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The Monte Sereno real estate market

The Monte Sereno real estate market

Monte Sereno Stained Glass Click Here
The City of Monte Sereno is a popular community bordering Los Gatos, Saratoga, and the Santa Cruz mountains. It’s also quite small, with just about 3,500 residents, so tracking the real estate market trends for the area can be tricky.

Info at a glance (details further below):

  • This city has been in a seller’s market with severely low inventory, just 5 available homes at the end of June, according to the RE Report (linked below).
  • The sales to list price ratio soared to 98.8%, rising a whopping +8.1% from the month prior, though it’s a hair behind last year.
  • Last month (June 2024) the MLS shows there were 6 closed sales. Of those 1 sold under $3M, 2 sold in the $4 – $5M range, 2 sold in the $5 – $6M range, and 1 sold over $12M. Of these, 3 sold over asking (101.8% – 110.2%) and  and the other 3 sold under asking (87.7% – 96.9%). Most sales took between 0-9 days on market, the +$12M sale took 73 days, and 1 of the sales under $5M took 196 days to sell (a new construction home).
  • As of today, July 18, 2024, the MLS shows that there are 9 available Monte Sereno homes for sale (of those, 2 are Member’s Only: Show and 4 are Member’s Only: No Show), 0 contingent sales, 2 pending sales, and 0 closed sale so far this month in Monte Sereno.

The number of houses sold in any given month will always be extremely small making the data tend to jump around. Checking the Los Gatos market will also help, but the best pulse on the market will come from identifying particular sales in particular neighborhoods to track relevant micro markets.

Houses make up most of Monte Sereno – there are no commercial buildings, just a post office, city hall, some churches or religious grounds, and an elementary school. There are also extremely few residential properties that are not detached single family homes. We don’t track the condo or townhomes in this area as we do in other communities because there just wouldn’t be enough (if any) data for it!

First up for the market analysis is the Altos Research weekly profile for Monte Sereno (uses list prices, not sales). This is updated automatically, so feel free to check this article weekly to see what’s happening now with list prices.

 

 

 

Below is the Monte Sereno Real Estate Report (click to view the complete Real Estate Report).

Trends at a Glance from the RE Report:

 

The number of home sales is very small in Monte Sereno. Even when there are sales, one or two outstanding properties could cause major waves in the data, so take this summary with a grain of salt.

June: 6 Sales

Trends At a Glance Jun 2024 Previous Month Year-over-Year
Median Price $5,075,000 (-43.0%) $8,900,000 $3,200,000 (+58.6%)
Average Price $5,916,670 (-33.5%) $8,900,000 $3,140,000 (+88.4%)
No. of Sales (+200.0%) 2 (+100.0%)
Pending (-100.0%) 4 (-100.0%)
Active (+25.0%) 4 (0.0%)
Sale vs. List Price 98.8% (+8.1%) 91.3% 99.8% (-1.1%)
Days on Market 48 (-22.3%) 62 23 (+106.4%)
Days of Inventory 24 (-59.7%) 60 48 (-50.0%)

 

While the lack of sales and listings can make the data in these charts swing wildly, the overall chart shows an active market within this high-end community, though ultra high-end listings are moving slower and more in the buyers favor. When inventory and sales are this low it’s crucial to track the neighboring Los Gatos market as well, to gain additional insight.

 

What does it cost to live in Monte Sereno? With an average sale price of roughly $4 – $5 million, you may wonder if anything sells that’s not in the stratosphere – can you buy an entry-level Silicon Valley home in Monte Sereno? The short answer is this: it’s not easy to find anything for under $2.5 million in Monte Sereno. Even a “fixer” often goes well above that. It can happen, although it’s rare, and the home will certainly be priced that way for a reason.

We also keep track of this market over at the Valley of Heart’s Delight blog, in addition to many other communities around Silicon Valley.

Other pricing consideration: what about schools?

Something else to be aware of is that most Monte Sereno houses are in the Los Gatos Union School District, but a small pocket of properties lies within the Campbell School District. Those with Campbell schools usually sell for a little less. Additionally, most of this city is within the 95030 zip code, but again, there’s a small pocket which is in the 95032 area.

Next, what kind of home is available to purchase in Monte Sereno now?

