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:
By the end of August this small city had only 5 closed sales and 4 active listings – so take any swings in data with a grain of salt. Despite those swings, Monte Sereno appears to be showing a fair amount of stability. Inventory and turnover have calmed a hair month-over-month with active inventory way down year-over-year.
Over the last couple of months the market has calmed down. Prices fell significantly since last year, a big change from the month prior when prices were up 10% year-over-year, and that was closer to 20% or even 30% in spring. Still, with so few sales the data is likely to have been sqewed some by a few extraordinary sales.
The sales to list price ratio tends to swing wildly with so few sales, but has remained over 100% on average for months. While the average days on market were stable month-over-month, the individual sales tell a different story – only one sold in under a week, compared to July where that was a small majority of sales.
With high demand and extremely low inventory, Monte Sereno remains in a strong seller’s market with clear cooling.
|Trends At a Glance||Aug 2022||Previous Month||Year-over-Year|
|Median Price||$3,075,000 (-30.1%)||$4,400,000||$4,990,000 (-38.4%)|
|Average Price||$3,334,000 (-22.5%)||$4,304,190||$5,255,830 (-36.6%)|
|No. of Sales||5 (0.0%)||5||6 (-16.7%)|
|Pending||7 (-22.2%)||9||5 (+40.0%)|
|Active||4 (-20.0%)||5||12 (-66.7%)|
|Sale vs. List Price||100.4% (-7.0%)||108.0%||100.7% (-0.4%)|
|Days on Market||23 (0.0%)||23||61 (-63.0%)|
|Days of Inventory||24 (-20.0%)||30||60 (-60.0%)|
MLS info pulled directly: the charts below all were pulled from MLS Listings.com
What does it cost to live in Monte Sereno? With an average sale price of roughly $4 – $4.5 million, you may wonder if anything sells that’s not in the stratosphere – can you buy an entry-level Silicon Valley home in Monte Sereno? The short answer is this: it’s not easy to find anything for under around $2.5 million in Monte Sereno. Even a “fixer” often goes close to or above $3 million. It can happen, although it’s rare, and the home will certainly be priced that way for a reason.
The chart below shows that January’s average sale price was exceptionally high, while March and April show that prices have consistently risen significantly over the last two years. May had one lone sale, so it’s not a good marker for trends, but June and July show steadily rising prices over the years. August takes a clear dip, with sale prices ranging between $2.87M – $4.2M.
Monthly Average Sale Price from January 2016 – August 2022:
Inventory of Monte Sereno homes for sale from January 2016 through August 2022:
We also keep track of this market over at the Valley of Heart’s Delight blog, in addition to many other communities around Silicon Valley.
Other pricing consideration: what about schools?
Something else to be aware of is that most Monte Sereno 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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See all Monte Sereno, CA Homes for Sale & Recently Sold.
(all data current as of 10/4/2022)
Listing information deemed reliable but not guaranteed. Read full disclaimer.