The Monte Sereno real estate market

Elm Park in Monte Sereno, sold by Mary Pope-Handy
Ranch style home on Elm Park in Monte Sereno, sold by Mary Pope-Handy

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.

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

 

Trends at a Glance from the RE Report:

Just 4 sales in December, not a statistically useful pool of data, but much better than a year ago, where 2018 had only 1 sale in December and 2 in November! 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 is up from last month and days on market have shortened. Low data means greater swings, but overall we can tell that prices aren’t straying to far from list price in either direction and it’s an active, though limited, market.

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $2,362,500 (-31.5%) $3,450,000 $3,500,000 (-32.5%)
Average Price $3,301,250 (-5.8%) $3,504,000 $3,500,000 (-5.7%)
No. of Sales (-20.0%) 5 (+300.0%)
Pending (-66.7%) 3 (0.0%)
Active (-28.6%) 7 (+150.0%)
Sale vs. List Price 99.9% (+3.9%) 96.1% 100.0% (-0.1%)
Days on Market 22 (-61.0%) 56 12 (+81.3%)
Days of Inventory 38 (-7.6%) 41 60 (-37.5%)

 

And from the month before:

 

Trends At a Glance Nov 2019 Previous Month Year-over-Year
Median Price $3,450,000 (+26.2%) $2,732,750 $2,450,000 (+40.8%)
Average Price $3,504,000 (+16.1%) $3,019,220 $2,450,000 (+43.0%)
No. of Sales (-16.7%) 6 (+150.0%)
Pending (-25.0%) 4 (+200.0%)
Active (-22.2%) 9 (+75.0%)
Sale vs. List Price 96.1% (-2.0%) 98.1% 92.7% (+3.7%)
Days on Market 56 (+61.0%) 35 20 (+179.0%)
Days of Inventory 41 (-9.8%) 45 58 (-30.0%)

 

To dig a little deeper, I pulled up the 4 sales in December and saw that 1 of them sold over list price and 3 sold under. One of the listings sold $180,000 over (and lasted only 2 days on market), or roughly 110% of list price. For the 3 homes that sold under list price, the average days on market was about 87 days. The average underbid around $106,000, put in perspective with the average list price for those 3 being $3,847,667, that’s an average underbid of approximately 3.5%. One sold in 1 day and closed at $100,000 below list price (at around 98.5% of list price), a property over $6mil. Another was on for 213 days and sold at $120,000 below (at 95.6% of list price). The speed of the sale seems to correlate with the sale to list price ratio to some degree.

 

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?

Monte Sereno Homes for Sale

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(all data current as of 1/22/2020)

Listing information deemed reliable but not guaranteed. Read full disclaimer.