A resource for folks living in or moving to Los Gatos, by Mary Pope-Handy

Los Gatos real estate market for May 30, 2012

May 30, 2012

Months of Inventory for the Los Gatos Real Estate Market by School District and Price Point

 The Los Gatos real estate market is “hot” overall – but not equally, and certainly not in all areas or price points!  Yesterday I crunched the numbers from my MLS to provide for you the absorption reate or months of inventory.  This figure is calculated by getting the count of active listings (not under contract – some statisticians include pending sales as well) and the sales closed in the last month and dividing them.  If there are 3 homes for sale and 1 closed in the last month, you have 3 months of inventory.  What this means is simple: if no new inventory came on the market, how long, at the current rate of sales, would it be for buyers to “absorb” the current supply of inventory?  The shorter it is, the hotter the market. Five or six months is balanced.

Group One: The more affordable homes in 95030 and 95032 in Los Gatos – up to $2 million. Where it says “infinite”, that means that homes are for sale but none sold/closed escrow in thel last 30 days.  Where it says N/A, no homes for sale or sold. Have a look:

Los Gatos, CA real estate market - absorption rate for houses for sales up to $2 million as of May 30, 2012  - Mary Pope-Handy, Realtor, Sereno Group, Los Gatos

What’s hot? Up to the $1.5 million point, everything in LG is hot!  The cooling starts at $1.5 mil in the part of down with Campbell or Union Schools.  For houses “in the schools”, the market remains strong up to the $2 million mark, where it changes dramatically.

How are things for the over $2,000,000 point?

Los Gatos real estate market absorption rate for houses over $2 million May 30, 2012 - Mary Pope-Handy, Sereno Group, Los Gatos.

Over $2 million, it’s anywhere from a balanced market to impossible to sell for Los Gatos houses on the market. Homes over $2 million are tough to sell if they don’t feed to Los Gatos High School.  But even properties which have LGHS as the school of attendance are challenged to sell in the upper pricing tiers.

 

Los Gatos Real Estate Report for April 2012 Sales

Prices are up for Los Gatos real estate sales! (Click on link for full data from my Los Gatos Real Estate Report.)

Below please find the statistics and numbers for house sales in the town of Los Gatos (95030 and 95032) which closed in the month of April.   Things are looking up!

 

Trends At a Glance Apr 2012 Previous Month Year-over Year
Median Price $1,350,000 $1,260,500 (+7.1%) $1,344,000 (+0.4%)
Average Price $1,431,940 $1,405,640 (+1.9%) $1,479,120 (-3.2%)
No. of Sales 39 38 (+2.6%) 30 (+30.0%)
Pending Properties 54 53 (+1.9%) 47 (+14.9%)
Foreclosures Sold 3 2 (+50.0%) 0 (N/A)
Short Sales Sold 3 1 (+200.0%) 1 (+200.0%)
Active Listings 78 88 (-11.4%) 50 (+56.0%)
Sales Price vs. List Price 99.6% 100.1% (-0.6%) 96.7% (+2.9%)
Days on Market 36 35 (+2.4%) 61 (-41.3%)

Los Gatos condominium & townhouse sales (click on link for more info)

Improvement month over month, but year over year the numbers are still down. 

Trends At a Glance Apr 2012 Previous Month Year-over Year
Median Price $616,000 $565,000 (+9.0%) $715,000 (-13.8%)
Average Price $596,557 $590,294 (+1.1%) $768,500 (-22.4%)
No. of Sales 11 17 (-35.3%) 5 (+120.0%)
Pending Properties 21 15 (+40.0%) 13 (+61.5%)
Foreclosures Sold 2 2 (0.0%) 1 (+100.0%)
Short Sales Sold 1 2 (-50.0%) 0 (N/A)
Active Listings 11 20 (-45.0%) 40 (-72.5%)
Sales Price vs. List Price 98.1% 96.8% (+1.3%) 97.4% (+0.7%)
Days on Market 63 78 (-19.3%) 108 (-41.6%)

The Los Gatos Mountains 

Softer prices prevail in the mountains….

Trends At a Glance Apr 2012 Previous Month Year-over Year
Median Price $662,500 $678,000 (-2.3%) $715,000 (-7.3%)
Average Price $589,750 $651,484 (-9.5%) $683,750 (-13.7%)
No. of Sales 4 8 (-50.0%) 4 (0.0%)
Pending Properties 16 8 (+100.0%) 7 (+128.6%)
Foreclosures Sold 0 1 (-100.0%) 0 (N/A)
Short Sales Sold 0 1 (-100.0%) 0 (N/A)
Active Listings 31 32 (-3.1%) 21 (+47.6%)
Sales Price vs. List Price 91.6% 99.6% (-8.1%) 93.6% (-2.1%)
Days on Market 190 90 (+112.0%) 144 (+32.2%)

Mary Pope-Handy

Realtor
ABR, CIPS, CRS, SRES
Sereno Group Real Estate
214 Los Gatos-Saratoga Rd
Los Gatos, CA 95030
408 204-7673
Mary (at) PopeHandy.com
License# 01153805

Selling homes in
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