The Monte Sereno real estate market
Ranch style home on Elm Park in Monte Sereno, sold by Mary Pope-Handy
The City of Monte Sereno is quite small, with just about 4,000 residents, so the number of houses sold in any given month will always be extremely small.
For that reason, the data may appear to jump around wildly compared to Los Gatos or Saratoga, which each have about 30,000 people living there. Please take all the stats with a tablespoon of salt, and be sure to view the Los Gatos housing market data to get a more accurate picture of what’s happening with Monte Sereno homes (just add a little to the price tag as homes there tend to sell for a bit more than LG properties).
Also, there are only single family, detached houses in Monte Sereno: no apartments, multi unit housing (2 – 4 plex), no duet homes (attached single family homes). That will be changing soon, however, as the old La Hacienda property (formerly an estate, then a hotel and restaurant) at Hwy 9 and Austin Way will become incorporated into Monte Sereno and condos or townhomes built there.
Altos Research weekly profile for Monte Sereno (uses list prices):
Trends at a Glance from the RE Report:
Just 3 sales in September, so not a statistically useful pool of data, but a fairly typical number of sale. The sale to list price ratio fell from last month, and is down from a year ago. Days on market are growing far longer – signs of a cooling market. Last month, to dig a little deeper, I pulled up the 5 sales in August and saw that 2 of them sold for more than list price and 3 under. One of the listings sold just $5,000 over (31 days on market), and the other one – an “off market sale” (0 days on market) was about $100,000 over. For the three homes that sold under list price, the average days on market was about 2 months and the average underbid around $100,000. One of them was on just 17 days and sold within $20,000 of list price. The speed of the sale seems to correlate with the sale to list price ratio.
| Trends At a Glance | Sep 2019 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $4,143,750 (+38.1%) | $3,000,000 | $3,650,000 (+13.5%) |
| Average Price | $3,684,580 (+37.8%) | $2,673,000 | $3,655,000 (+0.8%) |
| No. of Sales | 3 (-40.0%) | 5 | 5 (-40.0%) |
| Pending | 6 (+20.0%) | 5 | 2 (+200.0%) |
| Active | 13 (+8.3%) | 12 | 6 (+116.7%) |
| Sale vs. List Price | 97.9% (-0.7%) | 98.6% | 101.3% (-3.4%) |
| Days on Market | 52 (+7.4%) | 48 | 20 (+165.3%) |
| Days of Inventory | 126 (+74.5%) | 72 | 35 (+261.1%) |
And for the month before:
| Trends At a Glance | Aug 2019 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $3,000,000 (-14.3%) | $3,500,000 | $2,467,810 (+21.6%) |
| Average Price | $2,673,000 (-22.3%) | $3,441,670 | $2,944,770 (-9.2%) |
| No. of Sales | 5 (+66.7%) | 3 | 6 (-16.7%) |
| Pending | 5 (0.0%) | 5 | 5 (0.0%) |
| Active | 12 (0.0%) | 12 | 4 (+200.0%) |
| Sale vs. List Price | 98.6% (-4.8%) | 103.5% | 96.7% (+1.9%) |
| Days on Market | 48 (+215.7%) | 15 | 21 (+134.2%) |
| Days of Inventory | 72 (-40.0%) | 120 | 20 (+260.0%) |
Los Gatos real estate statistics and market trends
The Los Gatos real estate market for single family homes has been slowly cooling down a little – as a whole. Part of it is the luxury tier, which moves slower than entry or mid level priced properties. When the luxury price strata swells, it can skew the numbers to look like everything is cooling down, when that may not be the case.
Months of inventory in Los Gatos: a quick look
Just now I went to the MLS and pulled the number of active single family homes in Los Gatos 95030 and 95032 (72) and the number of sold and closed in the last 30 days (19) to check on the overall absorption rate or months of inventory. If we divide the active listings by the closed listings in the last 30 days, we get the months of inventory – so 72 / 19 = 3.79 months of inventory for the whole of MLS area 16 in Los Gatos. For our area, that is pretty close to balanced (4 months or so), but just a bit in the seller’s favor. In other parts of the US, balance is at around 6 months.
If we shift to viewing just houses and duet homes offered up to $2 million, it’s a very different view of the market. In this case, there are 17 active listings and 11 sold in the last 30 days, so just 1.55 months of inventory. This is the entry level price point for Los Gatos 95030 and 95032. It’s a little lower for the Los Gatos Mountains.
(I have a separate post on the Los Gatos months of inventory that I’ll update soon, breaking it down by price point and high school district to better pinpoint the individual markets within LG.)
What is selling best in LG right now?
Of the 19 closed sales in the last 30 days, 11 were under $2 million (about 58%), 5 were between $2 and $3 million, 2 between $3 and $3.6 mil, and 1 at over $6 mil. The high end price point tends to be at around $3,000,000 and up for this part of Santa Clara County.
For the houses under $3 mil, the average days on market was 40, the average list price was $1,958,866 and the average sale price just a little more at $1,971,431. For those transactions, the average living space square footage was 2,197 sf and average lot size 11,948 SF.
