Ananya, Other/Just Looking in 95014

Is the market for homes in Saratoga over $2M softening? We seem to be a seeing many homes on the market that

Asked by Ananya, 95014 Thu Dec 20, 2007

have been listed for months.

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I would say that the market is clearly softening. As Ali pointed out, we need a point of reference. In terms of $/sqft Saratoga has declined by ~10%, and the decline appears to be accelerating. Also inventory has risen 66% over the last year during the same time period. Moreover, the market action index is a very bearish 12.34, representing a 40% decline year over year.

It appears that the decline at this stage means you can get a bigger house for the same money. But you have to ask yourself, with the technology sector showing little or no appreciation over the past 10 years, why would you expect for housing to not show a correction? The high end segment of the market always corrects last, but correct it does. This is just beginning.
5 votes Thank Flag Link Mon Apr 27, 2009
Hello Ananya,
"Softening" is a subjective term. Here are some data you can use to decide for yourself:

1. 39 homes sold in the last 6 months over $2Mil in saratoga
2. The average number of days in the market for these homes is 140 days.
3. Asking price Vs. selling price. On average homes have sold $101,000 less than asking

In order to decide if the Saratoga market is softening, there must be a point of reference. As compare to what.
If we compare the same data with last year, this what we have:
1. Homes sold 31
2. DOM: 119
3. Listing Vs. Selling On average homes have sold $180,000 less than asking

So compare to last year slightly longer market window but better selling price. Now you make the call.
2 votes Thank Flag Link Sat Dec 22, 2007
The core thing is about loan. It is really harder to get a loan over $729K. Jumbo loan's rate is pretty high.
In current market, the properties's price under $750, there lots of buyers on the market. But over it, there are much less buyers. In Saratoga, if property is located at Saratoga union scholl DR, it might be betetr than campbell union DR. For buyer, it might a good timing to find a right house at the right price. Besure the loan has no problem first.
Web Reference:
0 votes Thank Flag Link Wed Jul 15, 2009
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