Inventory: Saratoga homes for sale remains low at 107 homes.  New pending sales are offsetting new additions to available inventory.  There are relatively few distressed properties listed for sale in Saratoga, CA, but there are more coming as owners face 5 year ARM call dates.

New Pending Sales: May 2010 was a good month for sale in Saratoga, CA (MLS area #17).  Last week there were 7 new pending sales ranging in price from $1.388 million to $2.899 million.

Most of the homes around $2 million or below sold rapidly;  this included homes on Woodmont, Myren, Marion Road, Bank Mill Road and Cherry Lane.  One unusual property was a $1.8 million sale with approved and permitted building plans for new construction on a half acre lot.   A couple of homes (Via Roncole and Casa Blanca) were on the market longer and had price reductions but eventually sold at good prices.  One (Brandywine) was short sale.

The two most expensive homes that sold this last week were on the market a considerable length of time with significant price reductions, but neither were technically distressed sales:  1) A property at the base of Bohlman Road had 285 DOM [days on market] and dropped in price from $3.798 million to $2.899 million before finding a buyer;  2) Singing Hills had 425 DOM and dropped in list price from $3.75 million to $2.675 million.

New Listings: This past week there were 12 new properties that came on the market, including the following two listed by business partners Baniani & Bonetti:

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