There are many factors impacting the Los Gatos real estate market, including the price point and the elementary or high school district. Today we’ll look at the Los Gatos realty market by pricing tiers and high school district using the months of inventory as a data point. The months of inventory, or MOI, is the currently active (for sale, no contract or pending sale) homes for sale divided by the number of homes using the same criteria which have closed escrow in the last 30 days.
These numbers were run today using MLSListings.com and it’s possible that a few more homes will be recorded as closed sales or new homes added to the market after we ran these numbers. One other disclaimer: sometimes the number of closed sales is very low or is at 0. This can be for many reasons. In some cases, there are a few which are sale pending and simply haven’t closed recently. In other cases, the opposite could be true, indicating a possible lack of demand or inventory. That being said, what do the numbers say?
Los Gatos real estate months of inventory in 95030 and 95032 combined
The overall MOI still shows a clear, stable sellers market. While the best movement is usually in the lower to mid price points, there is currently good turnover all the way from the $1 – $4 million range. Every market is selling exceedingly well except for in the highest luxury sector where there is inventory but no demand.
So what does it all mean? That Los Gatos remains in a sellers market, that demand is proving to be steady, especially throughout the middle ranges with slower movement in the mid-range markets where there is the most inventory.
Here is the chart from last month for comparison:
All of Los Gatos 95030 and 95032, both high school districts – overall, it’s a clear seller’s market.
The real estate market for homes with the Los Gatos – Saratoga Joint Union High School District only
Now let’s view just the homes which are in the Los Gatos – Saratoga Joint Union High School District (or homes “in the schools” as locals say). Continue reading
Each month, we update the Los Gatos real estate statistics and market trends with the latest information on closed sales for the prior month. We’ll review the Los Gatos inventory of homes for sale, the number of homes sold and under contract, and of course the median sale price and average sale price of sold properties. There’s one report for single family homes, meaning houses and duet homes (duet meaning attached single family), and another for condominiums and townhomes. This report covers the 95030 and 95032 areas of town, but not the Los Gatos Mountains, which is zip code 95033 and consists of unincorporated areas in Santa Clara County and also Santa Cruz County. To make this comprehensive, I have two subscriptions that are utilized here: REReport and Altos Research. The first one uses sold / closed figures, and the latter one uses current listings (and is updated automatically each week).
This first chart is very interesting, as it reveals that the number of homes sold has dropped while average days on market have also fallen.
Los Gatos real estate statistics and trends from the RE Report
How’s the Los Gatos market? Real estate inventory and sales often slip in December, during the holiday season, and rise in the summer. We saw some of that throughout Silicon Valley, including in the town of Los Gatos. Year over year, the median and average home prices have seen increases. Inventory shows fewer active and more pending. The sales to list price percentage has remained very stable and average days on market remain fairly low. This suggest a stable seller’s market.
The real estate numbers below reflect realty data gathered the first week of the month for the past month in Los Gatos 95030 & 95032. See the full REReport here.
|Trends At a Glance||Sep 2017||Previous Month||Year-over-Year|
|Median Price||$2,384,000 (+3.8%)||$2,297,500||$1,635,000 (+45.8%)|
|Average Price||$2,567,270 (-6.4%)||$2,742,170||$2,012,780 (+27.5%)|
|No. of Sales||44 (+37.5%)||32||32 (+37.5%)|
|Pending||39 (-17.0%)||47||31 (+25.8%)|
|Active||47 (-9.6%)||52||82 (-42.7%)|
|Sale vs. List Price||101.1% (0.0%)||101.1%||98.9% (+2.3%)|
|Days on Market||42 (-2.7%)||43||42 (+0.6%)|
|Days of Inventory||31 (-36.5%)||49||74 (-58.3%)|
And the chart from last month for reference:
|Trends At a Glance||Aug 2017||Previous Month||Year-over-Year|
|Median Price||$2,297,500 (+10.7%)||$2,075,000||$2,098,000 (+9.5%)|
|Average Price||$2,742,170 (+22.6%)||$2,237,580||$2,551,460 (+7.5%)|
|No. of Sales||32 (-15.8%)||38||23 (+39.1%)|
|Pending||47 (+62.1%)||29||30 (+56.7%)|
|Active||52 (-23.5%)||68||82 (-36.6%)|
|Sale vs. List Price||101.1% (-2.5%)||103.7%||97.2% (+3.9%)|
|Days on Market||43 (+77.4%)||24||46 (-6.6%)|
|Days of Inventory||49 (-9.2%)||54||107 (-54.4%)|
It’s time to decorate some pumpkins! Sereno Group is hosting its 8th annual pumpkin decorating contest and invites kids to transform a small pumpkin into a work of art! This is not a carving contest and there should be no punctures of any kind as these works of art will need to last, and any cuts will cause rotting.
