Los Gatos real estate statistics and market trends

Los Gatos real estate market graphic with home near downtownThe Los Gatos real estate market had been cooling down, but suddenly the activity level is up noticeably, and when we get the statistics for December’s closed sales, I believe we will see a rise in pricing, too. At office meetings and with friends in the industry I am hearing many stories of multiple offers and overbids. In one case, a property I was watching (near but not in LG) sold for 16% over list price. Many are surprised by the surge in buyer interest, which appears to be strongest in the lowest priced homes which are in good locations and in excellent condition (meaning recently and thoroughly remodeled).

Market uptick in November: pending sales increase

Throughout Santa Clara County and San Mateo County, pending sales increased dramatically in November, and the ratio between active listings and pending sales narrowed (chart below). When this happens, meaning that the absorption rate increases, prices normally rise. The reason is simple: supply and demand. Typically, supply shrinks in fall, but demand does not always shrink as much as supply. Hence, selling in autumn can be good in that the odds of selling increase. That’s good for sellers. For buyers, it may be tougher to buy due to limited choices, but prices often are a little softer in the late months of the year than they are in spring. Bottom line: if you need to buy or sell, it can happen in the last quarter of the year. Buyers cannot be too picky, though, as selection is limited. (See similar data for the Santa Clara County real estate market on the Valley of Heart’s Delight blog.)

Active and pending listings in Los Gatos 95030 and 95032

Below please find a chart of 2019 active listings of single family homes in Los Gatos (MLS area 16, zip codes 95030 and 95032)  in relation to the pending sales the same month. When active listings far outnumber the pending or contingent sales, it’s harder to sell and easier to buy. Conversely, when the two are closer together, a larger percentage of properties are going under contract.  Notice how close they are in November of this year.

 

Graph representing Los Gatos active and pending listings of single family homes in 95030 and 95032 in 2019 year to date

 

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Old Adobe Road neighborhood

Map of the Old Adobe Road area in west Los Gatos - also indicating proximity of the Oakwood and English Oaks subdivisions, plus the cities of Saratoga and Monte Sereno are shown on the map
Old Adobe Road area in west Los Gatos, just off Quito Road

At the northwest corner of Los Gatos you’ll find a really beautiful neighborhood that consists of Old Adobe Road and nearby streets. It’s just off of Quito Road on the border with Saratoga one one side and Monte Sereno on another.

This lovely area doesn’t have tightly defined boundaries (at least not as far as I know), but runs roughly between Old Adobe and Quito at the north end to Bicknell at the south and fanning out to beyond Montclair to about More Avenue. It clings to Rinconada Hills along one stretch, too.

What are homes like in the Old Adobe area?

Today I mapped out the approximate neighborhood using the county records and it appears to have about 250 houses or so. Nearly all were built in the 1960s and 1970s, but 10% of the neighborhood spans a century from 1920 to 2018. Most of the homes are between about 2,000 and 3,000 square feet, but about 1/6 of them are larger, a dozen reach 4,000 SF and up, but that is not typical. Most lots are around a quarter to a half acre, but some are bigger and some smaller. So they are comfortable houses on uncrowded lots in a mature neighborhood.

There are some areas within this part of west Los Gatos with no subdivision name, but others are within identifiable subdivisions: Adobe Manor, Verona Manor, Montclair Oaks, Rinconada Acres, Rinconada Terrace, Rinconada Oaks. (A nearby neighborhood is English Oaks, and next to that is Oakwood. Yes, there are  plenty of oaks in the region!)

 

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The Holiday Season in Los Gatos: So Much To Do!

Christmas tree and packages with a greeting of Happy Holidays on a bannerDecember is almost upon us, and with it comes all kinds of holiday events and activities in beautiful Los Gatos.

Keeping up is half the battle with so much happening this December! To make your season a little less stressful and a little more jolly, I have organized a list of holiday events and activities going on in Los Gatos. Below you will find two lists – one with unique events you might only have a day or two to enjoy, and a separate list of ongoing events you can join in all December long. These lists do not include religious services, so please check your preferred place of prayer for those schedules.

So get ready for carriage rides, the Fantasy of Lights, the tree lighting ceremony, the Los Gatos holiday parade, crafting, caroling, cookies and more!