Los Gatos Trends at a Glance for 95030 & 95032
Next, data from the RE Report for Los Gatos (“in town”), in the Los Gatos Mountains, and for Los Gatos condos (only in town, none in the mountain communities). Below that will be live Altos Research charts, updated automatically each week. Altos uses list prices, not sold prices, fyi.
The real estate numbers below reflect realty data gathered the first week of the month for the past month in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full REReport here. Prices are up both year over year and month over month, and the sale to list price popped back up – all positive – while days on market rise (a bit of a negative).
Trends at a Glance
| Trends At a Glance | Sep 2019 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,310,000 (+12.9%) | $2,045,500 | $2,000,000 (+15.5%) |
| Average Price | $2,636,620 (+9.3%) | $2,412,780 | $2,417,500 (+9.1%) |
| No. of Sales | 25 (-3.8%) | 26 | 25 (0.0%) |
| Pending | 36 (+12.5%) | 32 | 42 (-14.3%) |
| Active | 70 (-4.1%) | 73 | 62 (+12.9%) |
| Sale vs. List Price | 100.0% (+1.3%) | 98.7% | 101.0% (-1.0%) |
| Days on Market | 48 (+39.2%) | 35 | 25 (+96.1%) |
| Days of Inventory | 81 (-3.6%) | 84 | 72 (+12.9%) |
And the month before:
| Trends At a Glance | Aug 2019 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,045,500 (-12.3%) | $2,332,290 | $2,230,000 (-8.3%) |
| Average Price | $2,412,780 (-3.1%) | $2,489,320 | $2,699,150 (-10.6%) |
| No. of Sales | 26 (-27.8%) | 36 | 27 (-3.7%) |
| Pending | 32 (+6.7%) | 30 | 38 (-15.8%) |
| Active | 73 (-3.9%) | 76 | 61 (+19.7%) |
| Sale vs. List Price | 98.7% (-1.5%) | 100.2% | 101.1% (-2.3%) |
| Days on Market | 35 (+4.4%) | 33 | 35 (-1.3%) |
| Days of Inventory | 84 (+33.0%) | 63 | 68 (+24.3%) |
Trends at a Glance for the Los Gatos Mountains
The RE Report has some info on the Los Gatos Mountains, but I do not believe it covers all of what we would have as 95033 or MLS “area 23”. You can see the mountains info market here:
Just 8 closed sales in the mountains in September, so I would not trust the general numbers that much. Better would be checking sales in your particular part of the mountains, such as Upper Redwood Estates, Chemeketa Park, etc., to see what the market is doing.
| Trends At a Glance | Sep 2019 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $822,500 (-34.2%) | $1,250,000 | $1,075,780 (-23.5%) |
| Average Price | $787,062 (-36.2%) | $1,233,210 | $1,547,820 (-49.2%) |
| No. of Sales | 8 (+14.3%) | 7 | 10 (-20.0%) |
| Pending | 12 (+9.1%) | 11 | 20 (-40.0%) |
| Active | 45 (+4.7%) | 43 | 57 (-21.1%) |
| Sale vs. List Price | 94.9% (-3.1%) | 97.9% | 99.2% (-4.4%) |
| Days on Market | 67 (+66.3%) | 40 | 44 (+52.1%) |
| Days of Inventory | 163 (-11.5%) | 184 | 165 (-1.3%) |
And the month before:
| Trends At a Glance | Aug 2019 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,250,000 (+29.5%) | $965,000 | $997,500 (+25.3%) |
| Average Price | $1,233,210 (+35.0%) | $913,438 | $955,125 (+29.1%) |
| No. of Sales | 7 (-12.5%) | 8 | 10 (-30.0%) |
| Pending | 11 (+22.2%) | 9 | 12 (-8.3%) |
| Active | 43 (-4.4%) | 45 | 44 (-2.3%) |
| Sale vs. List Price | 97.9% (+0.9%) | 97.0% | 106.2% (-7.8%) |
| Days on Market | 40 (-1.8%) | 41 | 29 (+36.5%) |
| Days of Inventory | 184 (+9.2%) | 169 | 132 (+39.6%) |
Sereno Group Annual Pumpkin Decorating Contest
It’s time to decorate some pumpkins! Sereno Group is hosting its 11th annual pumpkin decorating contest and invites kids to transform a small pumpkin into a work of art! This is not a carving contest and there should be no punctures of any kind as these works of art will need to last, and any cuts will cause rotting.
Every child who enters will get a small gift. Voting on the best work of art will take place during office meetings for each of the four age groups, with the winner of each getting a prize.
The age groups for this contest are:
- 2 to 3 years
- 4 to 6
- 7 to 11
- 12 to 14
Small pumpkins are being given away at the Sereno Group office locations in Los Gatos (2 locations), Saratoga, Willow Glen, Aptos, Santa Cruz, Los Altos and Palo Alto. Optionally, entrants may bring their own small pumpkin.
The deadline is Wednesday, October 30th, 2019 (voting in the offices will be the next day). Have fun – we cannot wait to see the decorated pumpkins!
