Updated January 2021
The median home price rose 8% in 2020 to a new all-time high. The annual increase in the median price for Saratoga homes has averaged 5.9% per year since 1998 (CAGR).
Market demand for Saratoga homes remains strong. The annual average Days on Market (red line) declined to a new historic low. Sales vs. List Price (blue line) remains slightly over list price. 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.
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. Saratoga is a quiet community with top-ranked schools and a very vibrant downtown. A very desirable place to live. Click here to see additional information on the Saratoga Community and Schools.
Saratoga homes sell on average for $1,071 per SQFT in 2020. 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. Each dot represents a closed sale.
The Quarterly Median Price suggests prices leveled-off starting in 2019.
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 sudden drop is day on market in the last few months reflects the reopening after Covid.
The monthly average Sales vs. List Price went negative during the second half of 2019
Final sales price vs. List price varies significantly by number of days on market. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. Note: this is using the current list price, which may be after a price reduction.
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 Inventory of Active listings is fairly consistent with prior years.
The monthly number of 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.