July 06, 2010
In general, the Santa Clara County real estate market cooled a bit in June with rising inventory and less demand by home buyers, but in Los Gatos it improved very slightly, while in Monte Sereno it worsened. Below please find a summary from my Real Estate Report (which you can check out for more information on these areas as well as Saratoga, Almaden Valley, Cambrian Park, Campbell, etc.( Links for each section will take you to the referenced part of the REReport. You may also read a downloadable, 4 page pdf with more articles about the local realty market here.
The Los Gatos (95030 & 95032) Real Estate Market for June 2010 for Houses & Duet Homes
| Trends At a Glance | Jun 2010 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $1,250,000 | $1,231,150 (+1.5%) | $1,078,750 (+15.9%) |
| Average Price | $1,348,340 | $1,416,700 (-4.8%) | $1,078,250 (+25.0%) |
| No. of Sales | 41 | 29 (+41.4%) | 28 (+46.4%) |
| Pending Properties | 62 | 61 (+1.6%) | 42 (+47.6%) |
| Active | 153 | 158 (-3.2%) | 181 (-15.5%) |
| Sale vs. List Price | 96.8% | 97.5% (-0.7%) | 95.8% (+1.0%) |
| Days on Market | 47 | 46 (+1.8%) | 69 (-32.2%) |
The Los Gatos median sales price inched up both year over year and month over month. (So more expensive homes are starting to sell.) The average sales price of these houses improved significantly year over year (25%) but fell almost 5% month over month. Closed and pending sales are both up and inventory is down 15% from a year ago and about 3% from last month. The list price to sales price ratio fell a little and the days on market stayed close to the same from a month ago. All in all, it is close to a balanced market for houses in Los Gatos according to the Real Estate Report.
Want more info? I also have a weekly report from Altos Research (uses list prices, not sales prices). Altos breaks it down by zip code and the files below are pdfs:
Los Gatos 95030 Single Family Home (houses & duets) Market for the week of July 3 2010
(pdf, will open new window)
Los Gatos 95032 Single Family Home (houses & duets) Market for the week of July 3 2010
(pdf file, will open in a new window)
The Los Gatos (95030 & 95032) Real Estate Market for June 2010 for Condominiums and Townhouses
| Trends At a Glance | Jun 2010 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $640,000 | $555,000 (+15.3%) | $635,000 (+0.8%) |
| Average Price | $626,625 | $546,612 (+14.6%) | $615,000 (+1.9%) |
| No. of Sales | 11 | 8 (+37.5%) | 7 (+57.1%) |
| Pending Properties | 8 | 15 (-46.7%) | 11 (-27.3%) |
| Active | 52 | 43 (+20.9%) | 57 (-8.8%) |
| Sale vs. List Price | 97.3% | 98.0% (-0.8%) | 95.4% (+2.0%) |
| Days on Market | 109 | 154 (-29.0%) | 112 (-2.8%) |
The Los Gatos condo & townhome market also improved in June. Although it is still a buyer’s market, it is creeping its way toward balanced with improving sales prices (both median and average), more closed sales and shrinking days on the market.
If you’d like a little more info on the Los Gatos Condominium & Townhouse Market, please also see these reports from Altos Research, which breaks down the info by zip code (and uses list prices):
Los Gatos 95030 Condo Market for the week of July 3, 2010 (pdf, will open in a new window)
Los Gatos 95032 Condo Market for the week of July 3, 2010&nb
sp;(pdf, will open in a new
window)
The Monte Sereno (95030) Real Estate Market for June 2010
Monte Sereno has no townhomes or condos, so our market report is reflective only of houses (and estates).
| Trends At a Glance | Jun 2010 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $2,387,500 | $1,632,500 (+46.2%) | $1,510,000 (+58.1%) |
| Average Price | $2,387,500 | $1,677,500 (+42.3%) | $1,510,000 (+58.1%) |
| No. of Sales | 2 | 6 (-66.7%) | 1 (+100.0%) |
| Pending Properties | 7 | 5 (+40.0%) | 6 (+16.7%) |
| Active | 39 | 34 (+14.7%) | 30 (+30.0%) |
| Sale vs. List Price | 100.7% | 99.3% (+1.5%) | 98.8% (+2.0%) |
| Days on Market | 46 | 71 (-35.5%) | 8 (+475.0%) |
Sales prices are rising and the number of sales have increased while days on market have decreased. But with 39 houses for sale in Monte Sereno and just 2 closed in June, that’s a lot more inventory than demand and reflects 19.5 months of inventory. The rising number of pendings indicates that things are improving, and hopefully will help to counteract the also rising number of homes on the market. Buyers: this is a good time, generally, to purchase a home in Monte Sereno!
The Los Gatos Mountains (95033) Real Estate Market for June 2010
This area includes both portions in Santa Clara County & Santa Cruz County.
| Trends At a Glance | Jun 2010 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $762,875 | $802,000 (-4.9%) | $720,000 (+6.0%) |
| Average Price | $709,993 | $844,146 (-15.9%) | $823,000 (-13.7%) |
| No. of Sales | 10 | 12 (-16.7%) | 5 (+100.0%) |
| Pending Properties | 6 | 13 (-53.8%) | 7 (-14.3%) |
| Active | 52 | 43 (+20.9%) | 35 (+48.6%) |
| Sale vs. List Price | 95.3% | 95.7% (-0.4%) | 92.5% (+3.1%) |
| Days on Market | 70 | 81 (-14.6%) | 200 (-65.2%) |
To get all of the data for every city in Santa Clara County and the major districts in San Jose, please check out my current ReReport online. Additionally, you can check out listing & sales activity in your own neighborhood (see what’s happening on our MLS) by inputting any address in the county on the REReport’s Property Analysis page. (It loads a little slowly so please be patient.) There’s no registration required for any of this useful information.
Our local market consists of many micro-markets, often varying from one zip code, price point, or school district to another. Please contact me if you would like information on your specific market.
