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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.

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.

 

 

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

Trends at a Glance from the RE Report:

By the end of November this small city had only 2 closed sales and 8 active listings – so take any swings in data with a grain of salt. The current chart shows clear and distinct cooling in Monte Sereno, although some swings in the data may be less dramatic than they seem. Why? One of October’s 4 sales was a luxury property valued over $10M. And with so few sales this chart can swing wildly due to one or two exceptional homes!

Inventory, pending, and closed sales dipped month-over-month, and activity is well below last year. The sales to list price ratio also tends to swing wildly with so few sales, but finally dipped below 100% on average for two consecutive months. Overall homes are taking much longer to sell, averaging over a month on market.

Again, with so few sales the data is often sqewed by one or two extraordinary sales. With high demand and extremely low inventory, Monte Sereno remains in a seller’s market with clear cooling.

 

Trends At a Glance Nov 2022 Previous Month Year-over-Year
Median Price $3,424,000 (-14.9%) $4,025,000 $4,000,000 (-14.4%)
Average Price $3,424,000 (-37.7%) $5,497,500 $4,900,330 (-30.1%)
No. of Sales (-50.0%) 4 (-33.3%)
Pending (-25.0%) 4 (-62.5%)
Active (-11.1%) 9 (+33.3%)
Sale vs. List Price 93.3% (-4.3%) 97.5% 105.1% (-11.3%)
Days on Market 48 (+171.4%) 18 (+519.6%)
Days of Inventory 116 (+71.9%) 68 58 (+100.0%)

MLS info pulled directly: the charts below all were pulled from MLS Listings.com

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Selling a Los Gatos home: how long will it take?

Shannon Valley Ranch house 2015How long will it take to sell your Los Gatos home?  If you own a house in Los Gatos, 95030 or 95032, the answer is “it depends”. Naturally part of the formula will be the condition of the property and how aggressively it’s priced.  The pace also will be a function of schools and price point.  Generally speaking, the lower priced single family homes tend to sell the fastest (assuming that it’s priced and marketed well and doesn’t have any “issues”).  That’s true in all neighborhoods and subdivisions. (The Los Gatos Mountains area, or 95033, is a different market.)

Today, let’s take a look at the Los Gatos real estate market for home sellers by pricing tier and high school district with a view toward the number of days on the market. (You can read about the ratio of actives to solds and the absorption rate at the article linked below under Related Reading.)

We’ll begin with a look at the town as a whole.  For homes actively listed and not yet sold or sale pending in town, have a look at the number of properties for sale and the days on market (“DOM”) for each price point:

Los Gatos 95030 95032 Active DOM by price point

The average “days on market” for all homes is 70, so you might think that this is how long it will take to get your home into contract.  That’s not the case, though, as some homes never sell (even in a red hot economy like ours). Others sell really fast.

What we can see, though, is that the homes in the lowest price point haven’t been on the market long – a hint that this is the market segment that is moving.

Next, let’s have a look at the part of LG 95030 & 95032 with Los Gatos High School.

Los Gatos Active Listings Days on Market with Los Gatos Schools

Notice that the average days on market for this group is 47, not 70.   Most groups have double digit days on the market.  So perhaps not flying off the market, but not bad by national standards, and certainly faster than the town as a whole.  It looks like the answer to “how long will it take to sell” may be improved by being “in the schools”.

How long will it take in the areas with either Westmont  High or Leigh High? Overall, a much longer “days on market” are present for the active listings with 124. But the lower prices, up to $2 million, are extremely fast with the few homes in that band only being available for about a week or less.

Los Gatos Available homes Days on Market with Westmont or Leigh High School

The actively listed properties are everything available – the good as well as the not so good.  If we look at pending sales, though, we’ll get an idea on how fast buyers take the best homes out of the market.  Let’s check on the homes under contract now. (more…)

Los Gatos Real Estate Update by Zip Code

The Los Gatos real estate market varies by zip code, school district, neighborhood and price point. Today we’ll view it by zip code (95030, 95032 and 95033 – the latter is the Los Gatos Mountains area and is not part of the “town” but has a Los Gatos mailing address and is generally considered Los Gatos if not properly or officially part of the town).

1.)  First, let’s look at single family homes and some key stats (coming from Altos Research and will be updated weekly):

the median list price of single family homes in these 3 zip codes in Los Gatos plus the city of Monte Sereno, the total inventory of homes for sale in Los Gatos by zip code, homes absorbed, average list price, price per square foot, median lot size, average age, nad more.

