People always ask me “How’s the market?” and I usually respond that real estate is very micro-localized and varies with price range.

With that qualifier, it is fair to generalize that the real estate market in Saratoga, CA 95070 has been somewhat cooler for several weeks as demand has waned (paralleling the general decline of the stock market since early May) and inventory has increased seasonally.

Perhaps with the recent stock market uptick during the early days in July we will again see a surge in real estate activity too, which we experienced earlier in 2010??

According to Altos Research’s Market Action Index it has been a “buyers market” in Saratoga since fall 2007, in that the current sales rate versus inventory is less than 30:

Average home prices in Saratoga bottomed out in 2009, rising sharply toward the end of the year and then started a downward slide that appears to have stabilized now at a higher level than the previous year.  32% of listed properties have had a price decrease! More expensive homes, rather than those under $2 million have taken more of a hit.

The median list price is currently $1,795,000.  To put things in perspective, this “average” Saratoga home is a large, 3,059+/-sf, 4br/4.5ba home on a 1/4 to 1/2 acre lot – prime real estate!

Keep in mind when we’re talking averages there may still be multiple offers for well priced homes.  There are some good values in all price ranges depending on the motivation of the sellers.

As a home seller, now rather than later this fall may be a better time to put your home on the market as we expect inventory to continue to rise this summer.

Call me for specifics that apply to your situation as either a home buyer or home seller.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800

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