The Monte Sereno real estate market
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.
Altos Research weekly profile for Monte Sereno (uses list prices):
Trends at a Glance from the RE Report:
Just 3 sales in September, so not a statistically useful pool of data, but a fairly typical number of sale. The sale to list price ratio fell from last month, and is down from a year ago. Days on market are growing far longer – signs of a cooling market. Last month, to dig a little deeper, I pulled up the 5 sales in August and saw that 2 of them sold for more than list price and 3 under. One of the listings sold just $5,000 over (31 days on market), and the other one – an “off market sale” (0 days on market) was about $100,000 over. For the three homes that sold under list price, the average days on market was about 2 months and the average underbid around $100,000. One of them was on just 17 days and sold within $20,000 of list price. The speed of the sale seems to correlate with the sale to list price ratio.
|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%)|
And for the month before:
|Trends At a Glance||Aug 2019||Previous Month||Year-over-Year|
|Median Price||$3,000,000 (-14.3%)||$3,500,000||$2,467,810 (+21.6%)|
|Average Price||$2,673,000 (-22.3%)||$3,441,670||$2,944,770 (-9.2%)|
|No. of Sales||5 (+66.7%)||3||6 (-16.7%)|
|Pending||5 (0.0%)||5||5 (0.0%)|
|Active||12 (0.0%)||12||4 (+200.0%)|
|Sale vs. List Price||98.6% (-4.8%)||103.5%||96.7% (+1.9%)|
|Days on Market||48 (+215.7%)||15||21 (+134.2%)|
|Days of Inventory||72 (-40.0%)||120||20 (+260.0%)|
Altos Research Charts for Monte Sereno
Another great source of realty trends is Altos Research, to which I also have a subscription. Altos uses list prices, though, whereas the RE Report uses sold. What I really love about these reports, though, is that market can be viewed by price quartiles, as sometimes the luxury market in an area may be behaving very differently from the entry level market. The charts below are dynamic and will be updated weekly.
Did I mention that small data can create some really strange looking monthly shifts?
About 95% or more of Monte Sereno is in the 95030 zip code. To get a little more info from Altos with the live charts, please continue viewing info here: https://liveinlosgatosblog.com/hows-the-market/altos-research-live-charts-for-monte-sereno-95030/
Something else to be aware of is that most 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?
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(all data current as of 10/21/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.