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.
Trends at a Glance from the RE Report:
Just 6 sales in October, so not a statistically useful pool of data, but double that of last month and a year ago had only 1 sale in October! These kind of low numbers can throw off the whole chart, so take this data with a grain of salt. The sale to list price ratio grew a hair from last month, but is down significantly from a year ago. Days on market are short, usually indicative of a warmer market, and inventory is shrinking (likely in the seasonal trend). To dig a little deeper, I pulled up the 6 sales in October and saw that 1 of them sold for more than, 1 sold exactly at, and 4 sold under list price. One of the listings sold $50,000 over (and lasted only 1 day on market). For the 4 homes that sold under list price, one was an off market sale (0 days on market), and the average days on market for the remaining 3 was about 2 months and the average underbid around $96,000. One of them was on just 25 days and sold within $81,500 of list price, another was on for 112 days and sold at $124,700 below. The speed of the sale seems to correlate with the sale to list price ratio to some extent.
|Trends At a Glance||Oct 2019||Previous Month||Year-over-Year|
|Median Price||$2,732,750 (-34.1%)||$4,143,750||$4,500,000 (-39.3%)|
|Average Price||$3,019,220 (-18.1%)||$3,684,580||$4,500,000 (-32.9%)|
|No. of Sales||6 (+100.0%)||3||1 (+500.0%)|
|Pending||4 (-33.3%)||6||2 (+100.0%)|
|Active||9 (-30.8%)||13||6 (+50.0%)|
|Sale vs. List Price||98.1% (+0.1%)||97.9%||102.4% (-4.2%)|
|Days on Market||35 (-33.3%)||52||12 (+188.9%)|
|Days of Inventory||45 (-64.2%)||126||180 (-75.0%)|
And from last month:
|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%)|