Los Gatos real estate market trends and statistics

Low inventory is the main story in Los Gatos today. Here’s a multiple year view of single family homes for sale in Los Gatos 95030 and 95032 since January 2014 – I find this to be enlightening since any one year can be an anomaly. (As of today, inventory has ticked up to 59, which is still quite low.)

 

Los Gatos 95030 and 95032 Inventory of SFH 2020-07-08

 

The ultra low number of listings is due to many factors, one of them being the current coronavirus pandemic and health & safety concerns. For a look at of how Covid-19 is affecting the local real estate market today, please check Coronavirus Impact on Real Estate Sales on my other blog.

During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market from the previous month, but the June numbers should be accurate.

What is selling best in LG right now?

Of the 30 single family home sales in Los Gatos in June on the MLS, none sold under $1 million, 6 closed under $2 million, 17 were between $2 and $3 million, 3 between $3 and $4 million, 3 between $4 and $6 million, and 1 over $6 million. The high end price point tends to be at around $3,000,000 and up for this part of Santa Clara County. The vast majority of what sold would not be considered luxury properties, even though in most areas of the U.S. these would be luxury price tags.

Los Gatos real estate statistics at a glance for 95030 & 95032

Next, data from the RE Report for Los Gatos (“in town”), in the Los Gatos Mountains, and for Los Gatos condos (only in town, none in the mountain communities). Below that are the live Altos Research charts, updated automatically each week. Altos uses list prices, not sold prices.

The numbers below analyze data gathered during the first week of each month and cover real estate statistics from the month prior in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full RE Report here.

 

Trends At a Glance Jun 2020 Previous Month Year-over-Year
Median Price $2,562,500 (+28.1%) $2,000,000 $2,600,000 (-1.4%)
Average Price $3,006,550 (+34.7%) $2,232,100 $2,745,390 (+9.5%)
No. of Sales 36 (+38.5%) 26 31 (+16.1%)
Pending 51 (+37.8%) 37 41 (+24.4%)
Active 57 (-1.7%) 58 90 (-36.7%)
Sale vs. List Price 98.8% (-1.2%) 100.0% 101.4% (-2.5%)
Days on Market 26 (+0.1%) 26 24 (+10.2%)
Days of Inventory 46 (-31.4%) 67 84 (-45.5%)

 

Prices saw a drop since March, but June numbers show prices are on the rise again and not far from where they were a year ago. The number of sales and active listings are up again from last month, and inventory is finally above last year’s numbers after an impacted spring market. The sales vs list price ratio is decent at 98.8%, but is lower than last month and last year. So the market still has signs of recent cooling, but appears to be warming back up again. Overall it remains a seller’s market in Los Gatos, possibly showing some delayed spring activity.

Read moreLos Gatos real estate market trends and statistics

The Monte Sereno real estate market

Elm Park in Monte Sereno, sold by Mary Pope-Handy
Ranch style home on Elm Park in Monte Sereno, sold by Mary Pope-Handy

The City of Monte Sereno is quite small, with just about 4,000 residents, so the number of houses sold in any given month will always be extremely small.

For that reason, the data may appear to jump around wildly compared to Los Gatos or Saratoga, which each have about 30,000 people living there. Please take these statistics with a tablespoon of salt, and be sure to view the Los Gatos housing market data to get a more accurate picture of what’s happening with Monte Sereno homes (just add a little to the price tag as homes there tend to sell for a bit more than LG properties).

Also, there are only single family, detached houses in Monte Sereno: no apartments, multi unit housing (2 – 4 plex), no duet homes (attached single family homes). That will be changing soon, however, as the old La Hacienda property (formerly an estate, then a hotel and restaurant) at Hwy 9 and Austin Way will likely become incorporated into Monte Sereno and condos or townhomes built there.

Also, this month’s data will likely begin to show the effects of the pandemic on the real estate market more distinctly than what we saw from March. To learn more about how Covid-19 is affecting the local real estate market, please check Coronavirus Impact on Real Estate Sales on my other blog.

During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory from the prior months, but June numbers should be accurate.

First up for the market analysis is the Altos Research weekly profile for Monte Sereno (uses list prices, not sales – so the median sale price here is much higher than the median sale price on the solds):

 

 

This chart shows a strong seller’s market for the first time in months. Market action is on the rise after a recent dip. This is relatively consistent with, though a little stronger than, nearby Los Gatos’ statistics.

Below is the Monte Sereno Real Estate Report (click to view the complete Real Estate Report).

Read moreThe Monte Sereno real estate market

Restaurants with patio dining in Los Gatos

The Wine Cellar restaurant in Old Town, Los Gatos

In Los Gatos, it may be possible to dine out of doors year round, but it is always a particularly popular option between March and October in the scenic town once referred to as “the gem city of the foothills.” And this year, it might be your only option for a while!

I originally wrote this post back in April of 2019, but barely a year later and it’s more relevant than ever. Restaurants who have had their doors closed since mid-March are finally opening – to the outdoors. Today I want to highlight these establishments for diners and give a nod to a number of the Los Gatos restaurants which offer dining al fresco; we are lucky to have so many choices!

Changes are happening quickly, so this is not a 100% comprehensive directory of Los Gatos eateries that are open with patio dining. Many restaurants not formerly offering patio dining have begun to offer outdoor seating to accommodate guests during the pandemic. Similarly, some establishments that regularly offer patio seating have decided not to offer it at this time. The charts below are mostly thanks to the excellent list provided by the Los Gatos Chamber of Commerce, in addition to a few Google searches, to update my previous list of restaurants.

