Updated June 2020
Median price for Saratoga homes declined only slightly (1.5%) during the first half of 2020. Market demand softened in 2019 with average days on market rising and final sales prices being at parity with list. Overall, a fairly consistent market.
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 YTD annual median home price declined 1.5% during the first half, however is still 6% 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 remains relatively consistent. The annual average Days on Market (red line) jumped significantly in 2019, 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 declined by 33% during the first half. The number of Sales (red line) declined by 30%. Both reflect the impact of Covid. I expect them to recover during the second half.
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. This chart shows homes sold in 2019.
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 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
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.