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

Los Gatos real estate market trends by price point and high school district

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 sellers market, though there’s been some cooling. The best movement is still in the low- to mid-range price points, ranging from $1.5-$3 million. Demand has let  up in the high-end markets since the end of last year.

So what does it all mean? That Los Gatos remains in a sellers market, that demand is proving to be steady throughout the middle ranges with slower movement in the lowest and higher-end markets and no real turnover in the luxury sector.

Here is the chart from January 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).  Houses for sale with Los Gatos schools tend to be more pricey than those in neighboring school districts. This isn’t just the schools, but is also a function of being closer to downtown Los Gatos. The lowest priced homes in this area are seldom listed for less than $1 million, so it’s unusual to see any activity in that sector, no matter the market. The fastest market is in the $1.5-$2 million range, and it’s as tough as ever for buyers! Anything between $1-$3 million will sell quickly (with a slight slowdown in the $2-$2.5 range) with regular turnover up to $3.5 million. Meanwhile, the $3.5-$5 million range has inventory, but without demand the luxury sector is at a stand-still.

And the chart from January:

As you can see, this area is still in a clear sellers market, though different price points may be hotter or colder than the average. Generally, it remains a good time for sellers while, for buyers, it’s tough competition.

The real estate market for homes with Campbell Union High School District only

And finally, let’s see how the market is within the area of LG which is served by the Campbell Union High School District (Leigh HS and Westmont HS).

Here it is sometimes possible, though not common, to find a Los Gatos home for under $1 million. When you do, either it needs work, is ultra small, is on a busy road or has some other location issue, or perhaps is simply land value. This target is the “sweet spot” of the Los Gatos real estate market – homes in the Campbell Union High School District listed between $1 and $2 million (neighborhoods such as Belwood of Los Gatos and Belgatos in east Los Gatos). Because of the strong sellers market, these types of houses have been rare over the last year and selling faster and higher than ever. Buyers still struggle against tough competition.

Usually the Campbell school district is not as strong as the Los Gatos-Saratoga District. Last year the overall MOI tended to be the fastest, but that’s not normally the case, so this month’s higher MOI is typical. This area has a very different dynamic. Where homes in the Los Gatos-Saratoga District often sell steadily up to the luxury market, homes in the Campbell Union District generally only sell within a tight range in the lower price points, and usually only keep up with the rest of Los Gatos only in the most affordable entry-level market, as the chart shows. You can see that the hottest MOI by price point doesn’t go as high in this district as it does in Los Gatos schools.

And the chart from January:

 

What can we take away from this study of the months of inventory? It’s only one data point, but it indicates that properties priced between $1,500,000 and $2,000,000 in Los Gatos have very high odds of selling within a month – better than normal turnover – and homes are generally selling well up to $3,500,000. It’s still a seller’s market in Los Gatos.

Part of what I see happening (in Los Gatos, Almaden, Saratoga and elsewhere) is that more sellers are putting their homes on the market in less than best condition. This isn’t happening only in Los Gatos, but throughout Silicon Valley. Sellers hear that it’s a sellers market, so some do not put the effort in. For those who do, and who price the home aggressively, sales are quicker and tend to come with multiple offers, especially in the lower price points.

Altos Research market data for Los Gatos 95030 and 95032

Note: Altos uses list prices, not sold prices.

 

Next, the 95032 area of Los Gatos (much of which is in the Campbell Union HSD, but not all).

 

Want more info on Los Gatos or nearby areas such as Monte Sereno, the Los Gatos Mountains, Saratoga, San Jose or? Please have a look at my Real Estate Report, which is updated around the 5th-10th of each month with the statistics for the closed sales in the prior month: http://www.popehandy.ReReport.com, or my summary of this report in the post Los Gatos real estate statistics and market trends, updated monthly. Interested in other nearby markets? Check out these articles on my Valley of Hearts Delight blog:

Saratoga CA real estate market update

The Cambrian Park real estate market update

The Campbell real estate market

and many more areas: Blossom Valley, Willow Glen, Cupertino, Sunnyvale, Mountain View etc. can be found there also:  http://www.SanJoseRealEstateLosGatosHomes.com

Los Gatos  & Los Gatos Mountains Homes for Sale

  1. 5 beds, 4 full, 1 half baths
    Home size: 4,863 sq ft
    Lot size: 16,117 sqft
    Year built: 2009
    Walk Score®: 14
  2. 4 beds, 3 full baths
    Home size: 1,850 sq ft
    Lot size: 8,145 sqft
    Year built: 1955
    Walk Score®: 34
  3. 3 beds, 2 full baths
    Home size: 1,606 sq ft
    Lot size: 6,141 sqft
    Year built: 1992
    Walk Score®: 3
  4. 2 beds, 2 full baths
    Home size: 1,015 sq ft
    Lot size: 1,829 sqft
    Year built: 1972
    Walk Score®: 33
  5. 4 beds, 2 full, 1 half baths
    Home size: 2,514 sq ft
    Lot size: 12,022 sqft
    Year built: 1979
    Walk Score®: 18

See all Real estate in the city of Los Gatos.
(all data current as of 3/24/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Monte Sereno  Homes for Sale

  1. 6 beds, 5 full, 1 half baths
    Home size: 5,871 sq ft
    Lot size: 1.16 ac
    Year built: 1981
    Walk Score®: 26
  2. 4 beds, 3 full, 2 half baths
    Home size: 5,035 sq ft
    Lot size: 1.92 ac
    Year built: 2008
    Walk Score®: 1
  3. 5 beds, 3 full, 1 half baths
    Home size: 3,009 sq ft
    Lot size: 22,912 sqft
    Year built: 1965
    Walk Score®: 10
  4. 4 beds, 3 full baths
    Home size: 3,089 sq ft
    Lot size: 41,382 sqft
    Year built: 1977
    Walk Score®: 5
  5. 4 beds, 3 full, 1 half baths
    Home size: 5,010 sq ft
    Lot size: 26,397 sqft
    Year built: 1921
    Walk Score®: 13

See all Real estate in the city of Monte Sereno.
(all data current as of 3/24/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Saratoga Homes for Sale

  1. 5 beds, 3 full, 1 half baths
    Home size: 3,147 sq ft
    Lot size: 12,501 sqft
    Year built: 1970
    Walk Score®: 17
  2. 3 beds, 2 full baths
    Home size: 1,910 sq ft
    Lot size: 42,863 sqft
    Year built: 1950
    Walk Score®: 13
  3. 4 beds, 2 full, 1 half baths
    Home size: 2,500 sq ft
    Lot size: 12,893 sqft
    Year built: 1960
    Walk Score®: 8
  4. 6 beds, 4 full baths
    Home size: 2,989 sq ft
    Lot size: 14,026 sqft
    Year built: 1962
    Walk Score®: 21
  5. 4 beds, 3 full, 1 half baths
    Home size: 3,497 sq ft
    Lot size: 18,687 sqft
    Year built: 1968
    Walk Score®: 23

See all Real estate in the city of Saratoga.
(all data current as of 3/24/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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
Silicon Valley, with
special focus on
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and nearby areas,
including
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Campbell,
and the San Jose areas of
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