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 these statistics 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 likely become incorporated into Monte Sereno and condos or townhomes built there.
Also, this month’s data will likely begin to show the effects of the pandemic on the real estate market more distinctly than what we saw from March. To learn more about how Covid-19 is affecting the local real estate market, please check Coronavirus Impact on Real Estate Sales on my other blog.
During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory from the prior months, but June numbers should be accurate.
First up for the market analysis is the Altos Research weekly profile for Monte Sereno (uses list prices, not sales – so the median sale price here is much higher than the median sale price on the solds):
This chart shows a strong seller’s market for the second month in a row. Market action is on the rise after a recent dip. This is relatively consistent with, though stronger than, nearby Los Gatos’ statistics.
Trends at a Glance from the RE Report:
Sales increased since the month before, and are double July sales for 2019, but 7 sales in July is still a bit small to make a statistically useful pool of data! These low numbers can throw off the whole chart, so take this data with a grain of salt. Still, this is good growth after months in decline. Still, the sale to list price ratio fell to 96.1%. Overall we can tell that the market is experiencing increased activity with a solid warming trend. It’s an active, though limited, seller’s market.
|Trends At a Glance||Jul 2020||Previous Month||Year-over-Year|
|Median Price||$3,850,000 (+7.6%)||$3,577,500||$3,500,000 (+10.0%)|
|Average Price||$3,997,140 (+2.1%)||$3,914,640||$3,441,670 (+16.1%)|
|No. of Sales||7 (+16.7%)||6||3 (+133.3%)|
|Pending||8 (+14.3%)||7||5 (+60.0%)|
|Active||9 (-10.0%)||10||12 (-25.0%)|
|Sale vs. List Price||96.1% (-1.5%)||97.6%||103.5% (-7.2%)|
|Days on Market||18 (-60.2%)||44||15 (+14.6%)|
|Days of Inventory||39 (-20.2%)||48||120 (-67.9%)|
And from the month before:
|Trends At a Glance||Jun 2020||Previous Month||Year-over-Year|
|Median Price||$3,577,500 (+48.8%)||$2,405,000||$3,312,500 (+8.0%)|
|Average Price||$3,914,640 (+38.2%)||$2,831,670||$3,191,670 (+22.7%)|
|No. of Sales||6 (+100.0%)||3||6 (0.0%)|
|Pending||7 (+16.7%)||6||5 (+40.0%)|
|Active||10 (+25.0%)||8||16 (-37.5%)|
|Sale vs. List Price||97.6% (-9.0%)||107.2%||102.5% (-4.8%)|
|Days on Market||44 (-40.8%)||75||40 (+11.8%)|
|Days of Inventory||48 (-39.6%)||80||77 (-37.5%)|
While so few sales don’t give us much to work with, we can analyze some. To dig a little deeper, I pulled up the 7 sales from June on the MLS and saw that 4 sold below list price, 1 sold at list price, and 2 sold over list price. One of the listings sold $50,000 over list price to sell at $2,150,000, which was the lowest price sale of June. Another sold $620,000 below list price to sell at $6,180,000, the highest priced property sale in July.
What about schools?
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 8/10/2020)
Listing information deemed reliable but not guaranteed. Read full disclaimer.