Saratoga is a quiet community with top-ranked schools and a very vibrant downtown. A very desirable place to live.
The chart above shows the distribution of prices for single family residences in Saratoga during 2017. Home prices are primarily in the $1.5M to $3.0M price range with many higher-end homes with large lots in the surrounding hills.
The annual median home price rose 6.5% in 2017, which was one of the slowest rates of appreciation in Silicon Valley. The annual increase in the median price for Saratoga homes has averaged 6.0% per year since 1998 (CAGR). I suspect this slower growth is due to the mix of higher-end homes and distance from Google/Facebook/LinkIN…
The above scatter chart shows the distribution of both home sizes and $ per SQFT for Saratoga homes in 2017. Each closed sale is represented by a single dot. Note how $/SQFT varies by home size and the distribution of home sizes.
Market demand for Saratoga homes continues to remain very strong. The annual average Days on Market continues at 20-year lows and Sales vs. List Price remains in the annual average being 2% to 4% over list.
This scatter chart shows the distribution of how the final sales price compares to the current list price for Saratoga homes sold in 2017. Note that homes that sell within a weekend or two on the market typically sell for well over the annual average. Each home sale in 2016 is represented by a single dot.
The annual supply of new listings for Saratoga homes is at 20-year lows: 370.
A view of the quarterly median price provides additional insight to how the current market is moving. Note how prices tend to rise every quarter.
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 inventory of Active listings was lower in 2017. Note the shift from around 90 Active Listings in 2012 to around 45 in 2017.
The monthly supply of New Listings for homes in Saratoga. Note the seasonality with December typically being the low-point during the year.
The monthly average Days on Market chart above shows how the monthly average can vary month-to-month. A lot of the variety is due to the smaller number of sales per month.
The monthly average Sales vs. List Price is significantly stronger in 2017 than the prior five years..
Interestingly the monthly number of Closed Sales appears to be relatively consistent.
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.