There were no big changes in the Saratoga real estate market in September. Price indicators were mixed but steady, and sales declined a little, as did inventory. Fewer homes were actively listed than at any time since February. It’s typical for activity to slacken in the fall and winter and what we are seeing in Saratoga is consistent with normal seasonal variations.
The average sale in September was for 101% of the list price, up from 100% in August but down a little from 102% a year ago. September’s median sales price was $2,330,000, less than 2% off August’s $2,370,000 but 15% higher than September 2015’s $2,020,000. After falling the past two months, the price per square foot increased 5%, from $885 in August to $928 in September, which was also 3% higher than a year earlier.
INVENTORY AND SALES
In August, inventory took a big drop, losing 24 units. September’s decline was a much more modest two homes, leaving a total of 84 actively listed properties at the end of the month. That compares to 102 a year ago. 32 sales went to contract during September, down from 38 in August but six more than a year ago. A 2.6 month supply relative to pending sales was on the market at the end of September, up from 2.3 months at the end of August but well below the 3.9 month supply available a year ago. Closed sales also fell a little, from 32 in August to 29 in September.
DAYS TO SELL
September’s sales were on the market an average of 31 days, five less than August’s sales. In September 2015, homes were listed for an average of 25 days.
Inventory and Pending Sales by Price Range
Under $2 Million
Fewer homes priced under $2 million were actively listed at the end of September than in any months since February 2015. Only 19 of these properties were for sale at the end of September, compared to 21 at the end of August. 13 sales went pending during September, two less than in August. A 1.2 month supply was available at the end of September, down from 1.9 months at the end of August. While this segment made up only 19% of Saratoga’s inventory, it accounted for 41% of pending sales.
$2 Million to $2,999,999
The $2 million to $2,999,999 price range accounted for 35% of inventory and 47% of pending sales for September. 15 sales went to contract during September, down two from August. Inventory fell by three units to end September with 29 homes for sale. Inventory relative to sales was little changed at 1.9 months.
$3 Million and Above
Only four sales of homes in the $3 million-plus segment went to contract during September, compared to 10 during August. Inventory fell six units, from 38 at the end of August to 32 at the end of September. That meant a big increase in the supply relative to sales, from 3.5 months at the end of August to 9.8 months at the end of September. 12.5% of the city’s pending sales were in this segment, as was 46% of inventory.
Check out these other Real Estate Market Conditions Reports for September 2016: