Updated July 2019
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 in the first half of 2019 is nearly the same as 2018, which is a leveling-off from 7 years of rising prices. Saratoga is one of the few cities that has not seen a decline in prices. The annual increase in the median price for Saratoga homes has averaged 6.1% per year since 1998 (CAGR).
Market demand for Saratoga homes continues to be very strong. The annual average Days on Market (red line) continues at 20-year lows with a slight increase from 2018. Sales vs. List Price (blue line) declined to 1% over list in 1H2019, but in the annual average being around 4% in prior years.
The supply of New Listings (blue line) for Saratoga is on-track to increase slightly over 2018, however is still at historic lows. The number of Closed Sales is similar to 2018 and also at historic lows.
The distribution of Final Sales Price vs. Current List Price is shifting downward. Significantly fewer homes are selling for more than 10% over list. Buyers should plan on paying around 5% over list.
Saratoga homes sell on average for $1,073 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 2018. Each closed sale is represented by a single dot.
The Quarterly Median Price provides a good view into home value trends. The strong rise in prices starting in 2012 is consistent with other cities. The jump in prices during Q2 2019 is unusual and helped to avoid a decline in the annual median price.
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. This is partly due to fewer home sales than other cities. The first half of 2019 is slightly higher than prior years.
The monthly average Sales vs. List Price is significantly lower during the first half of 2019. It is now barely over list compared to being around 5% over list in 2017.
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.