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 we 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 still shows a strong sellers market, despite inventory continuing to increase since February (see the 3 charts below), likely in what is a typical seasonal pattern. While there is rapid turnover in the entry-level and mid-range price points, the high-end to luxury markets show significantly slower movement, although they are still very fast and much hotter than average. Homes listed at under $1.5 million, if you can find them, are flying off the market in about 3 weeks’ time.
And from about two months ago, back in April:
Here is the chart from February for comparison:
All of Los Gatos 95030 and 95032, both high school districts – overall, it’s a clear seller’s market.
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. Current market movement is strongest once again in the price range of $1.5-$3 million, with sales happening quickly up to $4 million. The total MOI is barely slower than the town monthly average.
From April:
And the chart from February:
As you can see, this area is still in a clear sellers market, though different price points may be hotter or colder than the average. It remains a good time for sellers while, for buyers, it’s tough competition.
The real estate market for homes with Campbell Union High School District only
And finally, let’s see how the market is within the area of LG which is served by the Campbell Union High School District (Leigh HS and Westmont HS). These areas are usually a little more affordable than areas with the Los Gatos Saratoga Joint Union HSD and Los Gatos High.
This area’s main target is the “sweet spot” of the Los Gatos real estate market – homes in the Campbell Union High School District listed between $1 and $2 million (neighborhoods such as Belwood of Los Gatos and Belgatos in east Los Gatos). Because of the strong sellers market, these types of houses have been rare over the last couple of years and are selling faster and higher than ever. Buyers still struggle against tough competition, and what little available listings are going fast. Right now, it looks like homes in just about every pricing tier are selling well in this part of town.
Inventory is rising more here than in other areas of town
Please note that the inventory here has gone from 4 in Feb to 20 now, which for the other HSD it ranged from 25 to 48 – not nearly so big a spread! This may end up hindering some appreciation. Time will tell.
And from April:
Usually the Campbell school district is not as strong as the Los Gatos-Saratoga District, but as you can see from this month it isn’t always the case. This area has a very different dynamic. Where homes in the Los Gatos-Saratoga District often sell steadily up to the luxury market, homes in the Campbell Union District generally only sell within a tight range in the lower price points, and usually only keep up with the rest of Los Gatos in the most affordable entry-level market, as the chart shows.
And the chart from February:
What can we take away from this study of the months of inventory? It’s only one data point, but it indicates that properties priced between $1,500,000 and $2,000,000 range in Los Gatos are usually snapped up almost as quickly as they are listed. Homes are generally selling well up to $3,500,000 in either school district. It’s still a strong seller’s market in Los Gatos.
Part of what I see happening (in Los Gatos, Almaden, Saratoga and elsewhere) is that more sellers are putting their homes on the market in less than best condition. This isn’t happening only in Los Gatos, but throughout Silicon Valley. Sellers hear that it’s a sellers market, so some do not put the effort in. For those who do, and who price the home aggressively, sales are quicker and tend to come with multiple offers, especially in the lower price points.
Altos Research market data for Los Gatos 95030 and 95032
Note: Altos uses list prices, not sold prices.
Next, the 95032 area of Los Gatos (much of which is in the Campbell Union HSD, but not all).
Want more info on Los Gatos or nearby areas such as Monte Sereno, the Los Gatos Mountains, Saratoga, San Jose or? Please have a look at my Real Estate Report, which is updated around the 5th-10th of each month with the statistics for the closed sales in the prior month: http://www.popehandy.ReReport.com, or my summary of this report in the post Los Gatos real estate statistics and market trends, updated monthly. Interested in other nearby markets? Check out these articles on my Valley of Hearts Delight blog:
Saratoga CA real estate market update
The Cambrian Park real estate market update
The Campbell real estate market
and many more areas: Blossom Valley, Willow Glen, Cupertino, Sunnyvale, Mountain View etc. can be found there also: http://www.SanJoseRealEstateLosGatosHomes.com
Los Gatos & Los Gatos Mountains Homes for Sale
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$2,200,000 : 185 La Canada CT, LOS GATOS4 beds, 3 baths
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$780,000 : 17945 Madrone DR, LOS GATOS2 beds, 1 bath
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$1,599,000 : 485 Cresci RD, LOS GATOS4 beds, 3 baths
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$2,195,000 : 156 Massol AVE, LOS GATOS4 beds, 3 baths
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$1,788,000 : 21001 Shear Creek RD, LOS GATOS4 beds, 3 baths
See all Real estate in the city of Los Gatos.
(all data current as of
10/18/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Monte Sereno Homes for Sale
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$3,500,000 : 18527 Twin Creeks RD, MONTE SERENO4 beds, 4 baths
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$3,160,000 : 18216 Daves AVE, MONTE SERENO5 beds, 6 baths
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$3,850,000 : 18481 Twin Creeks RD, MONTE SERENO4 beds, 3 baths
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$2,998,000 : 18451 Via Bonita, MONTE SERENO4 beds, 3 baths
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$2,998,000 : 16200 W Ellenwood AVE, MONTE SERENO4 beds, 3 baths
See all Real estate in the city of Monte Sereno.
(all data current as of
10/18/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Saratoga Homes for Sale
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$1,645,000 : 12245 Atrium CIR, SARATOGA3 beds, 3 baths
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$2,500,000 : 13886 MALCOM AVE, SARATOGA5 beds, 3 baths
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$3,100,000 : 14341 Lutheria WAY, SARATOGA3 beds, 3 baths
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$2,199,000 : 19726 Yuba CT, SARATOGA4 beds, 2 baths
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$2,999,000 : 18644 Mcfarland AVE, SARATOGA5 beds, 4 baths
See all Real estate in the city of Saratoga.
(all data current as of
10/18/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
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