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November 08, 2009

The Los Gatos real estate market is a moving target.  How’s it today?  It depends on which part of the data you study.   Days on the market are longer, but prices are up, sales are up, and inventory is down.

Los Gatos Houses

Los Gatos homes sold and Los Gatos homes for sale:  first note that inventory is way down (from 200 a year ago to 134 now), the number of pending houses is up (from 11 to 51) and the medial sales price is up (though the average is down) year over year.  Are homes still slipping in value, or are they appreciating?  The answer to that question depends on a home’s particular location, price point, school district, and other factors.  Some homes are still going down in value, but others are rising. The days on market are longer, from 32 DOM to 52.    A lot of indicators are “UP” but it’s still not really easy to sell a Los Gatos home today. With 134 actives and just 25 solds, that’s a 5.36 months supply of inventory – close to “balanced”.  With 51 pendings vs 134 actives, it looks like the odds of selling are about 38% in any given month right now.

Trends At a Glance Oct 2009 Previous Month Year-over Year
Median Price $1,110,000 $1,187,500 (-6.5%) $975,000 (+13.8%)
Average Price $1,182,290 $1,152,560 (+2.6%) $1,465,810 (-19.3%)
No. of Sales 25 22 (+13.6%) 15 (+66.7%)
Pending Properties 51 47 (+8.5%) 11 (+363.6%)
Active 134 143 (-6.3%) 200 (-33.0%)
Sale vs. List Price 96.2% 97.4% (-1.3%) 96.7% (-0.5%)
Days on Market 52 43 (+22.8%) 32 (+64.6%)

To see more data on the single family home sales for October, please see my RE Report for that part of the market.

Los Gatos Condominiums and Townhouses

The Los Gatos townhome and condominium real estate market is likewise better in many ways.  The number of sales is up year over year (9 to 11), pendings are up (5 to 18) and inventory is down from 48 to 37.  Days on the market are longer though, from 33 to 99. So again some mixed indicators.  There’s a shift toward more of a sellers market with the months supply of inventory now at 3.36 months.  Condos and townhomes overall are selling much better than they were a year ago in terms of pricing (up substantially over a year ago, though down from last month).  Buyers are more willing to buy now, probably due to fantastic interest rates and perhaps also some of the great first time homebuyer perks such as the $8000 credit.

Trends At a Glance Oct 2009 Previous Month Year-over Year
Median Price $644,000 $741,500 (-13.1%) $555,000 (+16.0%)
Average Price $652,136 $752,833 (-13.4%) $594,222 (+9.7%)
No. of Sales 11 (+83.3%) (+22.2%)
Pending Properties 18 15 (+20.0%) (+260.0%)
Active 37 39 (-5.1%) 48 (-22.9%)
Sale vs. List Price 97.1% 99.5% (-2.5%) 97.6% (-0.5%)
Days on Market 99 46 (+116.2%) 33 (+201.4%)

 

And to get more details on the Los Gatos condo market, please see my RE Report page with that data.