Click here to view Monte Sereno Homes for Sale

 

  • List View
  • Map View
  • Grid View

See all Monte Sereno, CA Homes for Sale & Recently Sold.
(all data current as of 7/21/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

 

 

 

 

 

 

Critically Low Inventory of Homes for Sale in Los Gatos

Critically Low Inventory of Homes for Sale in Los Gatos

Home buyers are really struggling to find properties that fit their needs and their budget right now. This morning I pulled the data and saw that we now have a critically low inventory of homes for sale in Los Gatos in 95030 and 95032, or “in town”. Below, please find the numbers so that you can see what a more typical month in the Gem City of the Foothills looks like. Separately, I’ll run the data for Los Gatos 95033, the Los Gatos Mountains.

Inventory of homes for sale in Los Gatos 95030 & 95032

Here are the numbers via MLS Listings for single family homes (99% houses, tiny fraction of duet homes, or single family attached – not duplexes) from January 2000 through June 2024.

In “normal years” (apart from the Great Recession or Global Financial Collapse and its fallout), we often have 80-100 homes listed for sale in town. Inventory is low right now, but it’s closer to the 25 year average than we’ve seen recently. Please note, this is not for just one school district, zip code part of town, price point, etc. If we teased out the data by school district or some other factor it might shake out a little differently. Think of this as a very broad, general picture of housing availability in town.

Having 100 houses on the market is actually not too bad for June. From about 2012 and later, it’s a little low, but not inordinately so.

Please click the image below to see a larger version of it in a new tab.

 

Inventory of homes for sale in Los Gatos - single family homes by month 2000-2024 June with averages

 

Is the low inventory really the issue?

I believe that the problem isn’t so much the number of homes for sale as the quality of homes for sale. Many of them have location problems or condition issues. Today’s buyers want to purchase move-in ready houses in a quiet spot with no location deficiencies. A good chuck of listings today are from “have to sell” situations and are not as updated as most home buyers prefer. Many have location problems, such as being next to something undesirable, like a freeway or high voltage power line.

The houses that are in great shape, in superior locations, with no big issues (think property condition, foundation / drainage or other costly repairs) and which are priced aggressively are selling quickly and with multiple offers in many cases.

 

Inventory of homes for sale in Los Gatos 95033

There is not an inventory shortage in the mountains! The 25 year average in June is 42.6 homes for sale, and we had 51! Check out the last 12 months!

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Los Gatos real estate market statistics and trends

Los Gatos real estate market statistics and trends

Los Gatos real estate market graphic with home near downtownAs of today, July 16 2024, the Los Gatos real estate market in 95030 & 95032 is a little cooler than seasonally normal, but homes are continuing to sell if priced well and it remains a seller’s market, if a milder one.  Buyers, this is a good opportunity for you, particularly if a home has been on the market for 3 weeks or longer without a price reduction.

Los Gatos real estate market statistics for the last 30 days (not a calendar month)

Numbers for today (pulled from the MLS), going back 30 days:

  • 53 houses for sale today (July 16, 2024)
    • the average days on market for these homes is 57 days (but one has been on for 628 days, another for more than 200, while most are 60 or less)
    • the median days on market 31 days
  • 4 are contingent (up from 2 last month), 18 are sale pending  (no contingencies, down from 26 last month)
  • 30 have closed in the last 30 days (down from 32)
    • average home size 2,630 SF
    • Average lot size 17,925 SF
    • average days on market = 18 (same as our last report)
    • the LONGEST days on market was  71, and of the 30 homes, 22 sold in 21 days or less and 15 of them sold in 9 days or less
    • average sale price  $3,636,268
    • median sale price $3,394,444
    • average sale to list price ratio 104% (down from 105% a month ago) and the highest was 130% (30% over list price)
    • 8 of the 30 homes were $4 mil or more
    • The highest sale price was $6,012,500

It is still a good seller’s market, but there’s a hint of softening.

Further below you’ll find similar charts for houses in the Los Gatos Mountains and also condos and townhomes “in town”.

Los Gatos real estate market statistics: multi year data by month

Here is some Los Gatos real estate market data that I pulled directly from the MLS today.

Inventory of available homes for sale in Los Gatos 95030 and Los Gatos 95032

Inventory is down a little from last month, but up from a year ago for June.

 

Active listings of homes for sale in Los Gatos in town

 

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West Valley Youth Theater

West Valley Youth Theater

West Valley Youth Theater is back with a new summer season!

West Valley Youth Theater Presents Addams Family

West Valley Youth Theater presents The Addams Family

It isn’t summer without WVYT Summer Theater! WVYT presents the hilariously dark Addams Family musical comedy for four days only July 25th – 28th accompanied by a live orchestra. It’s a comical feast that embraces the wackiness in every family. Each cast brings their unique talents to create an incredible performance so enjoy double the fun and come see a performance by each cast.

