Los Gatos real estate market trends and statistics

Los Gatos real estate market graphic with home near downtown

Recent Los Gatos real estate market’s statistics had been pointing to an early spring in terms of the home buying market in the early part of March. Colleagues were reporting busy open houses with serious buyers – and not much inventory to show them.

That being said, a lot has changed since the beginning of March. Many of the Los Gatos real estate market statistics below reflect sales that closed in March but much of the activity for those sales occurred before the shelter-in-place ordinances, the result of which we will likely see better in next month’s analysis. For a better understanding of how Covid-19 is affecting the local real estate market, please check Coronavirus Impact on Real Estate Sales on my other blog.

During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory.

What is selling best in LG right now?

Of the 21 single family home sales in Los Gatos in April on the MLS, 9 closed under $2 million (the lowest was $1.365 mil), 5 were between $2 and $3 million, 6 between $3 and $4 mil, and 1 between $4 and $5 mil. The high end price point tends to be at around $3,000,000 and up for this part of Santa Clara County. The vast majority of what sold would not be considered luxury properties, even though in most areas of the U.S. these would be luxury price tags.

For the 14 houses under $3 mil, the average days on market was longer (above 2 weeks), the average list price was $1,926,571 and the average sale price a little higher at $1,975,429. For those transactions, the average living space square footage was 1,881 SF and average lot size 12,612 SF. For this segment of the Los Gatos real estate market overall, it’s a warm seller’s market, though the numbers aren’t as hot as the month before.

Los Gatos real estate statistics at a glance for 95030 & 95032

Next, data from the RE Report for Los Gatos (“in town”), in the Los Gatos Mountains, and for Los Gatos condos (only in town, none in the mountain communities). Below that are the live Altos Research charts, updated automatically each week. Altos uses list prices, not sold prices.

The numbers below analyze data gathered during the first week of each month and cover real estate statistics from the month prior in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full RE Report here.


Trends At a Glance Apr 2020 Previous Month Year-over-Year
Median Price $2,675,000 (+4.3%) $2,565,000 $2,507,500 (+6.7%)
Average Price $2,653,940 (-5.5%) $2,807,500 $2,831,540 (-6.3%)
No. of Sales 25 (+4.2%) 24 26 (-3.8%)
Pending 28 (-12.5%) 32 32 (-12.5%)
Active 51 (+6.3%) 48 85 (-40.0%)
Sale vs. List Price 102.3% (-0.5%) 102.8% 99.7% (+2.6%)
Days on Market (-38.6%) 14 35 (-74.5%)
Days of Inventory 59 (-1.4%) 60 95 (-37.6%)


Prices are reasonably stable year over year and month over month with some ups and downs. The number of sales and active listings are up a hair from last month, but inventory is much smaller than a year ago. So the market has definitely stayed hot this spring despite the shelter-in-place ordinance. One area that’s fallen slightly month over month is the sales vs list price which dipped slightly to 102.3%, though it’s still hotter than the 99.7% last year.


Trends at a Glance for the Los Gatos Mountains

The RE Report has some info on the Los Gatos Mountains, but I do not believe it covers all of what we would have as 95033 or MLS “area 23”. You can see the mountains market info here:

Twelve sales closed in the mountains this April, only one more than what sold in March. This is still a small pool of data to work with, and the mountain market is very diverse. Better results would come from checking sales in your particular part of the mountains, such as Upper Redwood Estates, Chemeketa Park, etc., to see what the market is doing. Nevertheless, sales are happening close to list price and better than they did this time last year, though it’s fallen since March. It’s a steady but mild seller’s market, much calmer than in town.


Trends At a Glance Apr 2020 Previous Month Year-over-Year
Median Price $1,072,500 (-29.1%) $1,512,000 $967,500 (+10.9%)
Average Price $1,072,500 (-28.9%) $1,508,230 $1,061,290 (+1.1%)
No. of Sales (-84.6%) 13 10 (-80.0%)
Pending 10 (+66.7%) 6 14 (-28.6%)
Active 32 (-5.9%) 34 44 (-27.3%)
Sale vs. List Price 97.5% (-1.7%) 99.2% 96.0% (+1.6%)
Days on Market 12 (-85.0%) 80 95 (-87.4%)
Days of Inventory 464 (+491.4%) 78 128 (+263.6%)

Los Gatos Condo Market Trends at a Glance

Prices for Los Gatos Condos were down from the month before but up year over year. With only 3 sales in April, and consistently low sales across all months, we don’t have much to go on and data can swing dramatically. Low numbers like this make these charts not the most reliable means of analysis, but they can still show general data and trends over time. This sector is showing dramatic changes since March. The sales to list price ratio dropped almost 5% since last month, though it’s only slightly lower than a year ago. While this is still a seller’s market, it’s looking distinctly cooler than it did a month ago, which is uncommon for this time of year.


