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

The historic Broadway area neighborhood in Los Gatos

Los Gatos, CA Broadway District Historic Home

Broadway and El Sereno The very first subdivision or planned neighborhood in Los Gatos was along Broadway and nearby (Clifton Avenue, Broadway Extension and Wood Road), now the Historic Broadway Area (or Neighborhood or District).  There had already been quite a few houses built at that time in Los Gatos, but none were planned areas per se. The Town of Los Gatos has called this the first residential street of Los Gatos! John Lyndon was the developer and he bought the land and created 48 parcels which were sold in September 1881 – a good six years before the far larger Almond Grove district was created and 6 years before the town was incorporated, too. A few homes in this area may already have been present, though, and seem to predate the 1881 date.

No doubt, Mr. Lyndon’s real estate buying decision was at least partially influenced by the location of his Lyndon Hotel, a whose bar was a popular hangout for the likes of John Steinbeck and Charlie Chaplain, which was located at the corner of Santa Cruz Avenue and Broadway, and now is the Lyndon Plaza (since sadly the hotel was torn down in the 1960s).

What was once a fairly quiet end of town is today mostly in the heart of it. The area closest to the post office enjoys a wide road (if desperately in need of repair), a good variety of Victorian and mostly older, historic homes, and is very uniformly well kept. Because it is either “in town” or “close to town”, the road is lined with cars most days – perhaps also because these houses of course pre-dated garages.

Historic Broadway Area Photos

 

Where is the Broadway Historic District in Los Gatos?

The Town of Los Gatos has a Historic Districts Map – have a look:

Town of Los Gatos Historic Districts Map

 

Broadway neighborhood of Los Gatos real estate information

Read moreThe historic Broadway area neighborhood in Los Gatos

Charter Oaks townhome community

The Charter Oaks townhome community was built in 3 phases between 1972 and 1975,  and consists of 101 units on a verdant, green campus. I’m told that the builder was the highly regarded Blackwell Homes.  Each townhome enjoys between 960 square feet and 1,760 sf, with the average being 1452. Most are 2 story but there are a few single story homes as well. Lot sizes are small (1,920-3,205 SF, average is 2477 SF) as there is a great deal of common, outdoors space to enjoy.

Charter Oaks townhome community

Charter Oaks Circle mapLos Gatans are drawn to Charter Oaks for many reasons. First, it offers well built homes that are thoughtfully designed in a beautiful setting. The community features include expansive greenbelt areas and a pool.

The location is a huge plus. It is located alongside the Los Gatos Creek Trail, making it an easy walking or bike commute to Netflix, a simple bike ride to Vasona or downtown Los Gatos, or a convenient route for a longer ride, jog, or stroll. To top it off, this area includes the highly regarded Los Gatos Schools and is close enough to the freeways to make commuting less stressful.

Every area has some location challenges. Because it’s close to two freeways, there’s a bit of noise from the highways but it’s not too bad. The other thing to know is that there’s just one road in and out, and trying to turn left from Charter Oaks Drive onto Lark Avenue can sometimes be frustrating as the cars just keep coming and there’s no traffic signal to help there.

Charter Oaks real estate pricing

Homes in Charter Oaks are selling for about $1,000,000 to $1,300,00 as of early 2020. (See my listing at 126 Charter Oaks Circle here.) As with every complex, some areas will sell for more than others. In this case, because the townhomes are fairly close to highway 17, some areas have road noise and will be a little less desirable.  Some will have better or lesser views, access to parking, natural light, and so on. The condition and size of the unit have an enormous impact on housing values too, of course.

 

Which streets are a part of Charter Oaks?

Includes streets are these: Walnut Hill Court, Charter Oaks Circle, Willow Hill Court, Cherry Hill Court, Almond Hill Court, Spruce Hill Court

Read moreCharter Oaks townhome community

Interior floods in the home

Most of the time, when we think of floods, we imagine a natural disaster, and that the people impacted live in a 100 year flood plain.  On the east coast, basements are the part of the home usually impacted by floods.  Interior floods in the home can happen to anyone with plumbing, though. Today I want to share what happened to us in mid December 2012 and hope it can help others to avoid our experience.

Interior floods in the home – our story (late 2012)

A few years back we had a large amount of water intrusion due to a refrigerator water line that broke. One surprise lead to another.

First, the apparent cause may have been a different plumbing issue: dissimilar metals, copper and galvanized steel, not properly separated. It was on one of the to-do lists that just didn’t get done fast enough. We see things like that on home inspection reports and don’t always understand the risks.

I first discovered the water on December 9th, 2012, when I noticed that our dining room’s carpeting didn’t look quite right – and found it damp.  My initial thought was that our elderly dog had had an accident, but there was far too much liquid and it all seemed to be up against the wall backing to the kitchen, so it didn’t take long to realize that the pooch was not to blame.