Every child who enters will get a small gift. Voting on the best work of art will take place during office meetings for each of three age groups, with the winner of each getting a prize.
Small pumpkins are being given away at the Sereno Group office locations in Los Gatos, Saratoga, Willow Glen, Aptos / Santa Cruz, Los Altos and Palo Alto – please see flier for office hours. O[tionally, entrants may bring their own small pumpkin.
The deadline is Friday, October 20th, 2017. Have fun – we cannot wait to see the decorated pumpkins!
St. Mary’s Country Fair in Los Gatos is a fun, annual community event that always occurs the second weekend of October. This year, it’s October Oct 6th – 8th, 2017.
Open to everyone, and with no admission fee, the three day fundraiser is a great place to enjoy so many cool things, including:
- carnival rides
- bouncy house (several)
- country store shopping
- arts & crafts (such as pumpkin decorating)
- martial arts displays
- dining (good and affordable!) – several food booths to choose from
- pancake breakfast on Sunday morning
- play games
- giant slide
- spaghetti dinner
- full service coffee shop
- talent show
- live bands
- bingo (of course!)
This is a fabulous place to walk through and simply bump into friends & neighbors from all over Los Gatos and the nearby communities. It’s also a fun place to take photos. Each day is a little different, some return again and again!
St. Mary’s Church and School are located in downtown Los Gatos on Bean Avenue near Tait (and near North Santa Cruz Avenue) in the historic Almond Grove neighborhood. You can also reach the party by coming from Main Street and Lyndon Avenue.
Like a bargain? There’s an easy way to save money. Visit the parish or school office before Friday at 2pm and buy your Butler ride tickets at a substantial discount – and avoid the lines! (Tickets are sold in the 2 weeks leading up to the fair most years.)
Also, much of the Almond Grove District of Los Gatos has permit parking only in the evenings. So don’t park in the neighborhood! There are lots of public parking spaces between North Santa Cruz and University Avenues in Los Gatos, and they are no cost, so park there instead. I usually like to park between North Santa Cruz Avenue and University Avenue in the public lot. If you’re in biking distance, consider cycling in – just remember lights are required when biking in the dark, and remember road safety!
Hello fabulous Live in Los Gatos Blog readers! Here’s a quick update on a few Los Gatos, Saratoga events coming up in early fall:
- Sat, Sept 23 Eat Drink Los Gatos (expands upon the Fall Wine Walk)
- Sept 30 – Oct 1st Russian Festival – St. Nicholas Orthodox Church of Saratoga
- Oct 1st 1-4pm Saratoga History Mid-Autumn Festival Celebration
- Oct 1st 1pm Saratoga History Free Lecture on the Transcontinental Railroad and Chinese Exclusion Act
- Oct 5-8 Los Gatos Irish Writers’ Festival
- Oct 6 – 8 St. Mary’s Country Fair
- Oct 8 1-4pm Saratoga History Come Celebrate the India Showcase
- Oct 12 7:30pm Saratoga History Free Film on John Philip Sousa
- Oct 15th noon – 4pm The Club at Los Gatos – Pickleball Tournament
- Oct 28 Saratoga Village Witchy Walk-A-Bout 2pm-4pm – Saratoga’s city site only has old info, but I believe it’s 2-4 on Saturday Oct 28th this year (we’ll update if we can find current info)
Hope to see you at some of these soon!
The City of Monte Sereno is quite small, with just about 4,000 residents, so the number of houses sold in any given month will always be extremely small. For that reason, the data may appear to jump around wildly compared to Los Gatos or Saratoga, which each have about 30,000 people living there. Please take all the stats with a tablespoon of salt, and be sure to view the Los Gatos housing market data to get a more accurate picture of what’s happening with Monte Sereno homes (just add a little to the price tag as homes there tend to sell for a bit more than LG properties).
Something else to be aware of is that most houses are in the Los Gatos Union School District, but a small pocket of properties lies within the Campbell School District. Those with Campbell schools usually sell for a little less. Additionally, most of this city is within the 95030 zip code, but again, there’s a small pocket which is in the 95032 area.
Finally, there are only houses in this cities – condos, townhomes, or any other type of housing – and there are no businesses, either. Being 100% residential and single family homes most likely has a large impact on the home values here, though in many areas of Silicon Valley, being in “walking distance” to a coffee shop or grocery store can be a huge plus.
