Real Estate Market
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 we saw some of that throughout Silicon Valley, including in the town of Los Gatos. Year over year, the median and average home prices are fairly stable. Despite increased inventory, the sales to list price percentage has gone up and average days on market remain low. This suggest a warming 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||MAY 2017||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||-7.1%||$1,950,000||$2,100,000||0.0%||$1,950,000|
|Average Sales Price||-5.2%||$2,128,200||$2,244,650||+3.0%||$2,065,370|
|No. of Homes Sold||+34.8%||31||23||+6.9%||29|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||N/A||0|
|Sales Price vs. List Price||-3.1%||101.8%||105.2%||+0.4%||101.5%|
|Average Days on Market||-34.5%||26||40||-8.4%||28|
Los Gatos real estate statistics and market trends At A Glance
- Median home prices fell by 0.0% year-over-year to $1,950,000 from $1,950,000.
- The average home sales price rose by 3.0% year-over-year to $2,128,200 from $2,065,370.
- Home sales rose by 6.9% year-over-year to 31 from 29.
- Active listings rose 19.6% year-over-year to 116 from 97.
- Sales price vs. list price ratio rose by 0.4% year-over-year to 101.8% from 101.5%.
- The average days on market fell by 8.4% year-over-year to 26 from 28.
Compared To Last Month
- Median home prices slipped by 7.1% to $1,950,000 from $2,100,000.
- The average home sales price fell by 5.2% to $2,128,200 from $2,244,650.
- Home sales up by 34.8% to 31 from 23.
- Active listings increased 27.5% to 116 from 91.
- Sales price vs. list price ratio dropped by 3.1% to 101.8% from 105.2%.
- The average days on market dropped by 34.5% to 26 from 40.
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:
- Median home prices fell by 3.4% year-over-year to $2,415,000 from $2,500,000.
- The average home sales price dropped by 0.4% year-over-year to $2,491,250 from $2,500,000.
- Home sales rose by 300.0% year-over-year to 4 from 1.
- Active listings fell 21.4% year-over-year to 11 from 14.
- Sales price vs. list price ratio fell by 16.3% year-over-year to 96.2% from 114.9%.
- The average days on market rose by 270.9% year-over-year to 45 from 12.
Compared To Last Month
- Median home prices slipped by 5.6% to $2,415,000 from $2,557,500.
- The average home sales price fell by 2.6% to $2,491,250 from $2,557,500.
- Home sales up by 100.0% to 4 from 2.
- Active listings dropped 8.3% to 11 from 12.
- Sales price vs. list price ratio dropped by 2% to 96.2% from 98.2%.
- The average days on market increased by 27.1% to 45 from 35.
|Trends at a Glance||MAR 2017||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||-5.6%||$2,415,000||$2,557,500||-3.4%||$2,500,000|
|Average Sales Price||-2.6%||$2,491,250||$2,557,500||-0.4%||$2,500,000|
|No. of Homes Sold||+100.0%||4||2||+300.0%||1|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||N/A||0|
|Sales Price vs. List Price||-2.0%||96.2%||98.2%||-16.3%||114.9%|
|Average Days on Market||+27.1%||45||35||+270.9%||12|
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.
How long will it take to sell your Los Gatos home? If you own a house in Los Gatos, 95030 or 95032, the answer is “it depends”. Naturally part of the formula will be the condition of the property and how aggressively it’s priced. The pace also will be a function of schools and price point. Generally speaking, the lower priced single family homes tend to sell the fastest (assuming that it’s priced and marketed well and doesn’t have any “issues”). That’s true in all neighborhoods and subdivisions. (The Los Gatos Mountains area, or 95033, is a different market.)
Today, let’s take a look at the Los Gatos real estate market for home sellers by pricing tier and high school district with a view toward the number of days on the market. (You can read about the ratio of actives to solds and the absorption rate at the article linked below under Related Reading.)
We’ll begin with a look at the town as a whole. For homes actively listed and not yet sold or sale pending in town, have a look at the number of properties for sale and the days on market (“DOM”) for each price point:
The average “days on market” for all homes is 70, so you might think that this is how long it will take to get your home into contract. That’s not the case, though, as some homes never sell (even in a red hot economy like ours). Others sell really fast.
What we can see, though, is that the homes in the lowest price point haven’t been on the market long – a hint that this is the market segment that is moving.
Next, let’s have a look at the part of LG 95030 & 95032 with Los Gatos High School.
Notice that the average days on market for this group is 47, not 70. Most groups have double digit days on the market. So perhaps not flying off the market, but not bad by national standards, and certainly faster than the town as a whole. It looks like the answer to “how long will it take to sell” may be improved by being “in the schools”.
How long will it take in the areas with either Westmont High or Leigh High? Overall, a much longer “days on market” are present for the active listings with 124. But the lower prices, up to $2 million, are extremely fast with the few homes in that band only being available for about a week or less.
The actively listed properties are everything available – the good as well as the not so good. If we look at pending sales, though, we’ll get an idea on how fast buyers take the best homes out of the market. Let’s check on the homes under contract now. Continue reading
Once you have visited Los Gatos – the charming architecture, the backdrop of the hills, the vibrant downtown, the great schools, and all the trees and parks – you may want to call it home. I sure did. But the town is expensive and for some it may be out of range. What if you love Los Gatos, but it’s not affordable? There are nearby areas that may work, so I’ll mention them here. They are all discussed in depth at my Valley of Heart’s Delight blog and mentioned in my Move2SiliconValley or popehandy blogs too – the links will be to any of my own sites. For people relocating to Silicon Valley especially, where “sticker shock” is a normal part of the welcome package, these other areas which are a little less pricey might be helpful.
