Buyers Market: As the chart above shows, according to Altos Research, Saratoga CA has been a “buyers market” since late 2007.  This means that the rate at which homes are being absorbed (sold) is relatively slow compared with total available inventory.  This market condition is more the case in the upper price range, but there was a good price distribution of Saratoga home sales during 2010 as the detail below shows.  There was actually a hot market for homes within the Saratoga school district in the $1.3-1.5 million price ranges during the Spring, 2010.

Sales Volume: There were 287 homes sold in Saratoga, CA during 2010.  Note: this includes only those homes listed on the Multiple Listing Service and there were a few properties sold, but not listed.  This volume  is up from 2009 and 2008, but lower that previous years prior to the national recession.  The average and median price of Saratoga homes sold during 2010 was actually higher than in 2004.

Price Range: Prices of detached homes actually sold (closed escrow) in 2010 ranged in price from $5.6 million to $456,000.

Inventory : At the start of 2011 there were only 68 detached homes and 8 attached homes listed on the Multiple Listing Service in Saratoga, CA.  This is expected in increase seasonally this Spring.

Distressed Sales: There were only 20 detached homes sold through the MLS that were distressed (Real Estate Owner or Short Sales) – this represents less than 8% of the market!

Days on Market: Many overpriced homes have been on the market quite a while, but for those properties that actually sold (closed escrow) the DOM in 2010 was a reasonable 66 days.

Here is the detail for 2010 detached homes sales (closed escrow) in Saratoga, CA:

Here is the detail for attached homes sold (closed escrow) in Saratoga, CA:

Rick Bonetti | APR Referral Network | 408-8800 | DRE #01237009

Because of seasonally low inventory, home sales in Saratoga, CA are brisk in the under $2 million range if they are well priced.  One year ago inventory of single family homes was 167 – today it is only 106 homes available.  Pending sales increased from 17 last year to 41 at present, with frequent multiple offers for moderately sized family homes in the Saratoga school district.

There were 13 sales in the past week!:
21955 Via Regina – $3,250,000
19404 Sobey Rd. – $2,250,000
15142 Sobey Rd. – $2,195,000
18806 Harleigh Dr. – $1,850,000
14664 Bougainvillea Ct. – $1,849,000
16325 Sanborn Dr. – $1,610,250
19620 Scotland Dr. – $1,598,000
13132 Glen Brae Dr. – $1,595,000
19375 Portos Ct. – $1,498,000
13705 Howen Dr. – $1,398,000
12568 Northampton Ct. – $1,299,000
19935 Sea Gull Wy. – $1,200,000
18570 Aspesi Dr. – $899,000

Rick Bonetti | Alain Pinel Realtors | Saratoga, CA  |408-857-8800

There are 12 new listings in Saratoga this week. There are 116 residential MLS listings available with an average price of $2,241,933.

Inventory of homes for sale in Saratoga, CA 95070 is climbing, but is still a low 86 detached and 11 attached homes.  Last week 21 detached homes were added to the inventory including 3 homes where unfortunately the transaction fell through (TFT).  Four attached homes were added to the market of available homes for sale in Saratoga.

There were 6 new pending detached sales in Saratoga (including one high priced home on Cuvilly that went into contract last year) and 1 attached home.

Only one detached home on Kosich Ct. closed escrow at $1,160,000.

Go to my website www.RickBonetti.com for detailed information.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE # 01237009

Last week I reported the avalanche of positive market response to a Saratoga listing Moe Baniani and I have on Wolcot Way and how the Cupertino market is hot.  Today,  in an email to our Alain Pinel office, Alexis Lake, a new agent, gives more evidence as she reports her experience selling her personal home in Saratoga this past week vs. last fall:

“We just sold our house on Obrad in Saratoga with multiple offers to a highly qualified buyer who I’m very confident will perform. We had our Obrad house on the market 4 months ago for a short while and then withdrew it. The market certainly has shifted since September and a compelling statistic that supports this shift is the click thrus on the tour factory virtual tour.”

