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.
First up for the market analysis is the Altos Research weekly profile for Monte Sereno (uses list prices, not sales):
This chart shows a slight seller’s advantage in the market, which is consistent with the rest of the area.
The Los Gatos real estate market had been cooling down, but activity levels have remained up noticeably. At office meetings and with friends in the industry I still hear many stories of multiple offers and overbids. In one case, a property I was watching (near but not in LG) sold for 16% over list price. Many are surprised by the surge in buyer interest, which appears to be strongest in the lowest priced homes which are in good locations and in excellent condition (meaning recently and thoroughly remodeled).
Market upticks in December?
Throughout Santa Clara County and San Mateo County, pending sales increased dramatically in November, and the ratio between active listings and pending sales narrowed. When this happens, meaning that the absorption rate increases, prices often rise. It’s a simple case of supply and demand. Typically, supply shrinks in fall, but demand does not always shrink as much as supply. Hence, selling in autumn can be good in that the odds of selling increase. That’s good for sellers. For buyers, it may be tougher to buy due to limited choices, but prices often are a little softer in the late months of the year than they are in spring. Bottom line: if you need to buy or sell, it can happen in the last quarter of the year. Buyers cannot be too picky, though, as selection is limited. (See similar data for the Santa Clara County real estate market on the Valley of Heart’s Delight blog.)
What is selling best in LG right now?
Of the 25 closed single family home sales in December, 12 closed under $2 million (the lowest was a FHA property at $655K, with the next smallest double that at almost $1.29 mil), 9 were between $2 and $3 million, 2 between $3 and $4 mil, 1 between $4 and $5 mil, and 1 over $5 mil (and that one was close to $7 mil). The high end price point tends to be at around $3,000,000 and up for this part of Santa Clara County. The vast majority of what sold would not be considered luxury properties, even though in most areas of the U.S. these would be luxury price tags.
For the houses under $3 mil, the average days on market was 66, the average list price was $1,923,066 and the average sale price less at $1,909,095. For those transactions, the average living space square footage was 2,185 SF and average lot size 22,150 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.
The numbers below analyze data gathered during the first week of each month and cover real estate statistics from the month prior in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full RE Report here.
Trends At a Glance
No. of Sales
Sale vs. List Price
Days on Market
Days of Inventory
Prices are down both year over year and month over month, but that doesn’t mean the market’s cooling. The number of sales are up from last month and last year, active listings are shrinking, and both the Days on Market and the Sales vs List Price ratio are heating up a hair since last month. Turnaround is quick and it’s an active market, but it’s still only a mild seller’s market.
The Los Gatos Chamber of Commerce is sponsoring a fun evening on December 12, 2019, “Light Up The Night”. The Chamber’s website states:
Join us for a night of shopping, sipping and fun! The stores will stay open until 8:30pm for an evening of shopping. A few stops along the way will have champagne or wine for you to enjoy. Surprises abound throughout the evening! After shopping, the fun continues with a party at The Palms.
At the northwest corner of Los Gatos you’ll find a really beautiful neighborhood that consists of Old Adobe Road and nearby streets. It’s just off of Quito Road on the border with Saratoga one one side and Monte Sereno on another.
This lovely area doesn’t have tightly defined boundaries (at least not as far as I know), but runs roughly between Old Adobe and Quito at the north end to Bicknell at the south and fanning out to beyond Montclair to about More Avenue. It clings to Rinconada Hills along one stretch, too.
What are homes like in the Old Adobe area?
Today I mapped out the approximate neighborhood using the county records and it appears to have about 250 houses or so. Nearly all were built in the 1960s and 1970s, but 10% of the neighborhood spans a century from 1920 to 2018. Most of the homes are between about 2,000 and 3,000 square feet, but about 1/6 of them are larger, a dozen reach 4,000 SF and up, but that is not typical. Most lots are around a quarter to a half acre, but some are bigger and some smaller. So they are comfortable houses on uncrowded lots in a mature neighborhood.
There are some areas within this part of west Los Gatos with no subdivision name, but others are within identifiable subdivisions: Adobe Manor, Verona Manor, Montclair Oaks, Rinconada Acres, Rinconada Terrace, Rinconada Oaks. (A nearby neighborhood is English Oaks, and next to that is Oakwood. Yes, there are plenty of oaks in the region!)
December is almost upon us, and with it comes all kinds of holiday events and activities in beautiful Los Gatos.
Keeping up is half the battle with so much happening this December! To make your season a little less stressful and a little more jolly, I have organized a list of holiday events and activities going on in Los Gatos. Below you will find two lists – one with unique events you might only have a day or two to enjoy, and a separate list of ongoing events you can join in all December long. These lists do not include religious services, so please check your preferred place of prayer for those schedules.
So get ready for carriage rides, the Fantasy of Lights, the tree lighting ceremony, the Los Gatos holiday parade, crafting, caroling, cookies and more!