June 20, 2010
Monte Sereno is a small city of approximately 4,000 residents. Prices there are a little more expensive than Los Gatos, but the two areas are almost like family as they share police, schools, parks and more.
Monte Sereno real estate market update for June 2010
Here’s a quick look at the real estate inventory (homes for sale) in Monte Sereno and the absorption rate. There were NO short sales or bank owned homes either for sale or recently closed, so all of the numbers below reflect “regular” sales. All together, the “months of inventory” for Monte Sereno is 9.25. That’s a very high number for the absorption rate and it indicates that it’s a strong buyer’s market in Monte Sereno.
Monte Sereno Homes for Sale, Recently Closed & Absorption Rate by Price Band
Monte Sereno, like everywhere else in Santa Clara County, varies from one location & price point to the next. The most affordable homes are in a very different market than the most lavish luxury homes. So let’s see how it plays out if we break it down by price point.
|Monte Sereno Houses List Price||For Sale||Closed in last month||Months of Inventory|
|Up to $999,999||0||0||n/a|
|$1,000,000 to $1,499,999||1||2||0.5|
|$1,500,000 to $1,999,999||12||2||6|
|$2,000,000 to $2,499,999||10||0||8|
|$2,500,000 to $2,999,999||3||0||8|
|$3,000,000 and up||11||0||8|
Llike the rest of Silicon Valley, Monte Sereno has its hottest segment of the realty market at its “entry level” price range. For this city, that means homes priced between $1 million and $1.5 million. The market cools as prices rise, until nothing seems to be closing at all and the months of inventory are “infinite”.
Pending Sales in Monte Sereno
Looking at the pending sales, though, homes are selling in higher prices. At the moment there are six houses which are under contract in Monte Sereno. The list prices range from $1.1 million to $3.688 million. The average list price of these properties is about $2.1 million.
|Monte Sereno Houses List Price||Under Contract (sale pending)|
|Up to $999,999||0|
|$1,000,000 to $1,499,999||3|
|$1,500,000 to $1,999,999||1|
|$2,000,000 to $2,499,999||0|
|$2,500,000 to $2,999,999||0|
|$3,000,000 and up||2|
While the recent sales don’t show much activity over $2,000,000, there are two pendings between $3 mil and $4 mil in Monte Sereno, so the absorption rate will be changing as these higher priced homes close escrow. And we see again that the majority of pendings are on the lower end of the Monte Sereno scale (expensive in any area but relatively affordable here). What seems most consistent is this: the homes most likely to sell in Monte Sereno are those priced in the most affordable ranges. More expensive homes are selling, but the “constant” is the desireabiity of the entry level market there.