Days On Market
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
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 increased by 8.6% year-over-year to $2,500,000 from $2,301,500.
- The average home sales price rose by 0.8% year-over-year to $2,500,000 from $2,479,830.
- Home sales fell by 83.3% year-over-year to 1 from 6.
- Active listings rose 100.0% year-over-year to 8 from 4.
- Sales price vs. list price ratio rose by 5.8% year-over-year to 109.2% from 103.2%.
- The average days on market fell by 9.2% year-over-year to 21 from 23.
Compared To Last Month
- Median home prices improved by 4.1% to $2,500,000 from $2,401,000.
- The average home sales price rose by 3.5% to $2,500,000 from $2,415,330.
- Home sales down by 66.7% to 1 from 3.
- Active listings dropped 38.5% to 8 from 13.
- Sales price vs. list price ratio increased by 22.2% to 109.2% from 89.4%.
- The average days on market dropped by 38.1% to 21 from 34.
|Trends at a Glance||DEC 2016||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||+4.1%||$2,500,000||$2,401,000||+8.6%||$2,301,500|
|Average Sales Price||+3.5%||$2,500,000||$2,415,330||+0.8%||$2,479,830|
|No. of Homes Sold||-66.7%||1||3||-83.3%||6|
|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||+22.2%||109.2%||89.4%||+5.8%||103.2%|
|Average Days on Market||-38.1%||21||34||-9.2%||23|
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.
The Los Gatos real estate market varies by zip code, school district, neighborhood and price point. Today we’ll view it by zip code (95030, 95032 and 95033 – the latter is the Los Gatos Mountains area and is not part of the “town” but has a Los Gatos mailing address and is generally considered Los Gatos if not properly or officially part of the town).
1.) First, let’s look at single family homes and some key stats (coming from Altos Research and will be updated weekly):
the median list price of single family homes in these 3 zip codes in Los Gatos plus the city of Monte Sereno, the total inventory of homes for sale in Los Gatos by zip code, homes absorbed, average list price, price per square foot, median lot size, average age, nad more.
Los Gatos 95030 real estate market data:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95030 as of March 24, 2017
|Median List Price:||$2,586,761||Average List Price:||$3,178,467|
|Total Inventory:||28||Price per Square Foot:||$981|
|Average Home Size:||2,908||Median Lot Size:||22,100|
|Average # Beds:||3.95||Average # Baths:||3.35|
|Homes Absorbed:||3||Newly Listed:||2|
|Days on Market:||151||Average Age:||51|
Los Gatos 95032 real estate market statistic:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95032 as of March 24, 2017
|Median List Price:||$2,728,410||Average List Price:||$3,139,905|
|Total Inventory:||35||Price per Square Foot:||$811|
|Average Home Size:||3,421||Median Lot Size:||13,545|
|Average # Beds:||4.33||Average # Baths:||3.93|
|Homes Absorbed:||5||Newly Listed:||3|
|Days on Market:||176||Average Age:||30|
Los Gatos Mountains (not “in town”) 95033 housing market information:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95033 as of March 24, 2017
|Median List Price:||$1,500,577||Average List Price:||$1,673,036|
|Total Inventory:||15||Price per Square Foot:||$547|
|Average Home Size:||2,871||Median Lot Size:||104,042|
|Average # Beds:||3.66||Average # Baths:||2.70|
|Homes Absorbed:||2||Newly Listed:||2|
|Days on Market:||179||Average Age:||39|
Monte Sereno – not a part of Los Gatos but shares many services, so they are often intertwined:
|90-day stats for Single Family properties in|
MONTE SERENO, CA 95030 as of March 24, 2017
|Median List Price:||$3,886,231||Average List Price:||$3,974,713|
|Total Inventory:||14||Price per Square Foot:||$895|
|Average Home Size:||4,464||Median Lot Size:||42,954|
|Average # Beds:||4.25||Average # Baths:||4.14|
|Homes Absorbed:||1||Newly Listed:||1|
|Days on Market:||126||Average Age:||43|
2) Next, let’s see how some of these real estate statistic look compared to recent months – below please find the MEDIAN LIST PRICE (not sale price) of homes by zip code, separated out by pricing quartile:
95030 is mostly Los Gatos, but some homes will be in Monte Sereno
95032 is 99% Los Gatos and 1% or so Monte Sereno
The Los Gatos Mountains area – 95033 (more remote and usually far, far more affordable than the town of Los Gatos)
To see what’s happening with the Los Gatos real estate market via the “solds” please visit my real estate report and view the latest market date & trends for houses in Los Gatos or houses in the Los Gatos mountain communities as well as the condo and townhouse market in the town of Los Gatos. Additionally, you can check what has sold anywhere in Los Gatos or Santa Clara County generally as long as it was on the multiple listing service!