Here are the Los Gatos locations, but feel free to use the others listed on the Pumpkin decorating contest poster:
Los Gatos (open M – F, 9 – 5)
214 Los Gatos-Saratoga Road, Los Gatos
Los Gatos Northpoint (open M – F, 9 – 5)
634 N. Santa Cruz Ave, Suite 100, Los Gatos
Please click on image to see poster in full size (link to my dropbox file)
Screen on the Green in Los Gatos
Every September, the Town of Los Gatos hosts a free movie at Oak Meadow Park in the month of September for kids and kids-at-heart. This is the annual “Screen on the Green“.
This year, the movie will be The Incredibles II, and it will be September 20th, 2019.
Fun activities for children begin at 6:00pm, with train rides, carousel rides, face painting, games and more. The film will begin at 7:30 pm and will be projected onto a 25′ inflatable screen on the meadow. A snack bar will be open from 6:30-8:30pm, so have dinner before or bring a picnic and some blankets, then come early to grab a good seat!
Attendees, it is important to bring layers and something low to sit on – blankets, cushions, or low backed lawn chairs, are alright. I always bring a flashlight for after the show. The gopher holes in the lawn are easy to find by accident with your foot.
For additional details, please see the Los Gatos town website page for Screen on the Green:
http://www.losgatosca.gov/342/Screen-on-the-Green
Fiesta de Artes in Los Gatos
Saturday September 21st and Sunday September 22nd mark the return of the Fiesta de Artes Los Gatos, Art & Wine Festival, the only Art & Wine Festival in town all year! It will be located at the Civic Center lawn, and the hours are 10 am to 6 pm both days. (This year it was moved from August to September – hopefully there will be far less “beach traffic” with this timing, which seems like a great idea to me.)
What happens at the Fiesta de Artes?
Think food & drink, art & shopping, dancing & socializing! Once again, there will be more than 150 vendors with a huge variety of artists and vendors displaying and selling their artwork, plus booths with food and wine and of course loads of music throughout both days. Please check out the musical lineup here: Fiesta de Artes music lineup
Where is the Fiesta de Artes held?
Fiesta de Artes will be at the Civic Center lawn across the street from Los Gatos High School.
For more information, please visit https://LosGatosFiesta.com/
Claws for a Cause in Los Gatos
Each year, in early to mid-Septemeber, the Los Gatos Morning Rotary Club, sponsors a fun end of summer bash: Claws for a Cause. The annual Maine lobster party features good food, live music, and dancing. It is often a sell-out event!
Proceeds going to the Los Gatos Morning Rotary Charitable Foundation (supporting music, art and youth scholarships).
This year it’s Saturday, Sept 7, 2019, from 5:30 pm to 10pm and it will be held at the Los Gatos Lodge.
Last year, tickets sold out! Learn more and buy your tickets here:
Los Gatos Park Dance
Need something to do on Labor Day weekend? The Los Gatos Park Dance is back during the holiday weekend – the 7th annual at Oak Meadow Park. The first year over 2000 people attended and it’s been growing ever since!
Los Gatos Park Dance Details
Cost: FREE – courtesy of Music in the Park
Date & Time: Saturday, August 31, 7 PM – 9:30 PM
Location: Lyndon Bandstand, Oak Meadow Park, Los Gatos
The band this year will again be The Houserockers (a Los Gatos band).
What else: to get a good spot, arrive early! Bring a picnic supper. Beer and wine are allowed with meals (no other alcohol). Bring layers, as it cools down once the sun sets. Prepare to dance on the lawn, so wear comfortable shoes and watch out for gopher holes as you leave – they can be hard to spot in the dark.
Parking at Oak Meadow Park is free to town residents, but if you’re a local, you know that it fills up fast. You can park on nearby public streets if that happens, or try Vasona’s parking, which will cost a little.
This event is sponsored by Los Gatos Music in the Park.
More details:
https://www.facebook.com/events/oak-meadow-park-los-gatos/los-gatos-park-dance/2231979613548484/
Gas transmission lines in Los Gatos
Where are the gas transmission lines in Los Gatos? Ever since the San Bruno fire, caused by a faulty PG & E gas transmission pipe line, the location of those pipes has been a concern. The power company now provides a map with that information for the major gas transmission lines. The map actually outlines info for all of Silicon Valley – and the state of California as a whole!
In Los Gatos, those lines are along Winchester Boulevard, Blossom Hill Road, University Avenue, and Roberts Road (on both sides of 17).
Gas transmission lines in Los Gatos
Los Gatos Water
Just watched this short video from San Jose Water on where our water here in Los Gatos comes from. It’s a beautiful, short film, and informative. I encourage you to watch it “full screen”.
Los Gatos Summer Block Parties
Town Plaza Park fountain in downtown
The Summer Block Party series in Los Gatos is back! One Thursday of each summer month (it used to be the 3rd Thursday, but no longer tied to that week) the town celebrates with live music at the Town Park Plaza from 5 – 7 and then at adjacent Grays Lane with a DJ and Loma Brewing Company. This is sponsored by the Los Gatos Chamber of Commerce together with some local businesses.
The next one is Thursday, July 18th. Get the details on the Chamber’s website. (The following event will be August 8th – mark your calendars!)
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