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Saratoga, CA real estate is in a fierce seller’s market like never before, with a high volume of sales fighting for a small pool of available inventory. Detailed data and analysis on the current market is available below and updated monthly. Here is the latest snapshot for what’s happening with single family homes in this city:

  • The sales to list price ratio is a raging hot 110% of asking! No matter how hot Saratoga’s market has been in the past, it’s unprescedented in December!
  • Available inventory is persistently low and well below 2020 levels, the lowest I’ve seen!
  • Listings continued to sell lightning fast in an average of only 14 days on market.

How’s the Saratoga California real estate market?

This decade has started off unlike any others, yet the market remains in the seller’s favor for the Saratoga, CA real estate market. Much of the market strength depends on the price point, school district, and condition – today’s buyers generally prefer recently remodeled homes. (I remember showing a home that was remodeled sometime in the last 5-7 years and my buyers found it to be dated.) In response to this strong preference, many sellers have begun moving out and getting their homes updated prior to going on the market.

That being said, the real estate market today is not the same as it was as of March 2020. While the complete impact of the pandemic won’t be seen for a long time, we can see some of the results in the data and analysis below. To learn more about how Covid-19 has affected the real estate market, please check my post: Coronavirus Impact on Real Estate Sales.

At the start of the shutdown, 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 2020. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory for those months. Current numbers are accurate.

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

Orchard and Hills in Saratoga, California

 

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

 

Real-Time Market Profile Saratoga, CA 95070

In the latest update, December 11th, Altos shows a strong seller’s market with elevated market action and extremely low inventory.

Next, let’s turn to the closed sales from last month. This time we’re using data from a subscription service of mine to the RE Report.

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. Bottom line is that most livable homes in Saratoga will run between $2.5 and $3.5 million if they are mid sized (2000-3000 SF) and in the best schools area (Saratoga or Cupertino). Homes in the Campbell schools area, which have very strong elementary and middle schools, are very rare and generally more affordable, closer to $2 – $3 million (and occasionally lower), but depending on size, condition, and location they can be significantly higher.

Trends at a Glance for the Saratoga CA Real Estate Market

The usual service we use to help gather this data (the ReReport) is having some issues right now and the numbers aren’t right, so we’re mannually putting togeather a more streamlined version of the chart for this month’s analysis.

Saratoga had some ups and downs in November and remains a hot seller’s market! Prices rose month-over-month and remain high year-over-year. Closed sales, pending sales, and active listings all dropped below the last month and last year. Available inventory fell to roughly a third of what it was a year ago and remains persistently low. The sales to list price ratio rose to a scorching hot 110% of asking – an unprecedent ratio for overbids, especially at this time of year! Properties are selling lickety split with an average of only 14 days on market, just 2 weeks. Limited supply combined with heavy demand are propelling the blazing hot seller’s market into winter for Saratoga, CA!

 

Trends At a Glance Nov 2021 Previous Month Year-over-Year
Median Price $3,752,500 $3,680,000 $3,200,000
Average Price $3,663,037 $3,626,215 $3,232,536
No. of Sales 24 31 29
Pending 17 25 23
Active 14 25 46
Sale vs. List Price 110% 108.70% 104.60%
Days on Market 16 17 19

 


Altos Research – list prices for Saratoga CA 95070

 

It’s costing around $3.5 million for a “typical” Saratoga house – whatever that might look like!

Homes have been selling close to, and often above, list price. The sale price to list price ratio was hovering around 105%-110% in 2017 and 2018, the previous height of the market. In 2020 it bounced around 100% and dipped as low as 96.8%, although it grew to a whopping 108.1% by that December. So far, 2021 has seen plenty of heat with the SLP rising above 110% in May and again in October! The general picture: for years it’s been a seller’s market in Saratoga for single family homes, with varying degrees of heat.

Median List Prices of Saratoga Houses for Sale by price point

Next, the median list prices for single family homes with a breakdown by price quartile. (Please note that the info would be even more precise if broken down by school district, but this particular program doesn’t yet filter by schools.) Properties across the board appear to be fairly level, but with a gentle rising trend across most areas. The top tier, as usual, shows the most dramatic ups and downs. Peak pricing for the top tier of homes hit around March of 2020, whereas the remaining tiers of the market rose more gradually, peaking in December 2020 before cooling again. Since March 2021 most segments have been rising, although the luxury tier began to plunge around April. As of November 2021, it looks like the lowest tier has begun to cool off, but the middle and upper parts of the market are still heating up.

 

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

 

Saratoga condo and townhouse market:

Next, please find the basic statistics for closed sales last month among townhouses & condominiums in the 95070 zip code (the Saratoga Real Estate Report for condos & townhomes).

The numbers of sales for this segment of the realty market are always small, so it can appear more volatile than is actually the case. This small inventory means data can quickly swing, so don’t trust the percentages in this chart too much.

Still, looking back we can see it’s been a steady seller’s market often with more listings sold and pending than those currently active. In the latest update, December 10th, the market action has been on the rise and inventory is scarcer than ever. Overall it’s in a strong seller’s market.