Today I’m able to share with you some statistics pulled together from MLSListings.com by Timothy Proschold of Sereno Group Los Altos (which he’s given those of us in Sereno permission to share). I thought my readers would really appreciate this statistical history of sales in Los Gatos and Saratoga from 2005 to 2014.
A quick, but important, note on the areas included for Los Gatos. “Los Gatos”, as a mailing address and as an area searched on the MLS, now includes the Los Gatos Mountains (95033) as well as the “in town” or the unincorporated areas close to town with the zip codes of 95030 and 95032. (This is a recent change in the way MLSListings collects data – and it’s messing with us!) In the study below, all three of these areas are included. If you are looking at 95033, these figures will be a bit high, and if you’re considering 95032 or 95030, they will be low. So while we often do compare and contrast Los Gatos and Saratoga, the gap in pricing will be more acute because of the more rural areas include. Be that as it may, this is great info that I think you will find very valuable – and thanks again to Tim for compiling it for us!
First, the price per square foot for single family homes (SFH) in Los Gatos and Saratoga (these might shake out differently by school district, price point etc.).
Similar patterns overall, but Saratoga is currently making a steeper climb in housing values.
Next, the median sale price and average days on market (DOM) from 2005 to 2014 for houses or single family homes in Los Gatos.
May 05, 2014
The Los Gatos real estate market is very healthy, with a strong sale price to list price ratio. As with the rest of Santa Clara County, inventory is extremely low, and that is pushing prices up. Today we’ll get a view of the market using just a few charts, but please click on the links for more info (or call, email or reach out to me if you’d like an appointment to discuss your segment of the market in particular).
First, a chart from my Los Gatos Real Estate Report (click on the link for more information).
The Los Gatos Condominium and Townhouse Market
Next, the same information but for Los Gatos condos and townhomes:
March 27, 2010
What’s happening with short sales in Los Gatos?
In the 95030 & 95032 zip codes and with a Los Gatos mailing address (so not necessarily the “incorporated” part that actually belongs to the town per se), for condos, townhomes, houses, and duet homes onlyhomes, right now there are
14 for sale or available (8 houses, 6 condos or townhomes)
16 sale pending
3 closed within the last 30 days (2 houses, 1 condo/TH)
Of the active listings, two of them have been on the market for close to a year.
Info on the Los Gatos short sales which are sold & closed recently:
Of the solds, 2 were houses and one was a townhome. The houses sold for appx 5% less than list, the condo sold for almost 5% over.
If someone were shopping specifically for a Los Gatos short sale, the months of inventory for this subset of the real estate market is currently 4.6 MOI – a seller’s market. And, like in the rest of the market, the good ones go relatively fast. If the home is well priced, nicely presented and appropriately marketed, there are good odds that the home will go under contract.
The average Days on Market of the solds is 50 (but that’s a bit unfair as their numbers were 114 for the townhome and 51 and 12 for the houses).
Average length of escrow (time between everyone agrees on the contract and when the home actually transfers ownership): about 3 1/2 months. (Most escrows close in about 30 days now, unless they’re FHA backed financing, in which case 45 is more typical.) This is the hardest part of the whole process – it is very long, with lots of extra steps and contingencies involved, which means there are loads more opportunities for something to go wrong.
What are the odds that a short sale listing will sell and also close escrow?
It used to be that very few short sales would ever make it to the closing table. A couple of years ago, it seemed that only 20% of short sales were ever closing. Things are improving, though. It takes a lot of time and effort, but more often than not, they are selling. (And this is good for everyone. Banks only make about 40 cents on the dollar on homes they take back in foreclosure, but they make about 65 cents on the dollar in a short sale. It’s all about loss mitigation.)
I ran the numbers and chased down the history on part of the Los Gatos short sale market this afternoon. (95030 and 95032, houses & duet homes only.)
For the period of January 1, 2009 to June 30, 2009, there were 20 different homes listed for sale as short sale listings in Los Gatos, 95030 or 95032. (Some were listed more than once, by different brokers perhaps, so this is just per address.) As of today, a year later, here’s the breakdown of what happened to those 20 properties:
12 are sold and closed – that’s 60%
3 are still on the market
1 is currently a pending sale
4 are off the MLS (show as expired, cancelled or withrawn)
Of the four removed from the MLS, some may have sold privately, been lost to foreclosure, or perhaps the owners were able to work out some other solution, such as a loan modification or getting a tenant into the property to help make the payments.
