Los Gatos Real Estate
There are many factors impacting the Los Gatos real estate market, including the price point and the elementary or high school district. We’re late this month, but 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 ferociously strong sellers market, which is opposed to the usual seasonal cooling. While there is rapid turnover in the lower to mid-range price points, the luxury market is at a standstill. Demand is exceedingly high up to the $3 million marker!
So what does it all mean? That Los Gatos remains in a sellers market, that demand is proving to be steady, and that while the luxury market is showing a seasonal chill, the rest of the market is facing heat wave.
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 fairly stable and average days on market are 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||Oct 2017||Previous Month||Year-over-Year|
|Median Price||$2,096,000 (-12.1%)||$2,384,000||$2,090,000 (+0.3%)|
|Average Price||$2,234,310 (-13.0%)||$2,567,270||$2,347,350 (-4.8%)|
|No. of Sales||31 (-29.5%)||44||31 (0.0%)|
|Pending||40 (+2.6%)||39||24 (+66.7%)|
|Active||38 (-19.1%)||47||84 (-54.8%)|
|Sale vs. List Price||101.8% (+0.7%)||101.1%||100.4% (+1.4%)|
|Days on Market||23 (-43.9%)||42||49 (-52.4%)|
|Days of Inventory||37 (+18.7%)||31||81 (-54.8%)|
And the chart from last month for reference:
|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%)|
What do you need to know before buying a house in Los Gatos? Particularly for people relocating to Los Gatos (or generally to Silicon Valley) from other areas, or from parts of Santa Clara County not close to the hills, there are a few home buying tips you’ll want to know before purchasing a home in our fair town. (For locals, these may seem obvious!)
1. Los Gatos & Schools
Whether you have school aged kids or not, you’ll want to know that there are several school districts covering the Los Gatos area. School district lines do not follow the town’s boundaries. (Not too long ago I met someone with a home to sell in the Belgatos area and he had no idea that his home did not belong to the Los Gatos Union School District. This caused him to misunderstand the likely market value of his property.)
Santa Clara County Office of Education School District Boundary Map – Sadly the map no longer exists
Town of Los Gatos: List of Schools Serving Los Gatos Students
2. Historic downtown Los Gatos areas
Areas closest to “downtown Los Gatos,” especially the historic neighborhoods (including Almond Grove, Edelen, Broadway, Fairview Plaza) tend to be much more expensive than those further out. The “walk to town” or “close to town” proximity makes them highly desireable, but also these regions of town are very scenic and have some fabulous Victorian and other beautiful architectural styles. Many are tree-lined, too.
Related to both #1 and #2, the public schools are not all that close to downtown Los Gatos. (St. Mary’s Catholic Elementary School is in the downtown area, as is the adjacent Los Gatos Parent Nursery School.)
3. Hillside locales
If you buy a house close to a hill, among some hills or on a hill, you will need to pay close attention to issues which are less common in flatter areas further from slopes. Among them are foundation, water and drainage concerns. Some flat areas near the hills may have a high water table, may springs that come seasonally or in very wet years as well as runoff problems.
Water is often far more damaging than termites but it is not really uncommon to find water in a crawl space during the rainy season. Learn about it and pay heed to property inspectors’ suggestions regarding remediation if it’s a condition in a house you want to purchase.
I wrote about this on my Valley of Hearts Delight blog (covering all of Santa Clara County, but mostly the west valley) and suggest these two articles:
4. Los Gatos address
Some homes with a “Los Gatos address” may not actually be in the town of Los Gatos. Many are in a county pocket or area (and may not have all the services of the town). A very few are actually part of either Campbell or San Jose but were assigned the Los Gatos mailing address for ease of the US Post Office.
How can you tell if a residence is part of the town of Los Gatos, is unincorporated or part of another city? The website for the county of Santa Clara has a lookup service. First you must accept the terms of service (see link above), then you will be allowed to input an address. If you type in a location’s address and it says “not found”, either you’ve got a typo in the building number or a mistake in the actual city, so perhaps it’s unincorporated or belonging to another adjacent municipality.
What difference does it make? The actual address (not mailing address) will impact a variety of things such as services (sherriff vs Los Gatos Monte Sereno police, free access to Oak Meadow Park), planning (any additions, remodels etc. will need to be approved by your actual city), voting in Los Gatos elections, etc.
5. Los Gatos is a town, not a city
Los Gatos is a town. (Monte Sereno, with whom we share some services, is much smaller but is a city, not a town.) This means our government is run a little differently. For instance, we don’t vote for mayor. Instead, we vote for town council members. They, in turn, vote for mayor. (Usually it’s a rotation.)
According to Wikipedia: “There are 481 incorporated municipalities in California, of which 459 are called cities and 22 are called towns.” [Edit: this quote was accurate as of Feb 28, 2011, but has been edited since. On Oct 24, 2017, the page lists 482 municipalities, 22 of which call themselves Towns.] I was surprised that there are so many towns – had thought it was only a handful!
