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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 today is strongly in the seller’s favor with huge price increases from a year ago. There are a few hints of calming, but barely any, in Saratoga right now.

Some quick stats from the RE Report:

  • The sales to list price ratio is 112.2% (-2.6% from last month’s 115.2%, which was down 2.3% from the month before that). It is still up 2.2% compared to the same month last year, though. 
  • Available inventory 32 (+39.1% compared to the month before). Last year it was 29 (+10.3% year over year)
  • The median sale price was $4,150,000 (+1.2% over last month’s $4,100,000) , which is a healthy increase from a year before ( May 2021 it was $3,861,000 – up +7.5%)
  • The average sale price was  $4,126,260 (-2.2% from the month before. In May 2021 it was $3,912,190 – up +5.5%)
  • Overall, appreciation is slowing and most indicators are pointing to a market which is calming down, but still a seller’s market

How’s the Saratoga 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.

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

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 $3 and $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 fewer and generally more affordable, closer to $2 – $3.5 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

Data below is from the ReReport.

Sale prices are still strong, but the rate of appreciation is slowing.

Trends at a Glance

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $4,150,000 (+1.2%) $4,100,000 $3,861,000 (+7.5%)
Average Price $4,126,260 (-2.2%) $4,217,770 $3,912,190 (+5.5%)
No. of Sales 22 (-29.0%) 31 31 (-29.0%)
Pending 56 (+21.7%) 46 46 (+21.7%)
Active 32 (+39.1%) 23 29 (+10.3%)
Sale vs. List Price 112.2% (-2.6%) 115.2% 109.7% (+2.2%)
Days on Market (-5.3%) 10 (-0.6%)
Days of Inventory 44 (+102.8%) 22 28 (+55.5%)

 

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!

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.)

 

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.

 

Saratoga, CA Condo Real-Time Market Profile

 

Saratoga CA real estate stats:

Saratoga’s condo market is also in a cooling down phase. There were only 5 closed sales in May, so this may give a false impression of what it costs to buy a typical condo or townhouse in Saratoga.  Saratoga Oaks will have very expensive units for sale, but other communities that are not in Saratoga or Cupertino schools, are smaller, or have fewer amenities may not be nearly as pricey.

 

Trends at a Glance

Trends At a Glance May 2022 Previous Month Year-over-Year
Median Price $1,000,000 (-15.3%) $1,180,000 $1,900,000 (-47.4%)
Average Price $1,388,000 (-4.3%) $1,450,000 $1,714,170 (-19.0%)
No. of Sales (+25.0%) 4 (-16.7%)
Pending (0.0%) 6 (-14.3%)
Active (-33.3%) 3 (-66.7%)
Sale vs. List Price 107.0% (-1.8%) 109.0% 105.6% (+1.4%)
Days on Market 14 (+55.4%) 9 (+73.6%)
Days of Inventory 12 (-44.8%) 22 30 (-60.0%)

 

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

 

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 these last few years have seen a massive lack of inventory that’s throwing off the usual trends. At the moment, single family houses in Saratoga are seeing continued, severely low levels of inventory. The typical seasonal swings are 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. The top price quartile is usually much slower than the rest, and slowing down as more inventory becomes available towards spring. Right now, all but the luxury tier of Saratoga sales are clearly speeding up with the lower half of the market 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 selling or buying 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

  • List View
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See all Saratoga, California Real Estate Condos.
(all data current as of 6/30/2022)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

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

  • List View
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  • Grid View

See all Saratoga, California Real Estate up to $3.5 Mil.
(all data current as of 6/30/2022)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

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

  • List View
  • Map View
  • Grid View

See all Saratoga over $3.5 mil.
(all data current as of 6/30/2022)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

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, and awards, background 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

 

Authors

  • Silicon Valley Realtor, selling homes in Los Gatos, Saratoga, San Jose, Silicon Valley, and nearby since 1993. Prolific blogger with a network of sites.

  • Realtor, GREEN | DRE 02153633 | Christie's International Real Estate - Sereno