Los Gatos real estate market trends and statistics

Los Gatos real estate market graphic with home near downtown

The recent Los Gatos real estate market’s statistics are pointing to an early spring in terms of the home buying market. Colleagues report busy open houses with serious buyers – and not much inventory to show them.

What is selling best in LG right now?

Of the 14 closed single family home sales in Los Gatos this January, 6 closed under $2 million (the lowest was $1.5 mil), 5 were between $2 and $3 million, 2 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 11 houses under $3 mil, the average days on market was 43, the average list price was $2,013,359 and the average sale price a little higher at $2,030,455. For those transactions, the average living space square footage was 2,180 SF and average lot size 26,280 SF. For this segment of the Los Gatos real estate market overall, it’s a warm seller’s market. The lower the price point, the hotter the market.

 

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 Jan 2020 Previous Month Year-over-Year
Median Price $2,050,000 (-1.2%) $2,075,000 $2,440,000 (-16.0%)
Average Price $2,198,850 (-13.6%) $2,545,930 $2,644,590 (-16.9%)
No. of Sales 13 (-53.6%) 28 14 (-7.1%)
Pending 13 (-23.5%) 17 27 (-51.9%)
Active 34 (+36.0%) 25 42 (-19.0%)
Sale vs. List Price 100.2% (+1.2%) 99.1% 96.8% (+3.5%)
Days on Market 27 (-36.3%) 43 62 (-55.9%)
Days of Inventory 78 (+192.9%) 27 90 (-12.8%)

 

Prices are down both year over year and month over month, continuing a softening trend. The number of sales are down from last month and last year, and both active and pending listings are shrinking. Despite these signs of cooling, both the Days on Market and the Sales vs List Price ratio are heating up since December. It’s an active market with strong demand, but it’s still only a mild seller’s market.

 

 

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:

Thirteen sales closed in the mountains this January, one less than December, and still only a small pool of data to study. 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, similarly to how they did last year, and it’s a steady market, though slower than in town.

 

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $1,260,000 (+15.2%) $1,093,320 $1,762,500 (-28.5%)
Average Price $1,395,460 (+25.9%) $1,108,400 $1,498,330 (-6.9%)
No. of Sales 13 (-7.1%) 14 (+116.7%)
Pending (-40.0%) 15 10 (-10.0%)
Active 26 (-23.5%) 34 30 (-13.3%)
Sale vs. List Price 96.2% (-3.4%) 99.6% 95.0% (+1.3%)
Days on Market 85 (-0.2%) 85 112 (-24.5%)
Days of Inventory 60 (-17.6%) 73 150 (-60.0%)

Los Gatos Condo Market Trends at a Glance

The median price for Los Gatos Condos was up from the month before and from a year ago, as were the averages, but with only 7 sales last month and only 5 the month prior, data here can swing dramatically and is not the most reliable means of analysis. Still we can see active inventory declined compared to the previous month and year, but sales were up from both, nearly double that of last year. Quick inventory absorption and high sales to list price ratios point toward another moderate seller’s market.

 

Trends At a Glance Jan 2020 Previous Month Year-over-Year
Median Price $1,150,000 (+5.5%) $1,090,000 $973,000 (+18.2%)
Average Price $1,185,560 (+11.4%) $1,064,200 $1,061,500 (+11.7%)
No. of Sales (+40.0%) 5 (+75.0%)
Pending (-16.7%) 6 (+25.0%)
Active (-33.3%) 3 (-77.8%)
Sale vs. List Price 98.1% (-3.0%) 101.1% 97.5% (+0.7%)
Days on Market 32 (+8.1%) 30 70 (-54.4%)
Days of Inventory (-52.4%) 18 68 (-87.3%)

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 market, a little cooler than before, but not a balanced market yet.

 

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

 

Here we see less inventory and longer listings, but hotter trends. Outside of Downtown Los Gatos, the town is in a strong seller’s market.

 

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 about as active as the Downtown market, currently a slight seller’s advantage. One advantage of the Mountains, though, is that the least expensive property is over $1 mil less than the least expensive home in Downtown Los Gatos!

 

All 3 Zip Codes combined

 

Overall, Los Gatos is in a slight seller’s advantage with increasing prices as well as increasing days on market.

 

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 are trending down for now, but we are sure to see another peak by springtime.

 

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.

 

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.