 

Saratoga, CA Condo Real-Time Market Profile

 

Saratoga CA real estate stats:

Saratoga’s condo market has experienced certain winter trends, but not others and remains a seller’s market. With so few sales the best way to understand the market is to study individual comps (comparable properties sold recently).

Trends at a Glance

The RE Report isn’t too far off for this group, so it’s the usual chart below.

This segment of the real estate market can sometimes show more significant swings in data than there really are since there are often few sales and listings. Sales held steady month-over-month and are high year-over-year. On the other hand both pending sales and active inventory took a dip since the month before, and active inventory is only a drop in the bucket compared to last year! Still we can tell that condos and townhomes are selling quickly and often above list price, although not as competitively as single family homes.

Although the condo and townhome market in Saratoga is calmer than it’s single family housing market, it remains in a stable seller’s market.

 

Trends At a Glance Nov 2021 Previous Month Year-over-Year
Median Price $1,257,500 (-26.8%) $1,717,500 $997,500 (+26.1%)
Average Price $1,343,000 (-10.3%) $1,497,720 $993,750 (+35.1%)
No. of Sales (0.0%) 6 (+50.0%)
Pending (-57.1%) 7 (0.0%)
Active (-33.3%) 3 (-71.4%)
Sale vs. List Price 104.6% (+4.5%) 100.1% 100.1% (+4.6%)
Days on Market 35 (+14.8%) 30 17 (+104.9%)
Days of Inventory 10 (-35.6%) 15 51 (-81.0%)

 

With this market, it’s very easy to feel alarmed at the numbers, but so few condominiums or town homes sell each month that it doesn’t take much to make the numbers get wonky. So as with the houses, we have to evaluate on a case-by-case basis. Because Saratoga has a number of school districts and property types (condos and town houses), you really need to zero in on the exact area, home type and size, as well as related issues such as condition before deciding that the market is rising or falling. If you are interested in buying or selling a condo or townhouse in Saratoga, don’t go it alone or rely on online stats – give me a call and we will crunch the numbers specifically for your home to pinpoint the pricing.

Median List Prices of Saratoga Condos for Sale

And now, list price of condos by price quartiles.

 

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

 

The condo market heated up for the beginning of 2020, but around the start of March most quartiles began to drop with the second highest price quartile being least affected, and the top luxury-tier showing most dramatic shifts. Things leveled off around summer, and around July started to really climb again in most sectors until October 2020 when things began to drop again. All but the lowest quartile saw a turnaround in early spring 2021 with growth into summer. Once again, most sectors began to dip by October 2021 and continue to decline towards winter. This chart updates weekly, so check back frequently for the latest statistics.

Additional trend charts for both single family homes and townhouses & condominiums

Inventory of both houses & condos in Saratoga

 

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

It’s seasonally typical to have more inventory in summer than other times of the year, though last autumn had a good volume, too. Going back a few more years (see below), please note where the peaks are found – almost always sometime in summer. At the moment, single family houses in Saratoga are seeing severely low levels of inventory for the season with spring and summer 2021 inventory resembling past winter lows! It’s less clear, but still visible, with condominiums and townhouses in Saratoga.

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

Average Days on Market for Saratoga Homes for Sale

 

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

Days on Market for Houses by quartile, the chart is not much different – what is so interesting right now is how close they are. Below, the top price quartile is usually much slower than the rest, though the upper price quartile is currently significantly slower. Right now, Saratoga sales are clearly divided down the middle with the lower-cost half moving significantly faster than the upper half of the market.

 

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

 

It is strangely disjointed in the Saratoga Condo market, though. I can’t explain why this had been so “all over the board” based on just this data, but it may be in part caused by the limited inventory and how diverse the market is.

 

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

My suspicion is that the homes with the better schools are faring the best, but that’s just a hunch based on how well homes usually sell – it’s not provable with this info at hand. Again, with low inventory, the data for condos gets wonky.

If you’re interested in buying or selling a Saratoga home, please contact me. I’ll be happy to meet with you for a no obligation initial consultation.

Saratoga CA condominiums and townhomes for sale

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Saratoga CA houses for sale listed up to $3,500,000

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Saratoga CA houses for sale listed at over $3,500,000

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Interested in buying or selling a home in Saratoga? I grew up there (and in Santa Clara), graduated from Saratoga High before heading off to college, and have been selling homes as a Saratoga Realtor – and nearby parts of Santa Clara County & Silicon Valley too –  since 1993. I understand the impact of Saratoga’s school districts on home buying decisions, the importance of various locations to market value, and resale concerns that can improve or detract from your return on investment.

Read more about my background on the Valley of Hearts Delight website (sister site to this blog) and learn why my past clients and other readers of the San Jose Mercury News named me “best real estate agent in Silicon Valley” in 2011. There you’ll also see my accomplishments/honors/awards, info on sales experience, and more.

Contact Mary Now 408 204-7673Or just take a moment to phone me at 408 204-7673, or email me
mailto:mary@popehandy.com

 

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