The Los Gatos real estate market continues cooling, but it is still a solid seller’s market – just not as hot as it was a few months ago. We are past the peak of the market and are seeing significant cooling with every data point over the last 2-3 months.
As of today, August 8, some info on single family homes in LG 95030 & 95032:
- 48 single family homes are on the market in “Active” status – that is way down compared to both last month and the month before (of those, 3 are listed as “agent only, show”, and 2 are “agent only, do not show”). The agent only listings means that they are not syndicated to other websites, meaning 13 of the homes for sale will not be seen on places like Realtor.com.
- 4 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.
- 23 houses are sale pending, no contingencies (this is a small number compared to the active listings) – it was 15 last month at my last update for this post
- 19 houses have closed escrow in the last month, down from 25 last month. The trend has been toward a drop in sales.
- The average sale price to list price ratio for these 25 houses was 100% (down from 104% for my July update) – this figure has been falling consistently
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 slipped a little as compared to June. It remains below what has been normal since 2013.
Los Gatos real estate market: number of SOLD homes
The number of sales is not keeping up with the new inventory pouring on the market. Buyers are less interested than they once were in buying. The culprits for the change in motivation are simple: much higher interest rates, high sale prices, the devaluation of stocks (the source of many down payments), fears of recession, and uncertainty due to the Russian war in Ukraine.
I’ve added the average numbers for January – July to provide perspective on whatever “normal” may look like. January and February were above average, but since then the sales have been below average.