The Monte Sereno Real Estate Market

The Monte Sereno real estate market is similar to Los Gatos, but distinct - Monte Sereno shares many features with Los Gatos but is a distinct cityHow is the Monte Sereno real estate market? Because the city is small, with just about 3,500 residents, there usually are few homes listed for sale or selling, and with small numbers we can get seeming volatility. This article is updated monthly with new data and analysis, so scroll down to read the latest and check back regularly. Here are a few details from the latest market update:

  • With so few sales and listings, Monte Sereno real estate data can swing quite wildly in the charts below so take it with a grain of salt.
  • This city appears to be in a seller’s market with severely low inventory, just 5 available homes at the end of March. That’s slim pickings!
  • There were just 2 closed and 3 pending sales last month, which is slightly below this time last year.

There are ALMOST no condominiums or townhomes in Monte Sereno. As of Febuary 2024, the MLS showed just 6 sales in these two categories in total – and that’s going back to 1998! And one of those, at least, appears to actually be in Los Gatos. One of the major challenges for this city is to ensure that at least some housing units are deemed “affordable.” You can find the city’s housing plan here (an online pdf):  http://www.montesereno.org/DocumentCenter/Home/View/674

Because this is such a small city and there’s a tiny pool of data, please also have a look at the Los Gatos real estate market post on this site.

Below is a quick market profile for the Monte Sereno real estate market. This is updated automatically weekly, so please check back often.

 

Monte Sereno Altos Real-Time Market Profile

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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

 

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Almaden Valley Real Estate Market Conditions

Almaden Valley Real Estate Market Conditions San Jose 95120 - photo with Mt Umunhum in backgroundThe Almaden Valley real estate market is experiencing some up and down, but remains clearly in a seller’s market and much stronger than it was one year ago. Inventory remains perpetually low, so the best homes in great locations are selling like hotcakes while buyers are passing over others that may need more work.

Almaden Valley Real Estate Market Conditions: Trends at a Glance

First, a look at the residential real estate market statistics for Almaden, or San Jose 95120 from the Real Estate Report (a subscription that uses closed / sold data).

Please note that there are 22 closed sales and just 17 active – that ratio tells us that the houses in 95120 are in strong demand. The sale to list price ratio is almost 106%, so we know buyers are competing to get these properties, and most are selling with multiple offers.

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$2,205,750 (-1.5%)$2,239,840$2,260,000 (-2.4%)
Average Price$2,370,700 (+6.1%)$2,234,400$2,343,080 (+1.2%)
No. of Sales22 (+29.4%)1725 (-12.0%)
Pending20 (+5.3%)1923 (-13.0%)
Active17 (+30.8%)1329 (-41.4%)
Sale vs. List Price105.9% (+1.4%)104.4%103.4% (+2.4%)
Days on Market14 (+90.7%)726 (-45.3%)
Days of Inventory23 (+8.3%)2135 (-33.4%)

 

Altos Research charts for Almaden Valley real estate market, single family homes segment (more…)

Sunnyvale real estate market trends & statistics

The Sunnyvale real estate market, remains a hot seller’s market.

Sunnyvale real estate market trends and stats at a glance

Here is a quick rundown of the trends at a glance for the Sunnyvale real estate market, with more in the charts below:

  • The average sale price of Sunnyvale homes rose double digits monthly and annually
  • The median sale price was also up monthly and annually
  • Inventory rose from last month but is still short of last year
  • Pending sales are up monthly and annually
  • The sale to list price climbed again – it is a HOT market!

PLEASE visit our ReReport page for data here, throughout Santa Clara County, and also for San Mateo and Santa Cruz Counties.

(If you’re viewing this on a mobile phone, swipe horizontally to see the full chart if it goes off the screen.)

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$2,400,000 (+7.7%)$2,227,500$2,367,500 (+1.4%)
Average Price$2,436,140 (+13.5%)$2,146,650$2,208,050 (+10.3%)
No. of Sales33 (+37.5%)2438 (-13.2%)
Pending33 (+26.9%)2636 (-8.3%)
Active16 (+33.3%)1226 (-38.5%)
Sale vs. List Price114.0% (+3.6%)110.0%105.6% (+8.0%)
Days on Market14 (-13.1%)1621 (-33.0%)
Days of Inventory15 (+3.9%)1421 (-29.1%)

 

You may also want to see how Sunnyvale stacks up to other communities in Santa Clara County. If so, click to see the PDF Real Estate Report for Santa Clara County, updated monthly.