Los Gatos is an interesting, fun, welcoming town. If you’re moving to the area, it’s a vibrant place you should check out. Please call or email me if you’d like more assistance.
As of yesterday, May 1st 2017, the MLS shows just 67 houses for sale in Los Gatos, 95030 and 95032. (Today it’s lower still at a mere 54 houses.) The chart below is based on the number of active listings in Los Gatos 95030 & 95032 (MLS Area 16) on the first of each month going back to January 2007. Take a look at the history of homes for sale (not pending or in contract) month over month – I’ve circled all of the rows for May in each year to see the contrast.
What can someone buy in town right now? Of the 54 houses, 30 are priced at $3 million or less, with many homes available to purchase around $1.5 to $3 million. The least expensive home available right now is an 1100 SF house in original condition for $1.3 million.
For people thinking of selling, this is an excellent opportunity, generally, since few homes available creates the scarcity that lends itself toward homes selling faster and for more (if there are multiple offers especially). Homes under $3 million are selling briskly.
See more information about the Los Gatos real estate market via my online Real Estate Report. Also available, download the 4 page printable report here:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95030 as of December 1, 2017
|Median List Price:||$3,799,115||Average List Price:||$5,018,985|
|Total Inventory:||27||Price per Square Foot:||$1,030|
|Average Home Size:||3,888||Median Lot Size:||40,805|
|Average # Beds:||4.23||Average # Baths:||4.06|
|Homes Absorbed:||3||Newly Listed:||2|
|Days on Market:||131||Average Age:||43|
|90-day stats for Single Family properties in|
LOS GATOS, CA 95032 as of December 1, 2017
|Median List Price:||$2,952,362||Average List Price:||$3,508,923|
|Total Inventory:||21||Price per Square Foot:||$806|
|Average Home Size:||4,114||Median Lot Size:||28,669|
|Average # Beds:||4.34||Average # Baths:||4.04|
|Homes Absorbed:||6||Newly Listed:||4|
|Days on Market:||90||Average Age:||34|
Most of the condominiums along Alberto Way in Los Gatos are part of The Los Gatos Commons, a senior complex that’s fairly large. (To read more about senior housing in the area, please see my post on it here.) As with most senior housing, the units at The Commons are more affordable than the majority of Los Gatos condos. The Commons was built in 1978 and requires that at least one resident be 55 years of age or more. As of 2016, you may be able to purchase a tiny 1 bedroom in the Commons for under $700,000.
A smaller condo community just a little closer to Los Gatos-Saratoga Road, and on the opposite side of Alberto Way, is Pueblo de Los Gatos. These homes are a little further away from Highway 17, are a little quieter, and are not senior housing. They tend to sell for a little more than the homes across the way. There seems to be about a 5% difference in price, most of which may be attributable to freeway noise, but part of it to the “senior community” status. This property was developed in 1970.
What is the fastest way to tell them apart? The easiest way, without even clicking on a link, is to spot the address. If there’s a letter as part of the unit number (as in A100 or B202), it’s part of The Commons. If there’s no letter, as in #7, it’s part of the Pueblo de Los Gatos. Of course, there are other townhomes in the immediate area, too – but these are the largest communities.
Both of these are in close-to-downtown Los Gatos locations. If you’re in the market for Los Gatos real estate and would like to live close in, this is a great street to check out.
Los Gatos Commons homes for sale (55+)
Condos in the Los Gatos Commons (a senior community) which are for sale or pending sale right now.
Sorry, but we couldn't find any results in the MLS that match the specified search criteria.
All Alberto Way area homes for sale
This includes properties on Alberto Way as well as Maggi Court
Sorry, but we couldn't find any results in the MLS that match the specified search criteria.
Here’s a fun bit of Los Gatos real estate history – pricing from yesteryear! The newspaper ad for Los Gatos homes for sale is enticing. One of them reads:
Rustic type of 5 rms.,
2 Brs., tub and shower bath,
fireplace, H.W. floors, 2 car
garage, lot 60 x 140.
Or check out the house on Englewood:
1 story, rambling type, 6
rms., 3 brs., H.W. floors,
fireplace, tiled baths, 2-car
attached garage, choice
Another one features a house on Almendra for $12 ,750 with “floor furn”, which appears to be “floor furnace” (from the “Must Sell” ad, which spelled it out). Makes me wonder what the alternative to floor furnace would be! Or a house on Massol, also a rustic type for $15,000. I love the description of the “Must Sell” home as “sturdily built” and, surprisingly, “complete, with all new furniture” – $12,700 and just $4,000 down.
Can you guess the year of this Los Gatos real estate advertisement?
Have a look at this and try to guess the year:
What year do you think this ad for Los Gatos homes for sale ran? The newspaper was called the Mail News and Star, by the way.
Keep reading to see the year…
Earlier this week, the Los Gatos Town Planning Commission recommended that the proposed Grosvenor development in the “North 40” be denied by the Los Gatos Town Council. Reasons cited are that it does not appear to be in conformity with the town’s plan for that large parcel.