A little further southeast than Los Gatos, the Almaden Valley is a very scenic suburb with the Santa Cruz Mountains on one side and the Santa Teresa Foothills on the other. There’s no “downtown”, however you’ll find a large shopping center with a remodeled Safeway, banks, Starbucks, etc., along Almaden Expressway. This area features the New Almaden neighborhood, which is where the area began with mercury mining operations long ago. Almaden real estate market post
On the north and northeast side of Los Gatos sits the Cambrian area of San Jose (which has 2 zip codes, but the part adjacent to LG is 95124). The Union School District serves both part of Cambrian and part of east Los Gatos. There’s a noticeable price drop going into Cambrian, but the hills and the town of LG are still close. Very good schools and a good “bang for your buck” in terms of what you get in education for the price of the home. Cambrian real estate market statistics
Willow Glen is closer to downtown San Jose than to Los Gatos, but it has much of the charm that LG is known for, includes a lovely downtown area with its own identity, and boasts some of the most scenic streets in all of Silicon Valley. The public schools are generally not a drawing factor. Willow Glen real estate market article
Campbell is probably the most happening city in Santa Clara County right now in terms of home buyer popularity. Campbell provides a lovely downtown, light rail access to downtown San Jose and beyond, a great parks system (especially along the Los Gatos Creek Trail), unusually good shopping, and in some areas really excellent schools. This is a “closer in” location than Los Gatos or Almaden, so it’s an easier commute for that lower price, too. Campbell housing market trends and stats
The 95033 zip code covers a lot of land in Santa Clara County and Santa Cruz County too. Part of it is just beyond the Los Gatos town border, but the majority of it is quite a bit further. School scores are high, air is clean, trees are everywhere and valley views (or in the next county over, Monterey Bay views) are not uncommon. The prices are much better than in town, but the tradeoff is that you have to deal with Highway 17 every day, plus some issues that are particular to the mountains, beach traffic, etc. Please also see this article on the Los Gatos Mountains or Santa Cruz Mountains And on the market – Altos Live RE Market Charts for the LG or Santa Cruz Mountains area
Looking for great schools, more space, and a less suburban environment? Just beyond the borders of the Town of Los Gatos lies a collection of rural communities situated in the scenic Santa Cruz Mountains, or Coastal Range and together there are known as “The Los Gatos Mountains”. This large region sits above Almaden Valley, Los Gatos, Monte Sereno, Saratoga, and a bit north of there in Santa Clara County, and just over the summit and toward Scotts Valley, Soquel, and Aptos in Santa Cruz County. As the description implies, it is a sprawling area and within it there are different school districts, views, levels of sunshine, natural hazards such as earthquake faults, and amenities which can all impact housing prices and real estate market trends and the market may be very different from one segment or price point to another.
All of these areas fall under the 95033 zip code and have a Los Gatos mailing address, so they are viewed together. Don’t be confused into thinking that areas in the Los Gatos Mountains are the same as the Town of Los Gatos, though – they are quite different.
- Median home prices increased by 6.4% year-over-year to $1,301,250 from $1,222,500.
- The average home sales price rose by 3.4% year-over-year to $1,374,060 from $1,329,000.
- Home sales rose by 33.3% year-over-year to 8 from 6.
- Active listings fell 17.9% year-over-year to 32 from 39.
- Sales price vs. list price ratio rose by 5.9% year-over-year to 103.2% from 97.4%.
- The average days on market rose by 21.0% year-over-year to 21 from 18.
Compared To Last Month
- Median home prices improved by 107.2% to $1,301,250 from $628,000.
- The average home sales price rose by 62.2% to $1,374,060 from $847,333.
- Home sales up by 166.7% to 8 from 3.
- Active listings increased 18.5% to 32 from 27.
- Sales price vs. list price ratio increased by 2.0% to 103.2% from 101.1%.
- The average days on market dropped by 78.3% to 21 from 99.
95033 (Los Gatos Mountains) real estate market info:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95033 as of June 16, 2017
|Median List Price:||$1,359,721||Average List Price:||$1,658,295|
|Total Inventory:||29||Price per Square Foot:||$517|
|Average Home Size:||2,491||Median Lot Size:||122,323|
|Average # Beds:||3.59||Average # Baths:||2.86|
|Homes Absorbed:||3||Newly Listed:||5|
|Days on Market:||103||Average Age:||36|
The median list price of homes for sale in the Los Gatos Mountains 95033 – all price points combined:
The median list price of homes for sale in the Los Gatos Mountains 95033 – showing info by price quartile:
Average days on the market (number of days the home’s been listed for sale on the MLS), all price points combined:
Average days on the market for 95033 by pricing tier – it’s erratic as the amount of inventory tends to be small:
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How’s the Real Estate Market in the Los Gatos Mountains 95033?
$1,299,000 : 21392 Madrone DR, LOS GATOS6 beds, 3 baths
$799,000 : 21440 Shady LN, LOS GATOS3 beds, 2 baths
$1,395,000 : 26050 Pierce RD, LOS GATOS4 beds, 3 baths
$649,000 : 18525 Vina DR, LOS GATOS3 beds, 2 baths
$799,000 : 29200 Loma Chiquita RD, LOS GATOS3 beds, 3 baths
$949,000 : 17959 Mountain Charlie RD, LOS GATOS3 beds, 2 baths
$999,000 : 18291 Bayview DR, LOS GATOS3 beds, 3 baths
$3,998,000 : 18921 Bear Creek RD, LOS GATOS5 beds, 5 baths
$649,900 : 21440 Roaring Water WAY, LOS GATOS4 beds, 2 baths
$2,485,000 : 20915 Panorama DR, LOS GATOS3 beds, 4 baths
See all Real estate in the Los Gatos Mountains community.
(all data current as of 6/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.