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Santa Teresa real estate market

Silver Leaf Park in the Santa Teresa area of San Jose - the proximity of parks will impact the Santa Teresa real estate market for that neighborhood

Silver Leaf Park in the Santa Teresa area of San Jose

How’s the Santa Teresa real estate market? The scenic Santa Teresa area of San Jose is popular as it’s a bit more affordable, offering lovely views of the hills and public schools that seem to be improving over time making the area more desirable. These positives appear to be helping that district hold its value well. Here are a few details from the latest monthly market update for Santa Teresa single family homes (read the full analysis below):

  • Both the single family and condo / townhouse market are seller’s markets with extremely few available listings, per the latest monthly data.
  • Average and median sale prices for single family homes have risen by around 1% – 1.5% month-over-month and around 14.5% – 17.5% year-over-year (see charts below for details)
  • Homes are selling extremely quickly with time on market at a 7 day average, while market absorption sped to just 11 days
  • The number of closed and pending sales grew while active inventory slipped a hair month-over-month. Compared to last year, closed sales and active inventory have fallen behind, and pending sales are up a hair.

To begin our analysis below, we have some live data feeds broken up by zip code. Santa Teresa (our MLS Area 2)  includes a small bit of the 95123 zip code, which is more expensive, but most of that zip code is Blossom Valley, so we will omit it. The 95138 zip code is about half Santa Teresa and half Evergreen (more expensive area), so take those numbers with a big grain of salt. I find the 95119 zip code to be most helpful, but even then, the school district is divided between Oak Grove and Morgan Hill.

Weekly update from Altos Research with a “market profile” of San Jose’s Santa Teresa area, zip code 95119 for single family homes / houses:

When there’s not enough data, the fields will be blank.

 

Santa Teresa of San Jose 95119 Real-Time Market Profile

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Morgan Hill real estate market

Morgan Hill land along the Uvas RiverHow is the Morgan Hill real estate market? Signals indicate it is an active seller’s market, though it has been somewhat milder than other parts of the county. Overall we’re past the most extreme peaks and dips, but a backlog of demand and low inventory continues to put pressure on the whole market. Below are some quick points from our RE Report (link below).

  • The average sale price for houses in March was $1,613,200 (+24.1% from the month before and +14.2% from a year ago)
  • The median sale price for single family homes was $1,525,000 (+17.3% from the month prior and +17.3% from this time last year)
  • The sales to list price ratio for homes dipped to 102.2% (-0.8% from the month before and +1.3% from last year). 
  • Days on market picked up the pace month-over-month, averaging 22 days, and market absorption sped to a 24 day average.

It’s still a seller’s market with plenty of competition for the best homes.

See the Santa Clara County real estate market report (for comparison) here.

The Morgan Hill Real Estate Market

The cities of Morgan Hill and Gilroy usually experience a lower demand than other parts of Santa Clara County which are either tech magnets, closer to big businesses, or a quicker commute around the Bay Area. So if most of the Silicon Valley has a sale price to list price ratio of anywhere from 105% to 110%, you might see closer to 97% to 103% here. Not exact numbers, just to say it’s generally lower here making the home buying conditions calmer for weary buyers, though still a sellers market.

Now let’s get into the data.

First up, the market profile from Altos Research – this is updated weekly, so check back often! You can also view the weekly newsletter through the link below, where you can also subscribe to receive this update every week in your inbox. Prefer a particular zip code instead? You can type in your desired zip in the “Search Anywhere” line and then request that particular weekly update by email.

Altos Research weekly report for all of Morgan Hill

Altos weekly report for 95037 only

Altos weekly report for 95038 only

Please note that Altos uses information on actively listed homes for sale, not closed sale data. If you compare the days on market of the active listings with the days on market of the sold properties, they will be different.

Morgan Hill Real-Time Market Profile

 

Trends at a Glance for Single Family Homes in Morgan Hill

Below is a chart with basic info, to see more click on this link to see the Real Estate Report for Morgan Hill.

Month-over-month March pending and closed sales grew while active inventories held stable. Homes sold above asking price on average and with shorter days on market compared to last month and last year. The market is red hot and distinctly hotter than this time last year.

No doubt it’s a clear seller’s market, but compared to other parts of the county it’s noticeably easier for buyers to get their foot in the door here in south county.

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$1,525,000 (+17.3%)$1,300,000$1,300,000 (+17.3%)
Average Price$1,613,200 (+24.1%)$1,300,370$1,412,760 (+14.2%)
No. of Sales25 (+66.7%)1525 (0.0%)
Pending28 (+7.7%)2616 (+75.0%)
Active20 (0.0%)2035 (-42.9%)
Sale vs. List Price102.2% (-0.8%)103.0%100.9% (+1.3%)
Days on Market22 (-31.7%)3330 (-26.7%)
Days of Inventory24 (-35.7%)3742 (-42.9%)

 

Single Family Home Live charts from Altos Research (more…)

Los Gatos Real Estate Market Trends

Los Gatos real estate market graphic with home near downtownAs of today, April 8, 2024, the Los Gatos real estate market in 95030 & 95032 remains exceptionally strong.