Disclaimers aside, here’s the most recent info:
|Trends At a Glance||Aug 2017||Previous Month||Year-over-Year|
|Median Price||$3,562,500 (+20.8%)||$2,950,000||$4,000,000 (-10.9%)|
|Average Price||$3,755,000 (+11.3%)||$3,373,000||$4,322,670 (-13.1%)|
|No. of Sales||4 (-33.3%)||6||3 (+33.3%)|
|Pending||4 (0.0%)||4||2 (+100.0%)|
|Active||5 (-44.4%)||9||12 (-58.3%)|
|Sale vs. List Price||97.2% (-4.1%)||101.4%||98.2% (-1.0%)|
|Days on Market||82 (+17.7%)||70||76 (+8.4%)|
|Days of Inventory||38 (-16.7%)||45||120 (-68.8%)|
And the chart from last month for comparison:
|Trends At a Glance||Jul 2017||Previous Month||Year-over-Year|
|Median Price||$2,950,000 (+8.3%)||$2,725,000||$1,435,000 (+105.6%)|
|Average Price||$3,373,000 (+17.6%)||$2,867,500||$1,720,000 (+96.1%)|
|No. of Sales||6 (-25.0%)||8||3 (+100.0%)|
|Pending||4 (0.0%)||4||3 (+33.3%)|
|Active||9 (-25.0%)||12||14 (-35.7%)|
|Sale vs. List Price||101.4% (+2.2%)||99.2%||96.3% (+5.3%)|
|Days on Market||70 (+84.5%)||38||24 (+194.4%)|
|Days of Inventory||45 (+3.4%)||44||140 (-67.9%)|
Another great source of realty trends is Altos Research, to which I also have a subscription. Altos uses list prices, though, whereas the RE Report uses sold. What I really love about these reports, though, is that market can be viewed by price quartiles, as sometimes the luxury market in an area may be behaving very differently from the entry level market. The charts below are dynamic and will be updated weekly.
SALE PENDING – 12 DAYS ON THE MARKET!
East Los Gatos view home for sale! Rare opportunity to purchase a beautifully updated and remodeled home with enticing valley views in a close in location adjacent to Belgatos Park! 4 bedrooms, 2 bathrooms and offered at $2,288,000. Stunning vistas, stunning home – check out a few details here, then head to the virtual tour to get the whole story.
This stunning single story house features valley views from all of the main rooms: living room, dining room, kitchen, and family room. Additionally, there’s a large and comfortable deck leading to the front door from which the views can be enjoyed as well.
Brazilian cherry hardwood runs throughout the house, part of the extensive updating and remodeling done by the sellers in recent years. The kitchen and all 3 baths have been remodeled as well. The remodeled kitchen offers stainless, granite, vaulted ceilings, recessed lights, a pantry, nook, and views to both the valley and the back yard. It’s also open to the kitchen. The dining room and living room are both just off the entry, and makes for a nice “open floor plan” feeling.
The house features 2856 SF of living space plus a home office with approximately 256 SF just off the 2 car garage, for a total of 3112 square feet. Both the office and garage have been improved with drywall, heating, and air conditioning. The garage is currently being used as a gym, but it has a beautiful 2 car carriage style garage door, electronic door opener, and regular slab floor under the gym mats – so can use used as a garage within minutes.
The lot is 13, 939 SF and provides a lovely flat area in the back yard for entertaining. A large pool and spa make a fantastic centerpiece with a backdrop of nature. Along the side yard there’s more space with another patio area and planting beds.
So many extras – plantation shutters, dual pane windows, air conditioning, fan lights, superior access to the back yard to name just a few.
With 4 bedrooms and 3 full baths, this lovely East Los Gatos view home will steal your heart. Please check out the virtual tour of 211 Westhill Drive, Los Gatos to see all of the details and photos, or enjoy a sample from the slider, below, of this striking east Los Gatos view home!
SLIDESHOW OF 211 WESTHILL DRIVE, LOS GATOS :
Please also see info on this lovely East Los Gatos view home at 211 Westhill Dr., Los Gatos, at the Valley of Heart’s Delight blog.
The August real estate market in Los Gatos is usually a bit slow. Inventory, even in a normal year, tends to shrink in August, and with it, a lot of sales activity. Many home buyers and home sellers take the month off, sneak in one last vacation, get kids ready to school, or perhaps deliver older ones to college. Real estate often takes a back seat for a few weeks in August (and sometimes early September, too).
August and the Los Gatos Housing Market: it’s all about inventory levels
This year is worse than most in terms of buyers having any selection with record low levels of inventory throughout Silicon Valley. Have a look at the chart from January 2011 to today for Los Gatos single family homes – zip codes 95030 & 95032 (pulled from MLSListings this afternoon):
Buying and selling homes in Los Gatos and Monte Sereno right now
For home sellers, this August has been a great month to market your home and to get it sold, despite vacations and student issues, because demand is so high for the minuscule amount of housing for sale. For home buyers, it feels like a crazy real estate game of inventory limbo: how low can it go? How many offers can get thrown at a single listing?
