts II by Patricia Loomis  (wonderful book with short articles on local, Santa Clara County history, particular road and place names)

Blog Posts:

Online archival newspaper resources: http://cdnc.ucr.edu/cgi-bin/cdnc?a=d&d=SFC19030616.2.35

And online book, Pen Pictures from the “Garden of the World”

For an interesting article on the Springs: http://www.fohbc.org/PDF_Files/Saratogas_BGrapentine.pdf

 

 

Where are the high voltage power lines in Cupertino, Saratoga, Los Gatos, and Almaden Valley?

High Voltage Power Lines Collage

High Voltage Power Lines from around the West Valley.

“Location, Location, Location!” The most important element when buying or selling a home is the one thing you can’t change – it’s location. Because of that, you’ll need to know some location-specific things, naturally occurring and man-made. Like high voltage power lines.

What about this location?

If you own or are thinking of buying a home in Silicon Valley, here are a few location-specific things you want to know upfront so that you can make informed decisions:

  • where are the earthquake fault lines?
  • where are the geologic hazard zones, such as liquefaction areas?
  • where are the flood plains?
  • where are man-made things that will negatively or positively impact a home’s value? Things such as
    • train lines
    • freeways
    • electrical transmission
    • school district boundaries
    • zip code boundaries
    • proximity to entertainment venues

When looking at maps, sometimes these items show up and sometimes they don’t. Realtors and other real estate professionals in the San Jose area often use a Barclay’s Locaide and various online resources to locate the natural hazard areas. There are other tools to help locate school districts and zoning restrictions.

Google maps can help uncover some other areas, like distance to shops and freeways, but sometimes it raises more questions than it answers. For instance, a years ago a Realtor who didn’t know the Belwood of Los Gatos area too well phoned me to ask what a large object showing up on satellite view in the hills of Belgatos Park was. It is just a covered reservoir, but since it was not identified on the map it concerned some buyers. Local knowledge is still extremely helpful.

Mapping the Grid: High Voltage Power Lines

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Saratoga, California, Boasts Two Historic Areas Known as “Heritage Lane”

Saratoga, CA Austin Way Heritaga Lane Historic Brick RoadHome to some interesting history, the city of Saratoga, California can boast notable people, inclluding Senator James Phelan, Painless Parker, Olivia de Haviland, and Joan Fontaine, as past residents. But this city against the base of the coastal range also has interesting historical places, such as the well known Hakone Gardens, Villa Montalvo, and the Mountain Winery. Less famous but still interesting are the very old Saratoga Springs and the Madronia Cemetery, as well as the downtown area around Big Basin Way.

Some Historic Areas in Saratoga, CA

Saratoga appreciates its history, from the well known to the almost forgotten. All of Silicon Valley should be happy that the city of Saratoga has an orchard which is being preserved as a part of its “living history,” the Heritage Orchard. That park can be found at the corner of Saratoga Avenue and Fruitvale Avenue (appropriate intersection), near the Saratoga Public Library and West Valley College.

An easy to visit but sometimes less well known piece of history involves stretches of streets in Saratoga. One is this patch of Austin Way off Saratoga-Los Gatos Road, and the other is a section of Saratoga Avenue between Sacred Heart Church and the Saratoga Village area.

Austin Way, near the old La Hacienda Inn (now being converted into the new and highly contested Montalvo Oaks subdivision of Monte Sereno) at the border of Los Gatos, Saratoga, and Monte Sereno, features a beautiful, bumpy brick road. It’s a piece of Saratoga’s history that is making its mark on the present. Bricks have been the paving along this stretch of Austin Way for approximately a century and will continue to remain a path to Saratoga of the past for years (maybe centuries) to come.

 

Austin Way - Heritage Lane in Saratoga CA

 

If you are interested in the history of Saratoga, California, visit the Saratoga Historical Foundation’s museum (located at 20450 Saratoga-Los Gatos Road in downtown Saratoga) to learn more, get involved, or attending some of their events. (more…)

Market comparison: Los Gatos, Saratoga, Cupertino and Los Altos

Market comparison: Los Gatos, Saratoga, Cupertino and Los AltosToday we’re looking at the real estate market for houses in some of the “west valleycommunities along the base of the Santa Cruz Mountains – areas where schools are good, crime is low, residents enjoy scenic views of the hills (or of the valley from the hills, depending on the location) and overall, a highly educated population not too far from Highway 85. This will be a real estate market comparison for Los Gatos, Saratoga, Cupertino, and Los Altos.

Of the four municipalities, three are really very similar to each other in several regards.  Cupertino has the largest population – about 61,000 people – but Los Altos, Los Gatos and Saratoga are all similarly sized, somewhere between 31,000 residents.  The latter three also enjoy a traditional “downtown” area which is popular with pedestrians, bicyclists and motorists alike. (Monte Sereno has under 4,000 residents, which is so small that the statistics are very easily thrown from month to month, so it is omitted in this quick study.)  Of the four, Cupertino, then, is the least similar due to size and lack of a central downtown area for now. This may feel different once the Vallco Mall is redeveloped.

We’ll take a quick look at these areas now in terms of the real estate market trends and statistics for each area, considering just “class 1” (houses and duet homes).  The charts used below are from Altos Research, to which I have a subscription, and they will be automatically updated each week.

Please note:  the Los Gatos data is probably a little artificially low as it will include all 3 zip codes, meaning also the Los Gatos Mountains, which are quite a bit more affordable than the areas “in town”.

In addition, as of this writing we are in the shelter-in-place phase 1 of the pandemic. This post is updated approximately every quarter or half-year, so we’re just starting to see the results of these changes to the market,  but it will take a while to see the full picture. For now you can read more about the Coronavirus impact on real estate sales in my post on the topic.

Also, during the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory.

Now on with the analysis!

Market Comparisons

(1) Median List Price (per Altos Research):

 

Real Estate Market Chart by Altos Research www.altosresearch.com

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