March 25, 2013
This last weekend I was holding open my new listing in west Los Gatos at 212 More Avenue. A few people asked me how Los Gatos is faring in terms of appreciation now as compared to the height of the market a few years ago. While places like Cupertino and Sunnyvale are already well past that previous peak, other west valley communities are sneaking up on equaling it. The Alta Vista neighborhood, on the San Jose (Cambrian Park) and Los Gatos border, is precisely there (as is most of Los Gatos under $2 million). The Alta Vista neighborhood should hit peak pricing very soon. So far this year, there’s only one closed sale in this neighborhood due to very low inventory levels, but within a couple of months we should have more complete data, and I think by late summer we’ll see new highs.
I spent quite a bit of time on our MLS, pulling sales within a defined area of the map (between and including Blossom Valley Drive to Blossom Crest, over to Blossom Wood and across to Sycamore Ct. – basically all the Garcia built homes, mostly in Cambrian) going back to 1999 (that’s as far as the data seems to go). Some years had more sales than others. Most are in San Jose, a few in Los Gatos. Some have been added onto, and some are still small 1100 SF ranch style homes. All of those disclaimers aside, here’s how the average sold price per square foot looks, year by year, and where it appears to be headed with my red trend line (on par with the old high point).
So for all of you home owners who longed for those 2006 prices – looks like this may be your year! Call or email me if you’d like a no-pressure, no-hassle, no-obligation consultation on home selling here in the Alta Vista Neighborhood or anywhere in the greater San Jose area.
For more reading:
The Cambrian Real Estate Market Update
Los Gatos Real Estate Market Trends and Statistics
