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Saratoga, CA real estate remains in a strong seller’s market 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 fiery hot 105.7% of asking!
  • Inventory is growing through mid-spring, but remains well below 2020 levels.
  • Available listings are moving quickly in an average of only 18 days on market, just over 2 weeks.

How’s the Saratoga California real estate market?

Last year and this year have been unlike any other, 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. (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 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 is affecting 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, May 11th, Altos shows a strong seller’s market with severely low inventory beginning to grow at last!

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 $2.5 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 million (and occasionally lower), but depending on size, condition, and location they can be significantly higher (the ones selling between December 2020 – January 2021 averaged selling at $2.4, for instance).

Trends at a Glance for the Saratoga CA Real Estate Market

Saratoga is experiencing some spring warming. Prices took a dip month-over-month, but are up significantly year-over-year. The number of sales and available listings grew from last month while pending sales slipped. Compared to last year, active is persistently low, and sold and pending listings more than doubled. The sales to list price ratio fell from last month to a still red hot 105.7% of asking! Properties are selling quickly with an average of only 18 days on market. Limited supply with ample demand is adding fuel to a prolonged hot seller’s market in Saratoga, CA.

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $3,067,500 (-8.4%) $3,350,000 $2,537,500 (+20.9%)
Average Price $3,359,530 (-6.1%) $3,577,120 $2,498,040 (+34.5%)
No. of Sales 36 (+44.0%) 25 14 (+157.1%)
Pending 36 (-14.3%) 42 10 (+260.0%)
Active 32 (+100.0%) 16 43 (-25.6%)
Sale vs. List Price 105.7% (-3.8%) 109.9% 102.0% (+3.7%)
Days on Market 18 (+14.4%) 16 25 (-25.7%)
Days of Inventory 26 (+34.3%) 19 89 (-71.1%)

And the month before:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $3,350,000 (-2.3%) $3,427,500 $2,597,500 (+29.0%)
Average Price $3,577,120 (-1.4%) $3,626,140 $2,657,900 (+34.6%)
No. of Sales 25 (+38.9%) 18 10 (+150.0%)
Pending 42 (+27.3%) 33 18 (+133.3%)
Active 16 (+14.3%) 14 43 (-62.8%)
Sale vs. List Price 109.9% (+2.8%) 106.8% 105.5% (+4.2%)
Days on Market 16 (-43.7%) 28 (+95.1%)
Days of Inventory 19 (-8.6%) 21 129 (-85.1%)

 

Altos Research – list prices for Saratoga CA 95070

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

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, but bounced around 100% and dipped as low as 96.8% in 2020, although it grew to a whopping 108.1% by that December. Spring of 2021 has seen plenty of heat with the SLP rising to 109.9% in March! 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, keeping steady, but more recently with a gentle rising trend. The top tier, as usual, shows the most dramatic ups and downs. The peak pricing for the top tier of homes was around March of last year, whereas the remaining tiers of the market rose more gradually, reaching peak pricing for the year in December before cooling again.

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 (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 been a steady seller’s market often with more listings selling and pending than those currently active. In the latest update, May 11th, the market action is holding relatively steady in a strong seller’s market.

Saratoga, CA Condo Real-Time Market Profile

Saratoga CA real estate stats:

Saratoga’s condo market inventory has grown a hair in recent months, but it wasn’t much to begin with. 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 can sometimes show more significant swings in data than there really are, since there are so few sales to gauge the market by. This month there were only 7 closed sales, which is a little higher than usual. Looking at the sales vs list price ratio, properties have been selling close to, and often above, list price for a long time. Active inventory is relatively stable month-over-month and year-over-year, and pending sales are steady by the month and quadrupled since last year!

Although the condo and townhome market in Saratoga is calmer than it’s single family housing market, it remains in a hot seller’s market with increased activity compared to a year ago.

Trends At a Glance Apr 2021 Previous Month Year-over-Year
Median Price $1,248,800 (-17.8%) $1,518,500 $1,480,000 (-15.6%)
Average Price $1,269,400 (-5.8%) $1,348,000 $1,480,000 (-14.2%)
No. of Sales (+75.0%) 4 (+600.0%)
Pending (0.0%) 8 (+300.0%)
Active (+16.7%) 6 (0.0%)
Sale vs. List Price 106.9% (+7.1%) 99.8% 100.8% (+6.0%)
Days on Market 11 (+63.0%) 7 (+57.1%)
Days of Inventory 29 (-35.6%) 45 203 (-85.7%)

And the month before:

Trends At a Glance Mar 2021 Previous Month Year-over-Year
Median Price $1,518,500 (+4.0%) $1,460,000 $1,610,000 (-5.7%)
Average Price $1,348,000 (-6.2%) $1,436,670 $1,366,670 (-1.4%)
No. of Sales (-33.3%) 6 (+33.3%)
Pending (+100.0%) 4 (+300.0%)
Active (+50.0%) 4 (0.0%)
Sale vs. List Price 99.8% (+0.8%) 99.1% 105.0% (-4.9%)
Days on Market (-84.0%) 42 28 (-75.9%)
Days of Inventory 45 (+150.0%) 18 60 (-25.0%)

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 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 when things began to drop again. All but the lowest quartile saw a turnaround in early spring 2021. 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. (Single family homes only.) At the moment, single family houses in Saratoga are seeing their lowest levels of inventory going back as far as we can see!

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 right now is how close they are. Below, the top quartile is usually much slower than the rest, though it is currently in 3rd place and speeding up! Another surprise, the entry-level properties had changed place from fastest turnover in summer 2019 to become the second slowest to sell, where they were all of 2020. Now they’re speeding up again and nearly tied for fastest sales with the next tier up!

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.

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