Across the county, first time home buyers are the most active and more entry level prices is the strongest segment.

Los Gatos real estate market statistics for the last 30 days (not a calendar month)

Numbers for today (pulled from the MLS), going back 30 days – these provide a real time snapshot of the Los Gatos real estate market trends:

  • 49 houses for sale today (April 8, 2024)
    • the average days on market for these homes is 48 days
    • 18 of the 49 have been available for 14 days or less – so quite a few are not selling fast!
  • 2 are contingent, 25 are sale pending (no contingencies)
  • 25 have closed in the last 30 days
    • average home size 2,429 SF
    • average lot size 12,938 SF
    • average days on market = 10 (way down from 43 last month and the 48 for active listings!)
    • average sale price  $3,357,520
    • median sale price $3,200,000
    • average sale to list price ratio 109% (up from 104% in mid-March and 101% in early-mid January)

Six of the sold homes were  $4 mil or more. The highest sale price was $5,300,000. Popular neighborhoods for that price point include the scenic Surrey Farms neighborhood.

Trends at a Glance from the RE Report for Los Gatos 95030 & 95032

The numbers below analyze data gathered during the first week of each month and cover real estate statistics from the month prior in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full RE Report here.

These numbers never line up exactly with the MLS figures, but the data trends normally line up.  This time around, though, the RE Report numbers seem a bit off. From the data that I pulled directly from the MLS, the average and median sale prices are up both annually and monthly. With the RE Report it appears to be slipping monthly. The RE Report shows 27 sales, and the MLS shows 28. I suspect that the difference is from the missing sale. 

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$3,425,000 (-2.1%)$3,500,000$2,565,000 (+33.5%)
Average Price$3,647,000 (-6.8%)$3,913,630$2,820,590 (+29.3%)
No. of Sales27 (+42.1%)1928 (-3.6%)
Pending31 (+82.4%)1721 (+47.6%)
Active37 (+19.4%)3137 (0.0%)
Sale vs. List Price108.5% (+5.5%)102.8%102.1% (+6.3%)
Days on Market29 (-9.0%)3134 (-14.8%)
Days of Inventory41 (-10.0%)4640 (+3.7%)

 

Further below you’ll find similar charts for houses in the Los Gatos Mountains and also condos and townhomes “in town”.

Los Gatos real estate market statistics: multi year data by month

Here is some Los Gatos real estate market data that I pulled directly from the MLS today.

Inventory of available homes for sale in Los Gatos 95030 and Los Gatos 95032

A quick glance at the last few years suggests that this inventory is still lower than normal, with 2022 (a super overheated Spring) being lower still.

 

Los Gatos SFH inventory - Los Gatos real estate market stats

 

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Santa Clara County Real Estate Market

The Santa Clara County real estate market shows no signs of cooling!

  • Home prices (median and average – both single family homes and condos / townhomes) are both up monthly and annually.
  • Inventory is up compared to the month before, but 28.3% lower than a year ago (per the RE Report).
  • Days on market and days or months of inventory continue falling. It’s a challenging time to be a home buyer.
  • Nearly all stats point to an increasingly hot market, despite rising interest rates.

 

March 2024 sales stats in Santa Clara County

 

Here’s the RE Report summary table. It’s an excellent summary of our Silicon Valley housing market.

 

Real estate market statistics

 

Multi year real estate data charts for Santa Clara County real estate market (single family homes)

PLEASE NOTE: to view any of the data tables / images below in a larger version, just click on them and you will be taken to our blog post, where the images are larger (except for the first one). Still too small? Click on them in the article and a larger still version will pop up. 

Months of Inventory

First, the months of inventory, which is a great overall way to gauge the market, is hotter and hotter.

 

Santa Clara County months of inventory for single family homes

Inventory

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How to get a great buyer’s agent – and keep them

You and your great buyer's agent teamwork graphic - puzzle pieces and 2 peopleA great buyer’s agent can be hard to find and keep. Here’s what to do to enlist the help of one and how to make sure you stick together as a team and get you into your new home.

