May 30, 2012
Months of Inventory for the Los Gatos Real Estate Market by School District and Price Point
The Los Gatos real estate market is “hot” overall – but not equally, and certainly not in all areas or price points! Yesterday I crunched the numbers from my MLS to provide for you the absorption rate or months of inventory. This figure is calculated by getting the count of active listings (not under contract – some statisticians include pending sales as well) and the sales closed in the last month and dividing them. If there are 3 homes for sale and 1 closed in the last month, you have 3 months of inventory. What this means is simple: if no new inventory came on the market, how long, at the current rate of sales, would it be for buyers to “absorb” the current supply of inventory? The shorter it is, the hotter the market. Five or six months is balanced.
Group One: The more affordable homes in 95030 and 95032 in Los Gatos – up to $2 million. Where it says “infinite”, that means that homes are for sale but none sold/closed escrow in the last 30 days. Where it says N/A, no homes for sale or sold. Have a look:
What’s hot? Up to the $1.5 million point, everything in LG is hot! The cooling starts at $1.5 mil in the part of down with Campbell or Union Schools. For houses “in the schools”, the market remains strong up to the $2 million mark, where it changes dramatically.
How are things for the over $2,000,000 point?
Over $2 million, it’s anywhere from a balanced market to impossible to sell for Los Gatos houses on the market. Homes over $2 million are tough to sell if they don’t feed to Los Gatos High School. But even properties which have LGHS as the school of attendance are challenged to sell in the upper pricing tiers.
Los Gatos Real Estate Report for April 2012 Sales
Prices are up for Los Gatos real estate sales! (Click on link for full data from my Los Gatos Real Estate Report.)
Below please find the statistics and numbers for house sales in the town of Los Gatos (95030 and 95032) which closed in the month of April. Things are looking up!
| Trends At a Glance | Apr 2012 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $1,350,000 | $1,260,500 (+7.1%) | $1,344,000 (+0.4%) |
| Average Price | $1,431,940 | $1,405,640 (+1.9%) | $1,479,120 (-3.2%) |
| No. of Sales | 39 | 38 (+2.6%) | 30 (+30.0%) |
| Pending Properties | 54 | 53 (+1.9%) | 47 (+14.9%) |
| Foreclosures Sold | 3 | 2 (+50.0%) | 0 (N/A) |
| Short Sales Sold | 3 | 1 (+200.0%) | 1 (+200.0%) |
| Active Listings | 78 | 88 (-11.4%) | 50 (+56.0%) |
| Sales Price vs. List Price | 99.6% | 100.1% (-0.6%) | 96.7% (+2.9%) |
| Days on Market | 36 | 35 (+2.4%) | 61 (-41.3%) |
Los Gatos condominium & townhouse sales (click on link for more info)
Improvement month over month, but year over year the numbers are still down.
| Trends At a Glance | Apr 2012 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $616,000 | $565,000 (+9.0%) | $715,000 (-13.8%) |
| Average Price | $596,557 | $590,294 (+1.1%) | $768,500 (-22.4%) |
| No. of Sales | 11 | 17 (-35.3%) | 5 (+120.0%) |
| Pending Properties | 21 | 15 (+40.0%) | 13 (+61.5%) |
| Foreclosures Sold | 2 | 2 (0.0%) | 1 (+100.0%) |
| Short Sales Sold | 1 | 2 (-50.0%) | 0 (N/A) |
| Active Listings | 11 | 20 (-45.0%) | 40 (-72.5%) |
| Sales Price vs. List Price | 98.1% | 96.8% (+1.3%) | 97.4% (+0.7%) |
| Days on Market | 63 | 78 (-19.3%) | 108 (-41.6%) |
Softer prices prevail in the mountains….
| Trends At a Glance | Apr 2012 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $662,500 | $678,000 (-2.3%) | $715,000 (-7.3%) |
| Average Price | $589,750 | $651,484 (-9.5%) | $683,750 (-13.7%) |
| No. of Sales | 4 | 8 (-50.0%) | 4 (0.0%) |
| Pending Properties | 16 | 8 (+100.0%) | 7 (+128.6%) |
| Foreclosures Sold | 0 | 1 (-100.0%) | 0 (N/A) |
| Short Sales Sold | 0 | 1 (-100.0%) | 0 (N/A) |
| Active Listings | 31 | 32 (-3.1%) | 21 (+47.6%) |
| Sales Price vs. List Price | 91.6% | 99.6% (-8.1%) | 93.6% (-2.1%) |
| Days on Market | 190 | 90 (+112.0%) | 144 (+32.2%) |