Los Gatos 95030 real estate market data:

 

Los Gatos 95032 real estate market statistic:

 

Los Gatos Mountains (not “in town”) 95033 housing market information:

 

Monte Sereno – not a part of Los Gatos but shares many services, so they are often intertwined:

 

2) Next, let’s see how some of these real estate statistic look compared to recent months – below please find the MEDIAN LIST PRICE (not sale price) of homes by zip code, separated out by pricing quartile:

95030 is mostly Los Gatos, but some homes will be in Monte Sereno

95032 is 99% Los Gatos and 1% or so Monte Sereno

The Los Gatos Mountains area – 95033 (more remote and usually far, far more affordable than the town of Los Gatos)

 

 

To see what’s happening with the Los Gatos real estate market via the “solds” please visit my real estate report and view the latest market date & trends for houses in Los Gatos or houses in the Los Gatos mountain communities as well as the condo and townhouse market in the town of Los Gatos.  Additionally, you can check what has sold anywhere in Los Gatos or Santa Clara County generally as long as it was on the multiple listing service!

Los Gatos & Saratoga real estate sales statistics 2005 – 2014

Today I’m able to share with you some statistics pulled together from MLSListings.com by Timothy Proschold of Sereno Group Los Altos (which he’s given those of us in Sereno permission to share). I thought my readers would really appreciate this statistical history of sales in Los Gatos and Saratoga from 2005 to 2014.

A quick, but important, note on the areas included for Los Gatos.  “Los Gatos”, as a mailing address and as an area searched on the MLS, now includes the Los Gatos Mountains (95033) as well as the “in town” or the unincorporated areas close to town with the zip codes of 95030 and 95032. (This is a recent change in the way MLSListings collects data – and it’s messing with us!)  In the study below, all three of these areas are included.  If you are looking at 95033, these figures will be a bit high, and if you’re considering 95032 or 95030, they will be low.   So while we often do compare and contrast Los Gatos and Saratoga, the gap in pricing will be more acute because of the more rural areas include.   Be that as it may, this is great info that I think you will find very valuable – and thanks again to Tim for compiling it for us!

First, the price per square foot for single family homes (SFH) in Los Gatos and Saratoga (these might shake out differently by school district, price point etc.).

Los Gatos & Saratoga Sales Stats (2005-2014)

Similar patterns overall, but Saratoga is currently making a steeper climb in housing values.

Next,  the median sale price and average days on market (DOM) from 2005 to 2014 for houses or single family homes in Los Gatos.
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Quick look at the Los Gatos real estate market

May 05, 2014

The Los Gatos real estate market is very healthy, with a strong sale price to list price ratio. As with the rest of Santa Clara County, inventory is extremely low, and that is pushing prices up. Today we’ll get a view of the market using just a few charts, but please click on the links for more info (or call, email or reach out to me if you’d like an appointment to discuss your segment of the market in particular).

First, a chart from my Los Gatos Real Estate Report (click on the link for more information).

Los Gatos Single Family Homes

Trends At A Glance Jan 2014 Previous Month Year-over Year Median Home Price +23.7%$1,770,000 $1,431,000 +13.8%$1,555,000 Average Sales Price +34.8%$1,920,450 $1,424,850 +12.6%$1,704,850 No. of Homes Sold -17.4%19 23 +46.2%13 Pending Properties +31.8%29 22 +61.1%18 Foreclosures Sold N/A0 0 N/A0 Short Sales Sold N/A0 0 N/A0 Active Listings +2.1%48 47 -7.7%52 Active Foreclosures N/A1 0 N/A0 Active Short Sales -66.7%1 3 N/A0 Sales Price vs. List Price +0.8%101.1% 100.3% +1.7%99.4% Average Days on Market +136.6%74 31 +118.6%34 – See more at: http://popehandy.rereport.com/market_reports?formSubmit=1&searchtype=search&emailtype=search&period=1&report_description=Santa+Clara+County%2C+All+Cities%2C+All+Neighborhoods&area=15&cities=3048&locations=&yearmonth=2014-1&proptype=1&get_report=#sthash.H93BlIu0.dpuf
Trends At A Glance Jan 2014 Previous Month Year-over Year Median Home Price +23.7%$1,770,000 $1,431,000 +13.8%$1,555,000 Average Sales Price +34.8%$1,920,450 $1,424,850 +12.6%$1,704,850 No. of Homes Sold -17.4%19 23 +46.2%13 Pending Properties +31.8%29 22 +61.1%18 Foreclosures Sold N/A0 0 N/A0 Short Sales Sold N/A0 0 N/A0 Active Listings +2.1%48 47 -7.7%52 Active Foreclosures N/A1 0 N/A0 Active Short Sales -66.7%1 3 N/A0 Sales Price vs. List Price +0.8%101.1% 100.3% +1.7%99.4% Average Days on Market +136.6%74 31 +118.6%34 – See more at: http://popehandy.rereport.com/market_reports?formSubmit=1&searchtype=search&emailtype=search&period=1&report_description=Santa+Clara+County%2C+All+Cities%2C+All+Neighborhoods&area=15&cities=3048&locations=&yearmonth=2014-1&proptype=1&get_report=#sthash.H93BlIu0.dpuf

The Los Gatos Condominium and Townhouse Market

Next, the same information but for Los Gatos condos and townhomes:

Los Gatos condominiums and townhouses