Are Los Gatos Real Estate Prices Holding Amidst the Financial Meltdown?

December 19, 2008

The Los Gatos real estate market has had a difficult year in 2008. Are things improving now, levelling off, or worsening? What Los Gatos homeowners care about most is value: what’s my home worth now? Today we will look at what list prices are doing among Los Gatos proerties for sale: both single family homes (houses) and condominums and townhomes in both the 95030 and 95032 zip codes.

The data, care of Altos Research, pretty much speaks for itself. The situation varies from one area to the next and one price point to the next. For more detailed information than is presented here, please contact me directly.

I. Broad Overview of Los Gatos homes for sale

First let’s see an overview of list prices for single family homes in Los Gatos by zip code (all price quartiles combined).

 

Los Gatos single family homes for sale (houses), both 95030 and 95032 zip codes, median list price

Next, same type of data but for Los Gatos condominiums and townhomes for sale (both zip codes, median list price).

 

Los Gatos homes for sale, condos, both 95030 and 95032, median list prices of all quartiles combined

II. Closer look at houses for sale in Los Gatos

Next we’ll look more closely at single family homes by zip code and by price point or quartile.

Los Gatos houses in the 95030 zip code area by quartile:

 

Los Gatos single family homes for sale in 95030 by quartile

Los Gatos houses in the 95032 zip code area by quartile:

 

Los Gatos houses for sale in 95032 area, list prices by quartile.

III. Condominiums and Townhomes for Sale in Los Gatos

Next the list pricing for condos in 95030 by quartile

 

List prices of Los Gatos condos for sale in 95030 area by quartile.

And finally, list prices of condos and townhouses for sale in the 95032 area by quartile

 

List prices of Los Gatos condos for sale in 95032 area by quartile.

In summary, it looks as though condo prices have done fairly well overall. In 95030, they are up year over year across the board, and in 95032 they two top quartiles are up. The entry level condos in 95032 appear to have lost value year over year. The reason may be that buyers in these price points are purchasing single family homes outside of Los Gatos instead.

Among houses, the slippage in pricing is fairly slight in both zip codes among the three lower quartiles, but the market difficulties are much more pronounced among the most expensive homes in both of the Los Gatos areas. The Los Gatos luxury market has taken more of a beating than more midrange homes this year? Why is that? There are a number of possibilities, but the bottom line is that if you are a luxury home buyer looking in the west side of Silicon Valley, this may be a great opportunity for you!

Please call or email me if you’d like more information on Los Gatos real estate market conditions.