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.
The number of houses sold in any given month will always be extremely small and the data will jump around. Checking the Los Gatos market will also help, but the best pulse on the market will come from particular sales in particular neighborhoods.
Houses make up most of Monte Sereno – there are no commercial buildings, just a post office, city hall, 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.
Trends at a Glance from the RE Report:
The May chart shows only 1 home sold, so take all of the averages and medians for this month’s data with that lone sale in mind. Even for Monte Sereno that’s nothing! Still, the number of pending sales have increased and active inventory is tiny but looking up.
Compare this to April’s data and it looks like the May sale moved as quickly, with not as high of an overbid, and was more than $1M above the previous month’s average price point. In April, the MLS showed that half of that month’s closed listings sold between $3.7 – $4 million and the other half ranged between $4.5 – $5.3 million, so May’s sale was above all April sales. In this luxury price point is common to see a lower sale to list price ratio than towards the middle of the market, so take that percentage with a grain of salt.
Inventory has been extremely low with high demand, and Monte Sereno remains in a strong seller’s market.
|Trends At a Glance||May 2022||Previous Month||Year-over-Year|
|Median Price||$5,525,000 (+31.2%)||$4,212,500||$3,850,000 (+43.5%)|
|Average Price||$5,525,000 (+28.0%)||$4,316,600||$4,101,500 (+34.7%)|
|No. of Sales||1 (-83.3%)||6||10 (-90.0%)|
|Pending||9 (+80.0%)||5||3 (+200.0%)|
|Active||8 (+14.3%)||7||11 (-27.3%)|
|Sale vs. List Price||101.4% (-13.1%)||116.6%||108.3% (-6.4%)|
|Days on Market||7 (-12.5%)||8||29 (-75.8%)|
|Days of Inventory||240 (+609.4%)||34||33 (+627.3%)|