With some investors interested in buying in Saratoga, we wanted to know how much home they could afford if they spent $2 million dollars. The sales data for June 2013 shows 16 properties were sold in the range of $1.5 to 2,5 Million dollars. We will also be writing more about the Foreclosure Activity in Saratoga in June 2013 to help our investors chart a strategy for buying in Saratoga.
But let’s examine what happened at the top end of the market in Saratoga during June 2013 :
List Price Range : $1,295,000 to $2,800,000
Sold Price Range: $1,511,000 to $2,500,000
1) Average List Price Per Sqft: The price per square feet for these 18 sales in Saratoga $687.38.
2) Average Size: The average of home size for these sales was 2,896 square feet in size which is larger than Mt. View and Los Altos sold last month.
3) Average Sale Price: The Average Sale price of these 5 homes was $1,971,502.
4)Days on the market: Average Days on the Market for these 16 homes were 31 days. But some of these Saratoga Homes sold between in less than 15 days which is remarkably quick given the sold price of these homes which is typically of cash purchases.
5) Sale Price Per Sqft: These Mt. View homes sold for $704.79 per sqft which is a good indication of a sellers market since they are getting more than 100% of their list price.
So the answer to the question what you could get for $1 Million dollars in Mt. View is an average size home with 2,896 square feet.