Overall, though, we do know that 60% of the short sales listed a year ago did eventually sell and close. Most of the rest are still trying.
Whether you’re a buyer or a seller interested in working through a short sale, this change in success rates is good news. You will still need time, skill and patience to work these through, but they are an opportunity – one that seems to be growing all the time.
Please also see these posts for more information on Los Gatos Short Sales
Browse Short Sale Listings & Bank Owned Properties for Sale in Los Gatos (on my other blog, the Valley of Heart’s Delight)
July 01, 2009
How’s the Los Gatos housing market now and over the last two years? The “supply and demand” graph gives a good visual clue as to the challenge of selling in this corner of SiliconValley. Relative to what’s on the market, only a few Los Gatos homes are selling. (Charts and data per Clarus Matrix, a perk of our MLS and real estate board.)
Pricing (or “home value”) is perhaps the most important thing to home owners. “What’s my home worth?” is the question. Prices are improving in some segments of the market – homes “in the schools” and under about 1 million are in very high demand and that may be pushing prices upward.
The “months of inventory” or absorption rate indicates how long it would take Los Gatos homes for sale to be absorbed by buyers if homes continued to sell at the current rate per month and no new inventory came on the market. (Less than 6 months is a sellers market, more than 6 a buyers market.)
The chart below would have us thinking that the sellers are very happy and that homes are fying off the market – the first chart, though, tells the broader picture of supply & demand. What IS happening, then? Some Los Gatos homes in some prices are selling really well, but many others languish.
Inventory is now declining. This is more acute in some price points and school districts than others, but overall, the available supply of Los Gatos real estate for sale is now noticeably less than at the peak.
The average days on market for Los Gatos homes for sale has jumped around quite a bit. We do seem to be past the peak – but with so much “up & down”, it’s hard to be sure. Let’s hope that the worst is behind us.
A look at all the charts collectively would seem to indicate that although the market is tough on sellers and great for buyers overall, as a whole the town may have already hit its bottom. We won’t know unless things are stable and continue improving for another year or so. And, of course, this is “general information” for our town. Your particular neighborhood could be behaving very differently since micro markets are very important here. Please call or email me for information on your particular market.
June 26, 2009
In addition to doing a post comparing Los Gatos, Monte Sereno, and Saratoga today, I also did one on just the Monte Sereno real estate market in my other blog at ValleyOfHeartsDelight.com. If you are tracking the Monte Sereno housing market, please have a look at this article, which discusses the days on market, inventory level, percentage of homes relisting, and pricing trends. Find it on the ValleyOfHeartsDelight.com site or click directly on this link:
June 26, 2009
The real estate market in the high-end communities of Los Gatos, Monte Sereno, and Saratoga has not been as hard-hit on pricing as in the entry level and more affordable areas like Blossom Valley and Cambrian Park, but not nearly as many homes are selling in these areas for that reason. Areas with huge (30-40%) price drops are seeing first time home buyers and investors swoop down, some paying “all cash” to get in on the fire sale pricing. That is just not happening in the tonier neighborhoods of Silicon Valley.
The west valley foothill communities aren’t at these kinds of price drops, but if you’re a home seller, you certainly aren’t feeling like the real estate market is doing you any favors. Prices are down in varying degrees, but overall it is a “rollback” in sales prices of several years and the discount is perhaps 20-30% from the peak for most homes (worse for the luxury home market).
The charts below are from Altos Research (with whom I have a subscription) and prices are LIST prices, not sales prices. The black line represents Los Gatos, green is Saratoga, and orange Monte Sereno, and the timeframe for all charts below is the last 12 months. Properties are single family homes only (houses, not condos or townhomes).
Monte Sereno tends to have the most expensive homes generally of the three communities, and this small city has been hit the worst with price drops because higher priced homes generally have had the biggest damage done to pricing, and more affordable homes have been less hurt by the price cuts.
Again, Monte Sereno has the biggest struggle with the longest days on the market. Saratoga is experiencing a better market. This does not surprise me because I have some homebuyers for that city and we are having a hard time finding much that’s within their budget and meets their needs. In Los Gatos, where I also have buyers (different from Saratoga), we are finding a lot of homes are still priced too high for the market, so the buyers continue to wait.