Trends At a Glance Apr 2020 Previous Month Year-over-Year
Median Price $1,250,000 (-12.3%) $1,425,000 $1,179,500 (+6.0%)
Average Price $1,286,330 (-8.0%) $1,398,290 $1,102,730 (+16.6%)
No. of Sales (-57.1%) 7 12 (-75.0%)
Pending (0.0%) 4 12 (-66.7%)
Active 15 (+36.4%) 11 12 (+25.0%)
Sale vs. List Price 99.3% (-4.5%) 104.0% 100.3% (-1.0%)
Days on Market 10 (-1.4%) 10 26 (-61.5%)
Days of Inventory 145 (+207.6%) 47 29 (+400.0%)

Altos Research Profiles of Los Gatos single family homes by zip code

A link is provided to the full weekly report for each zip code. It will bring you to the page for single family homes (houses and duet, or single family attached, homes), but from there  you can click on a tab and view the same type of data for condominiums and townhouses if any data exists for them.

Close to downtown – 95030 (read the full weekly report for Los Gatos 95030, which is automatically updated, here):



Downtown we see a slight seller’s advantage in the current data. Days on market continue to increase steadily, but that’s no surprise since shelter-in-place is affecting the marketing of active listings.


Primarily East, West, and North Los Gatos (view the Altos Research report for Los Gatos 95032 HERE):



Here we see the same amount of active inventory. Market action is seeing a sharp decline here, just below the in-town ranking for a slight seller’s advantage.


The Los Gatos Mountains / Santa Cruz Mountains – 95033 (see the full 95033 weekly report here, no condo or TH in these areas):



The Mountain market is nearly as active as the 95032 market, currently a slight seller’s advantage. One advantage of the Mountains, though, is that the least expensive property is usually about half the cost of the least expensive home anywhere else in Los Gatos!


All 3 Zip Codes combined



Overall, Los Gatos is in a slight seller’s advantage with some signs of cooling.


Now a graph of the Median Price trends for 95030:

In 2019, Median Price peaked at the end of April, and then came close again in May, July, September, and, surprisingly, December. Prices dropped sharply last March, but we’re seeing an uptick again.


And 95032


This chart looks a little more dramatic. Most properties in this zip code bounce around between $2.8 mil and $2.4 mil, but this January saw the farthest drop right before the highest peak. Since this is the Median Price, that might just indicate that fewer homes sold, and with less data, the numbers swing more drastically. Current prices have fallen again to the same point they did at the start of the year.


And 95033 (The Los Gatos Mountains)


The Mountain market has the greatest range of pricing by far, but the Median Price is well under either 95032 or 95030.


The whole Los Gatos real estate market report can be viewed here (please click). Additionally, from this page or the main one (link above) you can see this type of information for condos and townhomes plus the market data for Monte Sereno, the Los Gatos Mountains, San Jose as a whole, or areas of San Jose such as Cambrian, Almaden, and Willow Glen.

Finally, it should be noted that “the Los Gatos real estate market” is really a compilation of several smaller markets. It’s quite different in the over $3 million range versus the under $1 million range (if you can locate a house under a million dollars). It’s also varied from one school district to the next and often one subdivision or neighborhood to the next. The Glenridge market is going to be quite distinct from the Alta Vista or Rinconada Hills market.

From time to time I will blog about real estate market conditions in particular neighborhoods – it is possible to run the statistics via our multiple listing service by any area we care to map out. If you’re thinking of buying or selling a home in town or nearby, please give me a call. We can look into not just THE market, but YOUR market!

For more on the current local market, check out my post on Los Gatos real estate market trends by price point and high school district, updated monthly!

1 thought on “Los Gatos real estate market trends and statistics”

Comments are closed.