One way of looking at it is to consider the ratio of available houses for sale vs those under contract. Right now in Los Gatos 95030 and 95032, there are 55 single family homes on the market, and there are 50 in some stage of “sale pending” (with or without contingencies). That’s pretty close to 100%. (Monte Sereno is such a small market area that the numbers are too wonky to be useful – we need a larger sample for reliability.)
The number sold and closed in the last 30 days is 31. The months of inventory is the actives divided by the closed in the last 30 days, so 55 / 31 = 1.77 months of inventory for ALL houses, all schools, all price points, all conditions, all locations – good and bad alike. That is a red hot sellers’ market! (Every month or two I update this article here on Live in Los Gatos: “Los Gatos real estate market trends by price point and high school district” – please check back for an update on those numbers soon.)
What has been true for most of 2017 still holds true in August: the nicely updated and remodeled homes in the lower prices to move-up prices in Los Gatos continue to sell well (quickly, often with multiple offers) if they are priced right. Specifically, these are homes under $3 million with no special challenges (location issues, lot issues, strangely configured layout, too many stairs, too much deferred maintenance, a combination of a large pool and small back yard, and so on).
What does it take to be a successful home buyer in Los Gatos or Monte Sereno right now? How to maximize buying or selling in the current market conditions
Buyers: For the lower priced homes, you will need to be quick as they usually won’t last more than 8 to 10 days before the offer date and multiple offers pour in. If you can get out to see the property soon after it hits the market, you’ll have enough time to study the disclosures and get guidance from your buyer’s agent on those and the comps. If you wait to see something on a Sunday afternoon and offers are due Tuesday, you will have a very unpleasant couple of days as you rush to be ready and prepared. With the more expensive properties, they may take longer to sell, but at any given moment things could change and suddenly there are 2 offers rather than just your one.
Sellers: Being super well prepared so that you hit the ground running is absolutely key to selling your home quickly and for top dollar. That means doing the presale inspections, ordering HOA docs (if applicable), and having your disclosures completed before a buyer ever sees the home. It also means taking your Realtor’s guidance to heart in regard to staging / decluttering and easy access for buyers. If it’s too hard to see, or it does not show well, you may not sell it for as much. Price carefully! The number 1 problem with homes that do not sell is price. Aim too high and you won’t get the traffic or the offers. If you aim a little low, you may draw multiple offers and push the price higher than you could have imagined.
The market can be a little funny sometimes. I’ll attend an office meeting and hear discussions about multiple offers and once in awhile there’s a particular property that seems to have trouble. When that happens, it’s very important to try to get feedback from the buyer’s agents. While often the problem is a too-high price, sometimes it’s something easier to adjust to effect a sale. Communication between Realtors can be invaluable so that you don’t reduce the price when perhaps a less expensive fix will do.
September is just around the corner, and it promises to be a busy one as a slight influx of inventory should bring a strong flurry of activity.
If you are thinking of buying or selling a home, please contact me for a confidential consultation on what it takes to get the best deal possible in the current market.
Every September, the Town of Los Gatos hosts a free movie at Oak Meadow Park in the month of September for kids and kids-at-heart. This is the annual “Screen on the Green“.
September 15th’s the night for the 2017 Screen on the Green! Fun activities for children begin at 6:00pm, with train rides, carousel rides, face painting, games and more. The film, Disney’s Moana, will begin at 7:30pm and will be projected onto a 25′ inflatable screen on the meadow. A snack bar will be open from 6:30-8:30pm, so have dinner before or bring a picnic. Bring a picnic and some blankets, then come early to grab a good seat!
Attendees, it is important to bring layers and something low to sit on – blankets, cushions, or low backed lawn chairs, are alright. I always bring a flashlight for after the show. The gopher holes in the lawn are easy to find by accident with your foot.
For additional details, please see the Los Gatos town website page for Screen on the Green:
Need something to do on Labor Day weekend? The Los Gatos Park Dance is back during the holiday weekend – the 5th annual at Oak Meadow Park. The first year over 2000 people attended and it’s been growing ever since!
Los Gatos Park Dance Details
Cost: FREE – courtesy of the Los Gatos Community Foundation
Date & Time: Saturday, September 2nd, 5:00 – 7:15pm
Location: Lyndon Bandstand, Oak Meadow Park, Los Gatos
Same musical lineup as the last couple of years: The Johnny Neri Band opens for The Houserockers (a Los Gatos band).
What else: to get a good spot, arrive early! Bring a picnic supper. Beer and wine are allowed with meals (no other alcohol). Bring layers, as it cools down once the sun sets. Prepare to dance on the lawn, so wear comfortable shoes and watch out for gopher holes as you leave – they can be hard to spot in the dark.
Parking at Oak Meadow Park is free to town residents, but if you’re a local, you know that it fills up fast. You can park on nearby public streets if that happens, or try Vasona’s parking, which will cost a little.
Learn more about Music in the Park and the Dance through the link: http://lgmip.com/