May 2023
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.
Median home prices for Saratoga remain steady with 2022 which are at an all-time high. The annual increase in the median price for Saratoga homes has averaged 6.4% per year since 1998 (CAGR).
Market demand for Saratoga homes is consistent with recent years. Sales vs. List Price (blue line) has jumped to an all-time high in 2021. The average Days on Market (red line) declined to a new historic low in 2021 and have returned to typical levels. .
The supply of New Listings (blue line) for Saratoga declined sharply in 2022. The number of Sales (red line) followed suit. 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 remain at 2021-22 levels.
This monthly view of median prices for Saratoga homes shows prices have declined following a strong 2-year increase. 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 average days on market are longer than the past two years, but lower than the years prior to that. The spike in Feb is due to a very small number of sales in that month.
Final sales prices are very close to list price.
Homes selling within the first 10 days on market are selling for 5% to 20% over list.
The monthly supply of New Listings is significantly less than prior years. Note that Nov-Dec is the slowest time of year.
The Inventory of Active listings is significantly below prior years.
The monthly number of Sales is slightly lower than prior years, which is consistent with the supply of New Listings.
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.