The relisted homes chart is a reflection of how many sellers were unsuccessful the first time around, but the owners really do want or need to sell, so they get the house back on the market. Sometimes it’s with a new coat of paint and far better staging, sometimes a much better price, sometimes a new agent and brokerage – or maybe all three.
Inventory levels are climbing in all three of these expensive Santa Clara County areas. Buyers are having a hard time in most cases because if they’re moving up, it’s difficult to sell the home they already own due to negative equity and it’s also very difficult to get a loan for high end real estate. If sellers can offer financing, that could be very helpful to a lot of buyers (get professional assistance from your Realtor, CPA and attorney before attempting this, though).
Most often, when a home doesn’t sell, it’s the pricing that is incorrect for the market, though condition (and staging) can have a big impact too. While a few buyers may be willing to pay “top dollar” for a home in average or worse condition, the majority of home buyers will not. Pricing & condition need to be aimed at the bulk of likely purchasers of the property, not the unlikely, rare homebuyer. In this market, when most homes are not selling in Los Gatos, Monte Sereno and Saratoga, that means staging and pricing aggressively. If there’s a “better deal” than your home, that’s the one the buyer will choose. In this market, the lowest price and best condition “wins” with a sale.
There are things you can do to increase the odds your home will sell and even make your home sell for more:
- get the home cleaned, cleared of clutter, and nicely staged (get help and professional advice on this)
- make the front yard appealing with colorful annuals, nicely trimmed bushes, and a healthy green lawn – if the front yard looks bad, the buyers will not even get out of their car to see inside your home
- make the home easy to show, use a lockbox, do NOT make showings appointment only through the listing agent or yourself
- when the home is being viewed by potential buyers, do not be home – your presence will make the buyers uneasy and unable to speak frankly about the house
- price your home in the lowest 20% of available homes that are similar to yours – all the marketing in the world cannot sell an overpriced home
While the majority of homes are “sitting” and not selling, the best properties are actually selling quite fast. So if something comes on the market that interests you, don’t wait. It may not be there on the weekend for the scheduled open house!
Today’s post is general in nature for each of the towns discussed. The market will vary from one price point to the next, one school district to the next etc. Please contact me for assistance with your own particular situation.
Some homes have been on the market and sellers won’t reduce the listing price but may entertain an offer significantly lower that the list price. So have your agent inquire or just “write it up” if you like a home.
June 12, 2009
As noted many times in this blog about Los Gatos real estate, the market is varied from one price point and school district, among other things, to the next.
The homes in the lowest price points and “in the schools” seem to be selling faster. For today’s view into the market, let’s consider homes in Los Gatos, with Los Gatos Schools, with 3 bedrooms and 2 bathrooms, priced at under $1,500,000.
The days on market or “DOM” for all pendings is a misleading number of almost 100 days. If the average DOM is 100, buyers can take their time, right?
But let’s have a closer look and sort the results. If we pull the data apart by the date of the sale (when buyers and sellers agreed on price and terms), a different picture of the market emerges. The average DOM now is 1/3 of what it was for the current pendings PRIOR to June 1st!
|Street Address||Bldg SqFt||DOM||Pend Date|
|NEW YORK AV||1890||95||6/5/2009|
|GOLF LINKS DR||3200||20||6/4/2009|
|LAS MIRADAS DR||1300||12||5/30/2009|
|LA CANADA CT||1150||35||5/29/2009|
|LAS MIRADAS DR||1820||135||5/28/2009|
|LOMA ALTA AV||1496||42||5/12/2009|
|CERRO VISTA DR||1706||18||5/9/2009|
|LOMA ALTA AV||1450||249||4/29/2009|
|GARDEN HILL DR||2016||17||4/24/2009|
|Av DOM all pendings||99.96|
|Av DOM since 6-1||41.44|
|Ave DOM before 6-1||130.94|
While some homes are not selling too fast, the pace appears to be quickening dramatically. It may be awhile before this is seen in the sold data, but it’s very much a “real time” snapshot of the market activity now.
Sellers, if you get your home into great shape and price it aggressively, you may be able to sell your home so fast that it will shock your neighbors.
Buyers, if you are trying to purchase a home that falls into this segment, it’s important to see homes that interest you quickly now, since they may not last a week or two.
If you’d like more information on data pertaining to your home or the type of home you’d like to buy, please contact me. We can set up a meeting and go over the information that matches your own situation.
(Numbers by our MLS, MLSListings.com. Data exported, sorted and crunched by Mary Pope-Handy.)