Read moreThe Holiday Season in Los Gatos: So Much To Do!

Strathmore neighborhood of Los Gatos

Take in a view of the hills from the Strathmore neighborhood of Los Gatos. Beside Blossom Hill with the coastal range rising behind it, homes here enjoy a beautiful backdrop and nature close by with plenty of access to parks and trails. But the beauty and nature is only one part of the wonderful neighborhood.

 

Strathmore neighborhood of Los Gatos sign at entrance to subdivision

 

Despite its quiet charm, this neighborhood is anything but rural. Easy access and practicality are another major draw. Both the freeway and plenty of shopping are within a mile, and shopping on The Boulevard (Los Gatos Boulevard) is only a little farther (about 2 miles by car). A pedestrian friendly area with sidewalks and tree lined streets, Strathmore is a popular spot for locals to stroll, walk dogs, jog, bike or otherwise enjoy a little of California’s pleasant climate.

 

Strathmore neighborhood 2 story house

 

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Restaurant Asa in Los Gatos

Last week a friend and I met to enjoy lunch at Restaurant Asa, which opened a few months ago. It was the first time there for both of us and we were anxious to give it a try since we’d only heard good things about it. The eatery’s location is super convenient and is a big plus: Asa sits just across from the Los Gatos Lodge, adjacent to the Best Western Inn of Los Gatos – at the corner of Alberto Way and Los Gatos-Saratoga Road. This is the same location where Grill 57 was until this summer. There’s no shortage of nearby parking, which cannot always be said of restaurants in town.

 

Restaurant Asa Los Gatos exterior

 

An attractive, inviting patio dining area sits behind the planters in the photo above.

Inside, a waiting area features two comfy couches. A well appointed wine case is to the right and a full bar to the left.  The room is open, clean, quiet (while fairly full), and offers pleasant decor.

 

Restaurant Asa waiting area couches and wine collection

 

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Los Gatos Tree Lighting Ceremony and Parade

Two of the best attended and most celebrated holiday events in town are the Los Gatos annual tree lighting and the parade, both of which usually happen the first weekend in December.

Annual Town Tree Lighting

This year, the Los Gatos Annual Tree Lighting Ceremony will take place Friday, December 6th, at the Town Plaza Park (located at Main & Santa Cruz).

The fun begins at 4:45pm with music provided by the Joyful Sounds Brass Quintet.  At 5:15pm the Fischer Middle School Band will perform, followed by a performance by the Los Gatos Ballet at 5:35pm.

Youth awards will be given at 5:50pm.

At 6pm the historic tree is lit, and Santa arrives with a full entourage on a classic firetruck to visit with the children until 7pm.

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Blossom Hill Manor Real Estate Market

Map of the Blossom Hill Manor neighborhood of Los Gatos (east Los Gatos)

The Blossom Hill Manor (aka “the Manor” or “Blossom Manor”) is a highly sought after neighborhood with its close proximity to the well regarded Los Gatos schools, parks, shops, grocery stores and major transit routes.  Homes there are nicely maintained, many streets are tree-lined and there’s a good amount of community spirit and involvement in this close-in, walkable area. Explore the area more using my Google Map of Blossom Manor, or take a video drive-through of the neighborhood at my other post, The Blossom Manor neighborhood of Los Gatos.

In this posting, we’ll discuss the Blossom Manor real estate market. The real estate market in Los Gatos has been on fire like the rest of the Bay Area over the last few years, but there’s a great deal of variation from one area, price point, school district, age and condition of home to the next.  As you can imagine, the “fixer” market is very different from the luxury market.

So far in 2019, there have been 15 closed sales in The Manor. A few quick stats on those sales:

  • Average list price $2,150,343
  • Average sale price $2,207,518 (103% of list price)
  • Median sale price $2,060,000
  • Least expensive list price $1,589,000
  • Lease expensive sale price $1,775,000
  • Most expensive list price $2,749,000
  • Most expensive sale price $2,790,000
  • Average price per SF $1,114.61
  • Average days on market 16
  • Average living space 2046 SF
  • Average lot size 9,431 SF
  • Average age of the home 61 years

Of these 15 sales, 9 were over list price, 1 was exactly at list price (an off market sale – the only one not exposed publicly before selling), and the rest sold under list price. 

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