The first job was finding what was wet so that it could be dried out ASAP, before mold got a foothold. The dining room was carpeted, so it was easy to simply pull the carpet back and check the underlayment.  (In this image, the kitchen is to the left, and the pantry and half bath are behind the wall straight ahead.) I  had a lot of calls to make to flood remediation companies, to our insurance company, etc. I was concerned about mold as I’d taken a 3 hour class in that subject at a real estate conference, so I wanted the leak stopped and the water removed immediately.

 

 

Damage from the flood in our dining room
The dining room at my house, which backs to the kitchen wall where the refrigerator water line leaked. The damage was not fully apparent until the carpet was pulled back.

 

Interior floods in the home built pre-1978

Back to that first task of figuring out what was wet – the dining room was easy due to carpet. The kitchen and other nearby areas were a different story.

Read moreInterior floods in the home

Blossom Hill Manor Real Estate Market

Map of the Blossom Hill Manor neighborhood of Los Gatos (east Los Gatos)

The Blossom Hill Manor (aka “the Manor” or “Blossom Manor”) is a highly sought after neighborhood with its close proximity to the well regarded Los Gatos schools, parks, shops, grocery stores and major transit routes.  Homes there are nicely maintained, many streets are tree-lined and there’s a good amount of community spirit and involvement in this close-in, walkable area. Explore the area more using my Google Map of Blossom Manor, or take a video drive-through of the neighborhood at my other post, The Blossom Manor neighborhood of Los Gatos.

In this posting, we’ll discuss the Blossom Manor real estate market. The real estate market in Los Gatos has been on fire like the rest of the Bay Area over the last few years, but there’s a great deal of variation from one area, price point, school district, age and condition of home to the next.  As you can imagine, the “fixer” market is very different from the luxury market.

So far in 2019, there have been 15 closed sales in The Manor. A few quick stats on those sales:

  • Average list price $2,150,343
  • Average sale price $2,207,518 (103% of list price)
  • Median sale price $2,060,000
  • Least expensive list price $1,589,000
  • Lease expensive sale price $1,775,000
  • Most expensive list price $2,749,000
  • Most expensive sale price $2,790,000
  • Average price per SF $1,114.61
  • Average days on market 16
  • Average living space 2046 SF
  • Average lot size 9,431 SF
  • Average age of the home 61 years

Of these 15 sales, 9 were over list price, 1 was exactly at list price (an off market sale – the only one not exposed publicly before selling), and the rest sold under list price. 

Read moreBlossom Hill Manor Real Estate Market

Los Gatos real estate market trends by price point and high school district

There are many factors impacting the Los Gatos real estate market, including the price point and the elementary or high school district. This post is updated every month or two. Today we’ll look at the Los Gatos realty market by pricing tiers and high school district using the months of inventory as a data point. The months of inventory, or MOI, is the currently active (for sale, no contract or pending sale) homes for sale divided by the number of homes using the same criteria which have closed escrow in the last 30 days.

These numbers were run today using MLSListings.com and it’s possible that a few more homes will be recorded as closed sales or new homes added to the market after I ran these numbers. One other disclaimer: sometimes the number of closed sales is very low or is at 0. This can be for many reasons. In some cases, there are a few which are sale pending and simply haven’t closed recently. In other cases, the market might actually be empty in those tiers, indicating a possible lack of demand or inventory. That being said, what do the numbers say?

Los Gatos real estate months of inventory in 95030 and 95032 combined

The overall MOI for the town as a whole with 95030 and 95032 zip codes shows a mild seller’s market, with post-summer cooling likely in what is a typical seasonal pattern. It is a bit of a mixed market when looking at the town as a whole, but less so when viewed by high school district or price point. We’ll see when the month is over, but already in many parts of Santa Clara County, the real estate market is returning to seasonal patterns with some cool pockets and some which remain hotter.

 

 

And here’s the same chart with data from last February. You can see that in mid-winter the inventory was smaller and moving slightly slower.

 

2019-2-12 Los Gatos Months of Inventory 1 - 95030 95032

 

Looking back farther, here’s the same info for last November – the overall absorption rate isn’t much different from right now, and inventory and sales are neck-and-neck. Almost exactly a year ago, the market doesn’t look too different.

 

Los Gatos 95030 and 95032

 

And a reference from April, when the market was red hot:

 

 

The real estate market for homes with the Los Gatos – Saratoga Joint Union High School District only

Now let’s view just the homes which are in the Los Gatos – Saratoga Joint Union High School District (or homes “in the schools” as locals say).Houses for sale with Los Gatos schools tend to be more pricey than those in neighboring school districts. This isn’t just the schools, but is also a function of being closer to downtown Los Gatos. The lowest priced homes in this area are seldom listed for less than $1 million.

 

 

Once again, we’ll compare it against last February. While the overall market is moving faster today than in February, here we can see that for homes in the Los Gatos School District were moving more quickly in winter. While the number of sales hasn’t changed much, inventory has gone up in this sector.

 

2019-2-12 Los Gatos Months of Inventory 2 - LGSUHSD

 

From last November, again, not a ton different between then and now.

 

Los Gatos 95030 95032 LG Schools

Read moreLos Gatos real estate market trends by price point and high school district