“In September, it felt like buyers were on Quaaludes, moving very slowly, with absolutely no sense of urgency. Worse, when they finally got in contract, I saw several transactions end up TFTing. (Slow and nervous)”

“Now, it is like buyers are on speed, have all their ducks in a row and are not only motivated and ready, but very likely to perform. (Fast and furious)”

“Take a look at these # of views from Tour Factory for the first 5 days on the market for 12320 Obrad Drive:

NOW                             THEN
1/25/10   1734     9/15/09     27
1/26/10  1,720    9/16/09    673
1/27/10     973     9/17/09    492
1/28/10     837     9/18/09    549
1/29/10     373     9/19/09    517
TOTAL    5,657                      2,258

“250% more views this time around – with the skew of the views towards the listing date vs. a somewhat even distribution of views in September.  Not sure how long this window of opportunity will last, but it sure looks like a good time to sell.”

Here is additional information from Alain Pinel agents Mark Wong and Carol Li:

Palo Alto

• “12 offers received Thursday on 3499 Greer Road. 4beds/2baths, 1,659sf, 8,591sf lot, original condition, Eichler house, listed at $969,000, sold over $1M.”
• Approx. 14 offers received Thursday on 842 Sycamore with 3beds/2baths,1363sf, listed at $949,000. Offers had no contingencies, as is, some with all cash offers.

Cupertino

• 1145 Hunterston Place with 3 bd 2ba, 1,190 sq ft in 6,400 sq ft lot listed at $918,000. With one open house attracted 17 offers and sold for $985,000. The buyers came in with NO contingencies and in AS-IS condition. Several were ALL CASH buyers.

“For the last 28 months, no property in Cupertino was sold over 2.6 million. Yes, there were quite a number of properties listed more than that and ended up with no sale and off the market. Suddenly there were 2 sales over 3 million in the last month. My take is that there are buyers (all cash) out there really see this once-a-lifetime opportunity to buy.”

“The climate in the high-end market, at least in Cupertino, is moving from a dormant to the active territory.The market has already hit the bottom, buyers are out trying to catch the last train. US dollar is still very weak. Oversea investors love bottom fishing and consider real estate in the United States very ‘cheap’.”

West San Jose

• “1212 Lynbrook Way was on the market for 6 days and attracted 21 offers. It is a 3/2 ranch house with 1,599 sq ft of living space. It was listed for $968,000 and sold with NO contingencies in AS-IS condition, about $100,000 over the listing price.”

“West San Jose 95129 with top Cupertino schools used to be the second choice for home buyers versus real Cupertino address 95014 with Monta Vista High. Not anymore…”

Foster City

• “Approx. 4+ offers received yesterday on 1121 Catamaran listed at $888,000,  4/2, 1900sf. It was on the market for about a week only.

East Palo Alto

• “5+ offers received on 128 Abelia way listed at $232,000. Those properties were sold at over $600K two years ago. Buyers are the investors and first time buyers.”

For more up to date reports from the “home front” subscribe to SaratogaVoice blog or call me to find out how these trends apply to your individual situation.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE # 01237009

Here are some local resources for green building materials:

Flooring:  Earth and Company, 249 El Camino Real, Redwood City, CA 650-261-3500
Cabinets:  Golden Gate Kitchens, 272 E. Campbell Ave., Campbell, CA 408-370-2388
Countertops:  Design 101, 1821 Saratoga Ave., Saratoga, CA 408-873-1100
Tile:  Tile Fantastic, 22910 S. Bascom Ave, San Jose, CA 408-371-6247

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE#01237009

Saratoga real estate continued to have strong sales activity in August 2009 and during the first half of September.  There have been 17 new sales since the end of August.  At mid-month September, Saratoga has 39 pending sales and the detached inventory available for sale had dropped to 128 homes.  Unfortunately about 1/3 of Saratoga pending sales are short sales so this is negatively effecting market values. Click here for more detail.

There continues to be good news about the economy in Silicon Valley, with the Mercury News reporting that the housing market is improving.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE #01237009