The market in Saratoga has not been affected by foreclosures nearly as much as lower priced areas. It is one of the towns that is as close to balance between buyers and sellers as one can imagine in this market but the balance seems to be tipping as sales heat up. Foreclosures are still somewhat a rarity. There is a reasonable amount of unsold inventory from which to choose but mainly over $1M. However, the unsold inventory in all price ranges is 2.07 month supply. In the lower price ranges, it is less. The high tech industry is contributing to more rapid sales in the higher price ranges.
The current inventory of unsold homes in the entire zip code as of April 30 is only 58, up from 55. New listings are selling so fast that it doesn't give the inventory much time to build. They range from $703,800 to $17,500,000 for a splitable lot with 2 very nice homes. The median price is $2,199,000. The median number of days on the market is 32, a very respectable number for a luxury market.
As of April 30, there were 43 homes in various stages of escrow, down from 64. The low is $750,000 and the high is $4,850,000. The median is $1,538,000. The median number of days on the market is an unbelievable 15.
In the three months ended April 30, 92 homes closed escrow, a healthy increase over last report's 69. The lowest price was $649,888 and the highest was $3,325,000. The median price was $1,610,000. The median number of days on the market was only 16, an amazingly low number. This is simply incredible for the luxury market showing that even in the ultra price range, houses can sell quickly when priced right and marketed well!! Of course, it also speaks of Saratoga as a delightful area in which to live.
Reports are circling around the Bay Area that in most of these markets, surprisingly large numbers of high priced homes are selling. A private sale in Los Altos Hills was reported in the newspapers at $100,000,000. There and in Hillsborough, San Francisco, Marin County as well as other luxury towns, activity is getting brisk. It's a good sign carrying the promise of a strong trickle-down effect.
ZIP Code: 95070 Approximate Location Boundaries: Just south of Cupertino and west of San Jose/Campbell
Location Characteristics: A surprise to many, Saratoga was incorporated as a city only in 1956. It was done as a defensive measure to prevent acquisition by the City of San Jose, then in a wildly aggressive annexation program under the direction of its then city manager, A. P. "Dutch" Hamann.
Saratoga then went on to become one of the gems of residential excellence in Santa Clara County. It vies with Los Altos, Los Altos Hills, Los Gatos and Palo Alto as some of the most expensive cities in the State of California. In the west valley, it includes flat areas and edges into the hills where house sites are larger, in many cases several acres with beautiful greenery. There have been some lots of 2-3 acres sell for over $2,000,000.
With an outstanding elementary school district bearing its name, the educational needs of the city are also served by 3 other districts. Saratoga High School is one of 2 that are part of the Los Gatos-Saratoga Joint Union High School District, the other being Los Gatos High School.
There is a quaint downtown district with shops, offices, a hotel and premier restaurants. A parking district has been formed to increase parking facilities as the area caters to many out of town visitors. Higher density shopping can be found on the periphery of town where it abuts San Jose.
Saratoga has a population of just over 30,000 but the zip code, 95070, is 40,000 or more. The city management is well run and has outstanding facilities. Included is a very nice theater used for a variety of events such as plays, musicals and community gatherings.
About Jack Markle:
As a licensed broker since 1980, I have applied my skills, knowledge and professionalism to assist many people in the buying and selling process. A real estate loan agent for some years prior to that gives me an unusual perspective on that process. With a broker's license, it means that I can hang my shingle anywhere and ply the trade. Instead, I prefer to continue, after 15+ years, under the auspices of Coldwell Banker where I find a unique environment in which to practice. We have a marvelous marketing department that provides simply outstanding backroom support. Our on-staff legal department is second to none. Although they cannot offer our clientele legal assistance, they do help us and assure us of the latest knowledge in real estate legal matters. So, it's a great combination of talents. With my lifelong residence in the greater Bay Area, I offer one-stop service over a significant area. So, if you choose to move locally, I am here to help at both ends.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
