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 is a strengthening sellers’ market for single family homes :

  • the average sale price rose both monthly and annually
  • inventory of Saratoga houses for sale is up from last month but still down from a year ago
  • the sale to list price ratio rose to 106.8%, indicating a strong selling market

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 part of town) 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.

To really understand the Saratoga CA real estate market, you’ll need to get hyper local data for that home’s pricing tier, school district, and any other impactful data points.

 

Trends at a Glance for the Saratoga CA Real Estate Market

Here’s a quick overview from the RE Report details below or please view the full data here.

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$4,200,000 (+2.4%)$4,100,000$4,125,000 (+1.8%)
Average Price$4,299,500 (+10.4%)$3,893,210$4,166,240 (+3.2%)
No. of Sales21 (+200.0%)716 (+31.3%)
Pending13 (-13.3%)1514 (-7.1%)
Active21 (+31.3%)1623 (-8.7%)
Sale vs. List Price106.8% (+4.1%)102.6%102.2% (+4.5%)
Days on Market23 (-68.2%)7319 (+24.8%)
Days of Inventory30 (-53.1%)6443 (-30.4%)

 

 

Altos Research real estate market data for Saratoga, CA single family homes

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.

Market profile for Saratoga CA 95070

 

Real-Time Market Profile Saratoga, CA 95070

 

(more…)

Appreciation in several west valley zip codes: median sale price year over year

Appreciation by west valley zip code for July median sale priceHome values in Silicon Valley have been rising over the last few years, and in some segments the appreciation has been incredibly steep.  This happens when a big influx of home buyers want to purchase but the supply of real estate inventory is too limited for the demand.  This is happening in the most popular areas especially: those with either short commutes, great schools, a vibrant downtown, or some combination of these three.

Today I wanted to look at the median sale price of houses which closed escrow in July 2014 and the preceding few years for the same month only in a handful of zip codes in San Jose and Los Gatos along the west valley areas.  Considered for this study are 95070 – Saratoga, 95030 7 95032 – Los Gatos & Monte Sereno, 95008 – Campbell, 95124 – Cambrian area of San Jose, and 95120 – Almaden Valley area of San Jose.  The only month plotted is July for each year.

When charted, it appears that most of these west valley areas are appreciating somewhat steadily, though 95032 came down in the month of July 2014 as opposed to 2013 (one month does not make a trend, and please remember that ONLY July for each year was considered here).  At the other end of the spectrum is Campbell, 95008, which has been immensely popular in recent years.

Next let’s take a look at the numbers themselves for July in the years 2010 – 2014.

 

Median sale price for west valley zip codes

 

(more…)

Saratoga California home prices by high school district: what should a home buyer expect to pay?

Saratoga, California is well loved due to its scenic setting, nestled into the base of the Santa Cruz Mountains, as well as for great schools, shops, dining and overall fabulous quality of life. This little city on Silicon Valley’s west side has attracted some of the best and brightest folks drawn to our high tech area.  Because of the high desirability of Saratoga homes and neighborhoods, Saratoga CA real estate prices are sky high – even by local standards.

How bad is it?

Home pricing depends on all kinds of factors, such as proximity to Saratoga Village, whether or not the home is in walking distance to schools, views, lot size, home size, newness of construction and remodeling and many other elements, perhaps strongest of which is the schools.

For home buyers searching by zip code or city name, it’s very easy to get confused, especially if you’re coming from out of the area and do not realize that one city can utilize several different school districts!   Saratoga is served by three different high school districts and four elementary school districts: Los Gatos Saratoga Joint Union High School District or LGSUHSD (with Saratoga elementary and middle schools), Fremont Union High School District or FUHSD (with Cupertino elementary & middle schools), Campbell Union High School District or CUHSD (with Campbell & Moreland elementary and middle school districts).  Today we’ll view affordability by high school district.  As a fairly recent sampling, we will consider houses sold in Saratoga, California 95070 over the last 150 days, or appx 5 months.

How many houses have sold in each district over the last 5 months?  Have a look.

 

Saratoga CA Home Sales by High School District (Single Family Homes in last 150 days)

 

About 60% of the sold houses enjoy “Saratoga Schools”, meaning Saratoga High School, Redwood Middle School and any of the elementary schools part of this district.  Approximately 31% have Campbell or Moreland Schools, with either Westmont or Prospect High School.  A very tiny sliver, about 9%, is within the Cupertino Schools area (Lynbrook High School).

Comparing Saratoga CA residential real estate on a price per square foot basis

Often consumers want to compare based heavily on a price per square footage basis – something which I have cautioned against many times because it is seldom as accurate or helpful as one might think.  But because of the demand for this info, let’s have a look.

 

Saratoga California Average Price Per SF 11-23-2013 By HSD

 

If you are familiar with Saratoga, California, you will find the above graph puzzling if viewed by itself.  Saratoga High (933) and Lynbrook High (946) are exceptionally high scoring schools on the Academic Performance Index or API.  This is not so true with Westmont (795) or Prospect (775).  How, then, can they be priced so similarly on a per square footage basis? (more…)