Updated May 2020
Saratoga experienced a dramatic 80% decline in supply of New Listings in April. Market demands remained relatively stable compared to 2019. The median price remained stable in Q1 and on a monthly basis, however declined slightly (5%) on a YTD annual basis. Saratoga appears as one of the weakest markets in Silicon Valley, yet demand is about equal to last year.
Saratoga home prices span are relatively large range. Most homes are in the $1.5M to $3.5M price range. Homes with Saratoga schools or larger lots in the surrounding hills command higher prices.
The annual median home price declined 5% in 2019, however is still 7% higher than 2017. The annual increase in the median price for Saratoga homes has averaged 5.5% per year since 1998 (CAGR).
Market demand for Saratoga homes declined in 2019. The annual average Days on Market (red line) jumped significantly from 2017-18, but is still at historically low levels. Sales vs. List Price (blue line) declined to be equal to list price.
The supply of New Listings (blue line) for Saratoga ticked-up slightly, however is still at historic lows. The number of Closed Sales (red line) is similar to 2018 and also at historic lows.
Saratoga homes that sell within a week or two of going on market are still selling for over list price. After that, homes are typically selling for below list.
Saratoga homes sell on average for $1,042 per SQFT. The actual amount varies significantly by the size of the home, the schools and the lot. The scatter chart above shows the distribution of both home sizes and $ per SQFT for homes sold in 2019. Each closed sale is represented by a single dot.
The Quarterly Median Price provides a good view into home value trends. The decline in 2019 is the most sustained decline in recent years.
This monthly view of median prices for Saratoga homes provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The monthly average Days on Market shows wide swings during the year with spring being the fastest time in the market.
The monthly average Sales vs. List Price went negative during the second half of 2019
The monthly Inventory of Active listings is fairly consistent with prior years.
The monthly supply of New Listings is also fairly consistent with prior years. Note that Nov-Dec is the slowest time of year.
The monthly number of Closed Sales is relatively consistent with prior years.
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.