How’s the Saratoga California real estate market?

It’s a slight seller’s advantage in the  Saratoga CA real estate market right now, per Altos Research (see below). Much of it depends on the price point, school district, and condition – today’s buyers generally prefer recently remodeled homes. (Not long ago, I showed a home that was remodeled in 2010 and my buyers found it to be dated.) In response to this strong preference, many sellers are moving out and getting their homes updated prior to going on the market.

 

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

 

As of writing this, March 5th, Altos shows a slight seller’s advantage in the market. Inventory on the rise, as is the price per square foot. Demand is high, but not as crazy as it was in spring or summer so houses are taking longer to sell.

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 (click on link to read the full Saratoga Real Estate Report for houses). Bottom line is that most livable homes in Saratoga will run between $2 and $3 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 $1.5, but depending on size, condition, and location they can be significantly higher (the ones selling in October 2019 were closer to $2.5, for instance).

Trends at a Glance for the Saratoga CA Real Estate Market

As with much of the county, it’s fairly flat right now in Saratoga. Though prices have tended to lag behind 2018, which was the peak of the market, February of 2020 looked a little hotter month over month.

 

Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $2,900,000 (+24.1%) $2,337,500 $2,877,500 (+0.8%)
Average Price $2,899,240 (+8.6%) $2,669,810 $3,023,100 (-4.1%)
No. of Sales 15 (+15.4%) 13 10 (+50.0%)
Pending 16 (+14.3%) 14 15 (+6.7%)
Active 36 (+71.4%) 21 52 (-30.8%)
Sale vs. List Price 100.6% (+3.9%) 96.8% 101.9% (-1.2%)
Days on Market 42 (-23.5%) 54 52 (-20.2%)
Days of Inventory 67 (+38.7%) 48 140 (-52.1%)

 

And the month before:

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $2,337,500 (-12.5%) $2,672,500 $2,415,000 (-3.2%)
Average Price $2,669,810 (-8.7%) $2,923,530 $2,734,460 (-2.4%)
No. of Sales 13 (-35.0%) 20 11 (+18.2%)
Pending 14 (0.0%) 14 (+75.0%)
Active 21 (-8.7%) 23 49 (-57.1%)
Sale vs. List Price 96.8% (-2.2%) 99.0% 100.6% (-3.7%)
Days on Market 54 (+43.3%) 38 38 (+41.4%)
Days of Inventory 48 (+40.5%) 35 134 (-63.7%)

Altos Research – list prices for Saratoga CA 95070

 

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

It’s costing around $3 – $3.5 million for a “typical” Saratoga house – whatever that might look like!
Homes are selling quickly but there’s low inventory. The sale price to list price ratio was hovering around 105%-110% in 2017 and 2018, but has been bouncing around 100% and dipped down to 96.8% in 2020. The general picture: it’s a mild seller’s market in Saratoga for single family homes, but it’s warming up slowly.

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, keeping steady, but more recently with a gentle rising trend beginning.  The top tier, as usual, shows the most dramatic ups and downs. It is interesting to note that the peak pricing for the top two tier of homes was in January last year (and recently the market topped that peak at the start of 2020), whereas the mid-priced of the market peaked closer to March and April (which is more typical in our county, generally), and the entry-level in June.

 

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

 

Charts have been turning around after prolonged, strong upward momentum, but it seems like the end of winter is trending back up again.

 

Saratoga condo and townhouse market:

Next, please find the basic statistics for closed sales last month among townhouses & condominiums in the 95070 zip code (see 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 a mild seller’s market often with more listings selling and pending than those currently active.

That said, the Altos chart below is showing a steady upward trend in market action and calls the current atmosphere a strong seller’s market.

 

Saratoga, CA Condo Real-Time Market Profile

Saratoga CA real estate stats:

Saratoga’s condo market is picking up inventory, but it’s still not much data. With so few sales the best way to understand the market is to study individual comps (comparable properties sold recently).

Trends at a Glance

This segment of the real estate market shows more significant changes than there really are, since there are so few sales to gauge the market by. With the Sales vs List Price ratio, we can see that properties have been selling close to list price for a long time. The Days on Market are slow, and active inventory is up. Based on this information, it seems like Saratoga Condos are in a mild seller’s market.

 

Trends At a Glance Feb 2020 Previous Month Year-over-Year
Median Price $897,000 (-3.3%) $927,500 $1,530,000 (-41.4%)
Average Price $1,107,170 (+19.4%) $927,500 $1,576,000 (-29.7%)
No. of Sales (+50.0%) 2 (0.0%)
Pending (-16.7%) 6 (+66.7%)
Active (N/A) 0 (+50.0%)
Sale vs. List Price 98.3% (+2.2%) 96.2% 100.7% (-2.4%)
Days on Market 77 (+1,079.5%) 7 56 (+36.9%)
Days of Inventory 56 (N/A) 0 36 (+55.6%)

 

And the month before:

 

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $927,500 (-14.8%) $1,088,000 $0 (N/A)
Average Price $927,500 (-23.1%) $1,206,000 $0 (N/A)
No. of Sales (-33.3%) 3 (N/A)
Pending (+100.0%) 3 (+100.0%)
Active (-100.0%) 3 (-100.0%)
Sale vs. List Price 96.2% (-1.6%) 97.8% 0.0% (N/A)
Days on Market (-90.1%) 66 (N/A)
Days of Inventory (-100.0%) 30 (N/A)

 

With condos, 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 and 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

 

Interestingly, the condo market has heated up for the start of 2020. The most dramatic incline was in the top segment, with the rise in the lowest tier taking a little longer to start the incline.

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 did well compared to the start of 2019. Going back a few more years (see below), please note where the peaks are found – almost always sometime in summer. (Single family homes only.)

 

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

 

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 to me is that the the top quartile is so separate from the rest, though it seems to come closer to the other markets outside of winter. Another surprise, the entry-level properties have changed place from fastest turnover in summer to become almost the slowest, and getting closer to the luxury market’s speed at the year end.

 

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.

 

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.

View Saratoga CA homes for sale HERE.

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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Mary Pope-Handy
Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805


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