How far does your home buying budget go in Los Gatos? Los Gatos real estate prices aren’t low, but they aren’t the highest in Silicon Valley, either, despite having great schools, wonderful downtown, and both architectural and natural beauty in abundance. In this article we’re looking at “in town” areas with zip codes 95030 and 95032 (the Los Gatos Mountains is 95033).
MLS Research by 8 price increments for LG
Earlier today I spent some time going through the MLS and looking at single family homes, townhouses, and condominiums which are active, pending, or sold in the last 2 months or so in town (95030 and 95032, MLS area 16). The narrative below reflects that research. These 8 segments are not evenly split, but reflect more general levels such as entry level, mid level, and luxury homes.
1 – Los Gatos real estate prices: lowest tier, under $700,000
Homes for sale listed in the lowest price points are condos at the Los Gatos Commons, a senior community along Alberto Way near downtown. In the last 60 days there have been 2 such condominiums sold, all 2 bedroom, 2 bathroom.
2 – Los Gatos real estate prices between $700,000 and $1 million – general entry level
For non-seniors, the next price point represents entry level homes in town. Normally these would be 1 or 2 bedroom condominiums or townhouses, but in recent weeks there were a couple of very small single family homes (under 600 SF) that appear to be tear-downs and are sold for land value. Normally you’ll find 1 – 2 bedroom units in this bracket.
3 – Los Gatos real estate prices between $1 million and $1.25 million – better condos and townhomes
At this next level of one million to 1.2 million, larger condos and townhomes are found (in all school districts). For example, many of the townhouses in the Charter Oaks or Courtstyle and Wimbledon Place, aka Courtside, would be in budget, as well as some of the units in the Glenridge area such as along Overlook and Pennsylvania. Townhouses at Los Gatos Village will mostly be in this price range, but once in awhile one may be a little higher or lower.
4 – Los Gatos real estate prices between $1.25 and $1.5 mil – still mostly condos and townhouses
Most single family homes will sell for more than 1.5 mil, but some may be listed and sold within this range. Right now, many properties are selling for more than list price, so it’s safe to assume that if something sells within a couple of weeks, it will sell for more than list price in the majority of the cases. Generally, it will be condos and townhouses in this part of the market, albeit larger and nicer than in the lower ones.
5 – Los Gatos real estate prices between $1.5 and $2 mil – single family homes
Homes offered for sale between $1.5 and $2 million will mostly be single family homes. On average, these houses will feature about 1850 square feet of living space on a good sized lot (quarter acre or more) and will sell for about $1,700,000 as of this writing. Alternatively, you could purchase a larger townhouse with more than 2000 SF at Rinconada Hills for just a little less, about 1.6 mil on average. There is usually a good selection of properties in this price point (current inventory shortage aside).
6 – Los Gatos real estate prices between $2 and $3 mil – larger houses, larger lots
Los Gatos has many homes in the low to mid $2 million range. While expensive by most of the country’s standards, these are not yet luxury homes – they are nice, either larger (and in east or west LG with Leigh or Westmont High) or smaller (closer to downtown with Los Gatos High) and usually won’t have any location issues or a big need for remodeling. Properties in this band average about 2600 SF on a larger lot (unless near downtown LG) and the average price tag for recent sales is about $2,350,000.
7 – Los Gatos real estate prices between $3 and $5 mil – entry to the luxury tier
The luxury threshold begins at about $3 million in town, though of course you could find something with more land and a somewhat rustic house – that’s possible, though not the norm. There are far fewer homes in this band of pricing. Most will be on more than an acre, though some may be on smaller lots if in a prized close-to-town area like Glenridge or Surry Farm. The houses tend to be more than 3,000 SF (again, some exceptions exist). Side note: at this price point, often homes sell for less than list price, which is not frequently the case in lower price points.
8 – Los Gatos real estate prices over $5 million – luxury and estate homes
Just four properties over $5 million have sold in the last 6 months in Los Gatos. These posh homes enjoy at least a half acre of land and 4500 SF of living space, though most boast more than 6,000 SF.
More info on Los Gatos real estate prices: data from Altos Research
An additional resource is Altos Research, but the caveat there is that Altos uses only list prices. Right now, many homes are selling with multiple offers and overbids, so the Altos answer to this question may be a little low. I’ll start with those charts to provide a general sense of the pricing, but know that in the lower price ranges especially, it’s probably off a bit. The images below are all taken from Feb 20, 2020.
(Not enough data to include LG 95030 condos and townhomes, but the link is HERE should this be working more in the future)
And, although I didn’t include the Los Gatos Mountains (it’s very broad, spans 2 counties and features many unique communities), here’s the same Altos chart for the 95033 zip code (county area with a LG mailing address):
Los Gatos home prices move around, depending on so many factors (exact location, home condition, proximity to something valued as good or believed to be bad, market conditions, and much more). Please check back as this article will be updated from time to time.