Tickets available @https://www.wvyt.org/addamsfamily

July 25 7pm Central Park cast

July 26 7pm Westfield Cast

July 27 2 pm Westfield cast

July 27 7pm Central Park Cast

July 28 1pm Central Park cast

July 28 6pm Westfield Cast

Leigh High School Performing Arts Center (air-conditioned)  5210 Leigh Avenue, San Jose

Related reading

Summer 2022 performances of the Los Gatos Youth Theatre

Free summer music concerts in Los Gatos

Los Gatos Celebrates July 4th, Independence Day, Join in the Fun!

Los Gatos Celebrates July 4th, Independence Day, Join in the Fun!

Los Gatos Celebrates Independence Day

It’s officially summer and Independence Day is fast approaching! What are your plans for the fourth?

Independence Day, July 4th: Los Gatos Symphony in the Park!

4th of July Symphony in the ParkThe Town of Los Gatos celebrates Independence day with free music, food and fun at Oak Meadow Park on Tuesday, July 4th from 10:30 am – 2:00pm.

There will be great American music, barbecue, beer, snacks, games, a few words shared, train rides on the Billy Jones Wildcat Railroad, rides on the historic carousel, and good fun for the family.

The San Jose Wind Symphony will come together once again. This is the main feature, and their performance will begin at 12:15 pm, then an intermission at 1 pm, then they start again at 1:30 pm and play until 2 pm. .

So take some friends, wine and a picnic, and enjoy your day at the park! Bring something to sit on, protect yourself from the sun, and prepare to have fun!

 

Schedule of Events:

  • 10:30am – Event Begins

  • 11:00am – Children’s Bike & Stroller Parade

    • Decorating bikes and strollers is encouraged!

    • *No E-Bikes please.

  • Noon – Mayor Mary Badame’s Welcome

    • Veterans Memorial & Support Foundation Speaker

    • Raising of the Flag Ceremony and National Anthem

  • 12:15pm – San Jose Wind Symphony Perform

  • 1:00pm – Intermission

  • 1:30pm – San Jose Wind Symphony Perform

  • 2:00pm – Thank you for celebrating the 4th of July with the Town of Los Gatos

 

Remember, parking in Oak Meadow is free to Town residents, but spots are limited so carpool if you can and come early. If you’re willing to tackle a bit of a hike, there’s also limited street parking uphill from the park along University Ave. Oak Meadow walking paths also connect to Vasona Lake County Park where there is additional paid parking and a longer walk, but no hill to hike.

For more information, please see the info page on the town’s website for the July 4th happenings and the event flier.

Los Gatos hosts many free concert series throughout the summer, so mark your calendars!

Have a safe and happy Fourth, everyone!

 

 

Sounds of Summer Festival

Sounds of Summer Festival

Sounds of Summer festival Los Gatos 2023 - 3 bands, free concert!This Saturday is the all new Sounds of Summer Festival, which we mentioned in our long post about all of the free music offerings in Los Gatos this summer.

The Sounds of Summer Festival Details

This will take place Saturday, June 22, 2024, from 12 pm noon to “dark” in downtown Los Gatos at the Los Gatos Town Plaza. Four bands will be performing:

12:00 (noon) California Blue Runners

2:00  The Goat Hill Girls

4:00 Wildcat Mountain Ramblers

6:00 Andre Thierry Accordian Soul Music

Find more details on the Jazz on the Plazz website.

Flapjacks & Railroad Tracks

Flapjacks & Railroad Tracks

BJWRR-Flapjacks-Breakfast_W300H237-cOn Saturday, June 8, 2023,  the Billy Jones Wildcat Railroad (which runs from Oak Meadow Park through part of Vasona Lake County Park in Los Gatos) is hosting a fun, affordable pancake breakfast from 8:00 a.m. to 10:30 a.m.

Flapjacks & Railroad Tracks Food

The website states:

There are two options for breakfast: Regular Breakfast includes 3 large pancakes & 2 sausage links. Small Breakfast includes 1 large pancake & 2 sausage links. A la cart items will also be available.

Tickets for the train are at the regular pricing. It’s a great fundraiser to support the small gauge railroad, and kick off the summer schedule for both the train and carousel.

In addition, the train and carousel will be open bright and early. Rides will begin at 8:00am and run until 4:30pm. Standard ticket pricing applies.

For more information and details, please have a look at the Billy Jones Wildcat Railroad website.

If you’re on Facebook, find and “like” the Facebook page for the BJWRR.

 

Related reading:

End of Summer Night Ride and Pasta Dinner