Summary:

Only a fraction of all interested home buyers actually buy in the year they say that they plan to do so.  For various reasons they decide to keep renting, or move away, or give up, or simply don’t write offers that are selected (they may chronically low-ball)

  • Some home buyers are very serious but also very time consuming, and if it takes them a long time to buy, it can be draining for their real estate agent, and if prices are rising, it can shrink the odds of success.
  • Many Realtors prefer to work with sellers when the market is hot – which it nearly always is in Silicon Valley, since most homes do sell (while far fewer buyers buy).
  • Buyers who want to enlist a strong Realtor will need to be serious about home buying, able and ready (have the money and a pre-approval in place), and loyal as the starting point.  Your real estate licensee may ask you to sign a buyer representation agreement, just as home sellers sign a listing contract. This will be required by law by mid-July 2024.
  • To be taken seriously, when you first contact your agent, DO:
    • share your full name
    • share your real contact info (including an email address that you actually check)
    • specifically what you are targeting
    • how you got their name
    • your timing and anything else important
  • Understand that we agents get many scammers approaching us. Do your best to look authentic. Scammers say “I want to buy a house in your area. Contact me on WhatsApp”.  If you sound like a scammer, your initial approach may backfire so badly that your message gets you blocked in the future. (I get several scammers texting me each week.)
  • If for any reason you haven’t done all of the above upfront, please correct it if needed over time. For instance, if you provided a “junk” email account and never check it, your agent may find your perfect home but not be able to inform you of it if you never look at those emails.
  • To keep your great buyer’s agent on your team, it’s imperative that you allow that Realtor to guide you, whether it’s getting preapproved with a strong lender, deciding on priorities (must have versus nice-to-have list), or moving quickly to view houses, or taking the paperwork seriously – or any other major step. You need to be as motivated as your agent!
    And communicate openly if there’s an issue. I’ve had clients tell me that the pre-approval needs to wait until they’ve been at their new job until a certain date. Whatever it is, ignoring requests given to help you without explaining the backstory won’t be good for your teamwork and could get you fired as a client. (Yes, Realtors sometimes fire their clients.)

    • If you fail to do these things, your agent may not feel like your odds of buying a house are good, or that the stress associated with doing so will be higher than necessary if you stall on taking the proper steps.
    • Put another way, if you hire an agent because of her or his knowledge and track record, but then don’t heed that agent’s professional advice, the relationship may not do well over the long run.  Think of it like a sack race: both people have to be going in the same direction, carefully working together, or it’s not possible to move well (if at all).

Below, we will go over in more detail how to get and keep a great buyer’s agent in a seller’s market or in any market, for that matter.

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Gilroy, the Garlic Capital of the World

Gilroy Garlic Festival

Garlic Festival – much missed!

Gilroy is a scenic area well known for wineries, farmland and fruit stands.  More than anything,  it’s most iconic produce is garlic, which used to be celebrated late each July with the annual Garlic Festival, which, sadly, has been discontinued.

In summer days, the scent of garlic fills the early morning air and blows north along the coastal foothills so that those of us in Silicon Valley get a healthy nose full when grabbing our morning paper off the driveway. This has been my experience since I was a small child and I’m happy that all the progress of the last 40 or 50 years hasn’t changed the smell of garlic heralding mid-summer.

If you’re exploring this city, be sure to also check out Morgan Hill and San Martin, the other South County communities, too!

Gilroy: shopping, dining, wine tasting, parks, golf, and more

A nice easy, and fairly fast trip by car will bring you to South County and to this city nestled at the base of the coastal range.  It’s a wonderful day trip to explore the backyard of Silicon Valley, or better, take a whole weekend to get to know the area.  There’s a nice downtown area where you can do some shopping and dining.  Go out a bit and there are a number of fabulous wineries to check out.  And lest we forget, Gilroy is a local epicenter of bargain shopping.

At the intersection of highways 101 and 152, the Gilroy Premium Outlet Mall is found.  Go with the intention of spending money, because resistance is futile once you park your car.  We have shopped there many times and often found some especially good pricing on clothes.

Many will attest that cars are found for a better price there, too.

This area is also home to a charming family amusement park (aimed at younger kids), Gilroy Gardens.  Adults and children alike will appreciate the astounding topiary and twisted special trees which are unlike those you’d find anywhere else.  Even if you don’t have small kids, it’s worthwhile to visit this park just to see the amazing trees at least once.

Gilroy, Morgan Hill, Coyote Valley and nearby areas make up the “south county,” which has a little slower pace of living and quite a bit more affordability in housing. The commute is long.  The summers are hotter. So there are some trade-offs.

Love golf? There are several courses here: Eagle Ridge, Gilroy Golf Course, and Gavilan Golf Course are all in town.

Eagle Ridge Golf Course and neighborhood, Gilroy

 

Gilroy neighborhoods

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