The median home price increased by nearly 11% in the first nine months of 2022 following a 19% increase during 2021. The annual increase in the median price for Saratoga homes has averaged 6.4% per year since 1998 (CAGR).
Market demand for Saratoga homes is at all-time highs. Sales vs. List Price (blue line) has jumped to an all-time high. The average Days on Market (red line) declined to a new historic low. Note that homes selling within the first two weeks on market can sell for up to 15% over list (see scatter chart below).
The supply of New Listings (blue line) for Saratoga continues its downward trend. The number of Sales (red line) is down slightly, but relatively consistent with prior years. This chart is updated annually after year-end.
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.
$/SQFT varies widely. 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.
The Quarterly Median Price returned to 2021 levels after a spike in Q2.
This monthly view of median prices for Saratoga homes shows the increase in prices started in June 2020. 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 average days on market has returned to historically low levels. The spike in Feb is due to a very small number of sales in that month.
Final sales price is dramatically higher over list.
Homes selling within the first 10 days on market are selling for 5% to 20% over list.
The monthly supply of New Listings is slightly less than prior years. Note that Nov-Dec is the slowest time of year.
The Inventory of Active listings is significantly below prior years.
The monthly number of Sales is slightly lower than prior years, which is consistent with the supply of New Listings.
Source: 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.