Some of the restaurants that were on my 2019 list include Forbes Mill Steakhouse and Lexington House. These are all still open offering either pickup, delivery, or both at this time, and they may open for patio dining in the future. Unfortunately, a few restaurants have shuttered their doors for good. Both I Gatti and Chicago Steak & Fish are permanently closed.

Accommodations vary from permanent to temporary outdoor dining and space may be limited. I am not able to confirm all of the locations on these lists, and many have not updated their information online. Last Sunday I drove through Downtown and saw everything from spacious concrete patios dining with colorful shade installations to folding chairs under pop-up canopies. The Chamber of Commerce announced on their Facebook page that the k-rails and parklets are temporary installations to provide outdoor seating and will be replaced with more appealing planter barricades soon.

Remember that California currently requires face masks in all public places, and establishments may have their own rules for diners, so check ahead of time and come prepared.

Finally, I should mention that these restaurants with outdoor seating offer varied selection and pricing, from super casual (Happy Hound, Classic Burgers and Los Gatos Meats are all low key) to much more costly and formal. (And if you want a unique experience, one is at the local nudist resort – Lupin Lodge!) Not every one of these businesses is in downtown Los Gatos either. Links are provided where available so you can check them out yourself.

Did I miss one that should be mentioned? Feel free to email me any updates!

Bon appetit!

Read moreRestaurants with patio dining in Los Gatos

Virtual Jazz On the Plazz

Virtual Jazz On the PlazzVirtual Jazz on the Plazz in 2020! This season itwill be Jazz OFF the Plazz for the 2020 season. Enjoy live streaming on Wednesday evenings, no cost to the public (there’s a tip jar online for the musicians). The first concert is tomorrow night, Wed., June 3rd, starting at 6 p.m. and the series runs every Wednesday through August 26th.

Where to take in the virtual Jazz On the Plazz concerts

Live stream may be found on the website: www.jazzontheplazz.com
View from their Facebook Page: Jazz on the Plazz, by Los Gatos Music & Arts

This series appears to be the lone survivor in the usual summer lineup of free musical concerts in Los Gatos – Vasona Vibrations and Music in the Park are skipping the 2020 season and plan to be back next summer.

Chocolate Dream Box closing

Chocolate Dream Box closing permanently - buy your treats and gifts while you can today and tomorrowI’m sad to share that the Chocolate Dream Box closing will take place tomorrow, another casualty of the coronavirus pandemic. The shop is open from 12 noon to 4:30 p.m. today and tomorrow. Holly, the owner, is letting people in, 2 at a time to keep social distance, to enjoy one last chance to buy her delectable treats.

15557 Union Ave. at Los Gatos-Almaden Rd., Los Gatos (in the Downing Center, corner with Union Avenue).

See related post on this site from a few years back

Chocolate Dream Box – a Los Gatos Treasure!

Takeout Food for Shelter in Place

Los Gatos takeout food for shelter in place

Los Gatos is highly regarded for its excellent dine in restaurants. It is not known for food trucks, takeout food, or meals delivered to your home, but during the current Shelter in Place period, it’s a way for consumers to enjoy some of their favorite meals and support local businesses. In some cases, we can buy groceries at these eateries, too.

The Los Gatos Chamber of Commerce has put together a comprehensive list of Los Gatos restaurants, wine bars, coffee shops, and our one fabulous brew pub which feature to-go menu items. Please check it out!

Finally, I have never used a delivery service, but if you cannot get out, you might want to investigate Grubhub, DoorDash, UberEats, or Postmates.

We Got This LG!

The Los Gatos Chamber of Commerce is working hard to keep local industry strong!

We Got This LG!You may have seen signs in lawns or someone wearing a shirt which reads “We got this LG!” in bold letters. This is a campaign run by the Los Gatos Chamber of Commerce, which is working non-stop to support the many local businesses that are affected by the pandemic.

The upbeat message of this campaign is to stay positive and to strengthen community spirit! If you love strolling through downtown Los Gatos, or you’re missing your favorite shop, you can still support many of these businesses from a safe social distance so that when you’re able to come back, they’ll be there, too. But it’s not just lawn signs and t-shirts. We Got This LG! is introducing events like the Shop Local Raffle and a Mother’s Day Virtual Gift Shoppe to incentive’s shopping and introduce locals to more Los Gatos businesses.

Of course, to join the campaign you’ll want to know what’s open. The Chamber is keeping track of that, too, and has provided information on which shops, restaurants, and even services that are providing socially distant experiences.

The restaurant list is your one-stop-shop, which offers hours of operation, delivery vs curbside pickup information, links, and phone numbers. (Their list is much more extensive than my Takeout Food for Shelter in Place from March!) Check out the merchants page for information on pickup or mail delivery on practically everything: wine, clothes, toys, fresh flowers, gallery artworks, and craft supplies! Under “Other Services” are a collection of service-providing local businesses that are providing remote or curbside options, such as online fitness classes, curbside or delivery repairs, and tele-consultations. On the essential services page you can find out what’s open for your essential needs in Los Gatos.

Beyond the campaign, the Los Gatos Chamber continues to be an essential resource to businesses as well as for customers and clients. Take a look at their calendar and you can see there are Digital Marketing Webinars, virtual mixers, and classes to help members manage the changing market. The Chamber is also supporting FeedtheNeed (aka #FEEDtheNEEDBAYAREA) to help bring free hot meals where they are needed most: seniors, displaced employees, and medical workers. You can find out where meals have already been distributed in Los Gatos and donate to the cause though the link.

Most importantly, remember this won’t last forever and…

We Got This LG!