The Mercury News reports that:
In advising against approval, the commission’s majority found that the project — being led by Grosvenor in partnership with SummerHilland Eden Housing — was “not consistent” with the town’s land-use guidelines in four ways: It doesn’t address unmet housing needs in the town for seniors; it doesn’t adequately incorporate hillside views in the layout in conformance with town open-space guidelines; it relied on a flawed economic study of its impact on downtown Los Gatos; and its density is too high on a portion of the site.
The first phase of the project would include 320 housing units (including 50 affordable units for seniors) and 66,000 square feet of retail.
Read the whole article here:
The Town of Los Gatos takes its responsibility for minimizing risk from flood, fire, earthquake, or other disasters seriously. A few months ago, I began to notice “Flood evacuation route” signs. First I noticed it along Blossom Hill Road, close to the Highway 17 over crossing, and later on Lark Avenue. (Lexington Reservoir is located further down the highway and a break in the dam would bring tons of water screaming down the highway 17 corridor.) Seemed like a wise idea, given that we have that and also Vasona Lake right here.
Additionally, though, last week I saw a “Wildfire Evacuation Route” sign too. It was located on Prospect Avenue and Kimble Avenue, across from the new Sorellas housing development which is currently under construction by Summerhill (formerly the Holy Names Sisters convent and Casa Maria Montessori School).
If you live in a woodsy or mountainous area, the odds are good that your property is located in a zone earmarked as high risk for wildfires, and you’ve been notified that brush must be cleared 100 feet away from your house or structure annually to create “defensible space”. (Some of the best Los Gatos real estate can be found in those areas!) What isn’t always so apparent is where to go in the case of a wildfire. These new signs should help to improve safety in case of a serious fire.
You may not know that the town has some helpful resources online, too. You can find them here:
Other helpful info:
Statement of purpose on the Los Gatos Prepared page:
Empowering Community Self-Sufficiency towards the ultimate goal of every resident and business in Los Gatos having the awareness, skills, and resources necessary to be self-sufficient in the event of an earthquake, fire, flood, or possible flu pandemic
Last week (on April 6th) I pulled the statistics for available houses or single family homes for sale in Los Gatos and Monte Sereno (95030 and 95032, not the Los Gatos Mountains 95033). We have been experiencing a very palpable shortage of inventory. Below please find a graph to visually demonstrate where we are, and then the data in numbers so you can see each month compared to the years prior.
And next, the numbers themselves. I particularly like this way to view info as it provides a way of seeing what inventory has been like for the same month in prior years very easily and it also enables the viewer to get a sense of the normal patterns that the local real estate market tends to follow (albeit with some fluctuation). It’s easy to see that the lowest months for inventory tend to be in winter and the peak months are usually in the middle of the summer.
For our current year, this view offers a way of validating that inventory really is low. In March we had 68 houses for sale, but in March 2015 it was 70, March 2014 it was 84 and the numbers rise for each year going back until we see the largest inventory in 2009 at 260 – a very deep seller’s market here.
Is inventory low? Yes, it is – there have been very few months since January 2002 in which home buyers have had so little choice and home sellers such a good opportunity to sell.
(Please note small error on this image – the data was pulled April 6th, not April 10th, but the data should be unchanged.)
Real estate ownership type and architectural styles of homes are not necessarily connected, and this confuses a lot of Los Gatos home buyers. We tend to think of condos as apartments that people own, for instance. It’s not that simple.
With condominium ownership, you own the inside of your unit plus a share or percentage of all the common areas (think private roads, pool, etc.). With a condo you do not personally own the land under your unit. This can come in the form of what looks like an apartment (with other units above, below, on the sides or perhaps back-to-back), a townhouse (think “row house”), at attached home (duet), or even a free standing, detached house. Any of those can be a condo in the ownership sense.
If you look at a home, how can you tell the typs of ownership? You cannot do it. You must look at the Preliminary Title Report to know the ownership type and whether or not it’s a condo.
If you read a preliminary title report, it may say something like this, reflecting a share of ownership of the common areas:
1. THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR REFERRED TO COVERED BY THIS REPORT IS:
A CONDOMINIUM, as defined in Sections 783 and 4125 of the California Civil Code, in fee
If it is instead it’s another type of ownership in which the property owner does own both the structure and the land beneath it, the preliminary title report will say something like this:
1. THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR REFERRED TO COVERED BY THIS REPORT IS: A FEE as to Parcel(s) One; AN EASEMENT more fully described below as to Parcel(s) Two (the easement only if applicable, as with a townhouse community)
There are many reasons why it does matter which type of ownership you have.
Let’s say you have a house that’s in condo ownership and you want to add on into the back yard. It might be a little more complicated if you do not own that land to begin with! In some lending situations, it can matter also.
How often do we run into houses that are condos? Not too frequently, but if you have ever admired the pretty houses on Ohlone Court over by Vasona Lake County Park, you’ve seen some! In Almaden, there’s a beatuful gated community called the Villas of Almaden – same thing: houses are condos.