Low inventory has been the headline story in the Los Gatos real estate market since spring 2020! Here’s a multiple year view of single family homes for sale in Los Gatos 95030 and 95032 since January 2015 – I find this to be enlightening since any one year can be an anomaly. The chart below shows us that the average inventory for Los Gatos in September can vary, but usually sits somewhere between the low 80s to low 70s and rarely as small as 60. This September fell well below that range with only 43 active listings, the lowest across all visible years!
Seasonal trends for 2020 were thrown completely off shortly after the lockdown order. Inventory never grew to the expected level that spring with available listings consistently shrinking from May through January and hardly any growth in spring 2021, despite the vaccine and subsequent reopening!
The ultra low number of listings is due to many factors, one of them being the current coronavirus pandemic and health and safety concerns. Although most things have reopened, things aren’t back to the pre-pandemic norm. For a look at how Covid-19 affected the local real estate market today, please check Coronavirus Impact on Real Estate Sales on my other blog.
Covid restrictions have mostly been lifted, and Silicon Valley remains in a hot seller’s market with limited inventory. If you’re interested in selling your home this year, check out my article on how to Sell Your Home in 2021. When you’re ready to talk to an agent I would love to hear from you!
What is selling best in LG right now?
In general, single family homes listed at or under $2.5 million are selling well, with their sales averaging around 5.7% over list price in September. Those listed upwards of $2.5 millions are also frequently selling above asking with an average of roughly 3.7% above list price. Even so, there are exceptions in both groups.
Certain things can skew the data. For instance, a home in Los Gatos listed just under $1.9 million took 100 days to sell, and sold around 1.3% below list price, while another listed at $3.2 million sold nearly 12.5% above asking ($400K over) in just 3 days! When planning to buy or sell, it’s best to look at the data within a mile of your home (or the one you want to buy), and across similar properties, excluding the sales which aren’t comparable.
By the numbers: Of the 39 single family home sales in Los Gatos (not including the mountain market) in September on the MLS, none sold under $1.5 million, 6 sold under $2 million, 21 sold from $2 to $3 million, 5 sold above $3 million and below $4 million, 5 sold between $4 to $5 million, 1 sold over $5 million and another sold over $6 million!
The high end price point tends to be around $3,000,000 and up for this part of Santa Clara County, although it’s been creeping upwards with the overly hot market we’ve been experiencing. 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) – the entire Los Gatos real estate market combined. 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||Sep 2021||Previous Month||Year-over-Year|
|Median Price||$2,710,800 (-8.1%)||$2,950,000||$2,350,000 (+15.4%)|
|Average Price||$3,249,660 (-0.1%)||$3,253,780||$2,491,080 (+30.5%)|
|No. of Sales||37 (-7.5%)||40||37 (0.0%)|
|Pending||61 (+10.9%)||55||51 (+19.6%)|
|Active||47 (-6.0%)||50||55 (-14.5%)|
|Sale vs. List Price||105.1% (-0.2%)||105.4%||102.5% (+2.6%)|
|Days on Market||15 (-23.8%)||20||29 (-46.6%)|
|Days of Inventory||37 (-1.8%)||38||43 (-14.5%)|
Prices for Los Gatos real estate haven’t changed much month-over-month, but compared to last year they’ve risen about 15%-30%! Last year’s market had a higher number of active listings, but fewer pending sales. Compared to last month, closed sales and active inventory fell short while pending sales grew. The sales vs list price ratio shrank a hair month-over-month, still well above last year at a red hot 105.1% of asking.
Overall, despite some seasonal cooling it remains a busy seller’s market in Los Gatos, likely impacted by pent up demand from the last two years.