The median home price jumped 19% 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 has increased significantly. Sales vs. List Price (blue line) has jumped to all-time highs. 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 jumped starting in Q4 2020 and again in 2021.
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 days on market monthly average has declined to historic levels.
The Sales vs. List Price monthly average has gone through the roof.
Homes selling within the first 10 days on market are selling for 5% to 20% over list.
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 declining.
The monthly number of Sales is relatively consistent with prior years.
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.