Live in Los Gatos blog

The Los Gatos real estate market is going into the autumn cool down. This is seasonally normal, even if the market conditions are artificially hurt by the fed’s efforts to control inflation by tightening the money supply with higher interest rates.

We do expect it to be harder to sell for top dollar by November and December. At the same time, for sellers willing to sell with pricing pressure, often the odds are improved since many home owners will remove their properties from the market – especially in December.

For home buyers, selection typically dwindles this time of year. The trade off is that prices are also usually softer. With less demand, it’s not uncommon to see interest rates ease up a little, too, though I’m not expecting that right now.

Stats from the MLS for Los Gatos 95030 and Los Gatos 95032

As of today, November 8, the Los Gatos real estate market in 95030 & 95032 is cooling down a little – more inventory, fewer sales, longer days to sell:

• 50  single family homes are on the market in “Active” status – last month at this time it was 48 (of those, 5 are listed as “agent only, show”, and 1 is “agent only, do not show”). The agent only listings means that they are not syndicated to other websites, meaning 6 properties, or 13% of the homes for sale will not be seen on places like Realtor.com, Zillow, or Redfin.
  • The median days on market for these 50 homes for sale is 47. Half the listed properties have been on the market for shorter than this time, and half longer.
  • The average days on market for this group is 57.
  • Six of the homes have been on the market for more than 100 days. Eight more have been on the market for more than 60 days.
  • Additionally, some homes may have come off market, changed the price, and returned with the clock rolled back to zero when they’re really been for sale most of 2022.
• 3 houses are under contract but there are contingencies of some kind in place (could be loan, appraisal, property inspection, buyer to sell current home, seller to find a replacement home) – so those sales may not go through. It was 4 a month ago.
• 11  houses are sale pending, no contingencies (this is a small number compared to the active listings) – it was  20 last month at my last update for this post
• 21 houses have closed escrow in the last month, down from 24 last month and 29 the month before.
  • The average sale price to list price ratio for these 21 houses was 99% – it was 100% on Oct 10 and  97% for my September update. I think it’s fair to say that it is hovering close to 100% generally.
  • The median days on market was 19 for this group – meaning that half of the homes sold in 19 or fewer days and the other half longer. The average days on market for these 21 houses is 37 days. That tells us that some of the sold properties were on the market for a very long time. Three houses took more than 100 days. Twelve of twenty one sold in under a month.

Multi Year Statistics: Los Gatos real estate market

Here is some multiple year over year Los Gatos real estate market data that I pulled directly from the MLS today:

Inventory

Inventory has risen back up a bit, but is well before all recent Octobers except for October 2021.

Months of inventory for Los Gatos homes for sale

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