The Los Gatos real estate market has never been hotter.
- SELLERS: Homes that could not sell a few months ago or a few years ago are selling fast, with multiple offers, and often with large overbids. (If you have a “problem property”, this is THE MARKET for selling it.)
- BUYERS: if a home you like comes on the market, do not wait until the weekend to see it. It may be gone by then. Not every listing agent gives the property a full week on the market. This happened to my buyers twice in the last week.
Right now we seem to be in a period of hyper inflation with home prices. When prices appreciate at this rate, appraisal problems can happen and buyers will need more than 20% down both to compete and also to pay for the appraisal shortfall, which may be likely in some cases. (For info on the Monte Sereno real estate market, check this link.)
Please note: these data charts were all pulled by me, Mary Pope-Handy, from MLSListings.com, to which I subscribe.
I’m a little inventory obsessed, but check out where we are in December 2021 versus December in any recent year. Buyers want to buy, but there’s “nothing to purchase”.
Please click the image below to see a larger version of it (it will pop open in a new window or tab).
Home sales have been very high, particularly when considered against the limited number of homes available to buy.
The sale price to list price ratio also points to this being a good time for sellers (and a hard time for buyers). For homes that sell in the first week or two, the sale price to list price range may be higher, and if a property has been languishing on the market for awhile, it may be under list price. In December, there were a few homes selling several percent below list price, but the majority of these were in the luxury tier.
The median sale price shows us the midpoint of sales prices, with half of them lower than this amount, and half of them higher.
The median sale price of $3,125,000 for Los Gatos homes (in town, the prices are generally lower in 95033, the mountains) is not surprising. Last month no house in Los Gatos 95030 or 95032 closed for less than $2 million.
Here’s the chart with the average sale price in Los Gatos 95030 & 95032 (click to see larger version). Last month’s average skewed high as quite a number of homes sold for more than $4 million, including one at $11 million.
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) – the entire Los Gatos real estate market combined. 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: Los Gatos 95030 & 95032
There were 7 very high (over $4 million) homes that closed escrow in December, including one for $11 million, so the sale price numbers are quite high. Individual home in less pricey ranges are still appreciating fast, though.
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$3,312,500 (+17.3%)||$2,825,000||$2,776,500 (+19.3%)|
|Average Price||$3,992,230 (+26.6%)||$3,154,360||$2,882,500 (+38.5%)|
|No. of Sales||30 (-3.2%)||31||26 (+15.4%)|
|Pending||44 (-29.0%)||62||30 (+46.7%)|
|Active||12 (-42.9%)||21||39 (-69.2%)|
|Sale vs. List Price||106.3% (-3.0%)||109.6%||101.5% (+4.7%)|
|Days on Market||30 (+91.5%)||16||35 (-12.9%)|
|Days of Inventory||12 (-38.9%)||20||45 (-73.3%)|
Trends at a Glance for the Los Gatos Mountains 95033
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 summary here, but please click the link above to see the whole report:
Trends at a Glance
|Trends At a Glance||Dec 2021||Previous Month||Year-over-Year|
|Median Price||$1,603,000 (+14.5%)||$1,400,000||$1,200,000 (+33.6%)|
|Average Price||$1,612,800 (+17.9%)||$1,367,590||$1,162,290 (+38.8%)|
|No. of Sales||10 (-41.2%)||17||7 (+42.9%)|
|Pending||12 (0.0%)||12||10 (+20.0%)|
|Active||6 (-33.3%)||9||10 (-40.0%)|
|Sale vs. List Price||98.4% (-4.1%)||102.6%||101.1% (-2.7%)|
|Days on Market||44 (+50.9%)||29||32 (+40.0%)|
|Days of Inventory||18 (+17.2%)||15||43 (-58.0%)|
Los Gatos Condo Market Trends at a Glance
Los Gatos Condos have appreciated modestly from a year ago, but the data can swing if a lot of smaller or larger units sell in any given month.
Trends at a Glance
|Trends At a Glance||Nov 2021||Previous Month||Year-over-Year|
|Median Price||$1,400,000 (+4.1%)||$1,345,000||$1,354,000 (+3.4%)|
|Average Price||$1,367,590 (+17.4%)||$1,164,580||$1,347,170 (+1.5%)|
|No. of Sales||17 (+41.7%)||12||12 (+41.7%)|
|Pending||12 (-25.0%)||16||8 (+50.0%)|
|Active||9 (-40.0%)||15||14 (-35.7%)|
|Sale vs. List Price||102.6% (+0.9%)||101.7%||98.2% (+4.5%)|
|Days on Market||29 (+96.4%)||15||25 (+19.6%)|
|Days of Inventory||15 (-59.1%)||38||34 (-54.6%)|
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) in the Los Gatos real estate market, 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 strong seller’s market with a steady market action. Inventory is perpetually low and falling with homes selling quickly through autumn. It’s a hot market!
Primarily East, West, and North Los Gatos (view the Altos Research report for Los Gatos 95032 HERE):
Here in 95032 we see higher and rising market action with a larger inventory. It’s a strong seller’s market and keeping a little hotter than in 95030.
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 in a strong seller’s market with a slightly lower and less stable market action than the other areas. One advantage of the Mountains is that the least expensive properties are often well below the cost of the least expensive homes anywhere else in Los Gatos. Currently, the Mountains also have the largest available inventory tied with 95032, making it easier for weary buyers to compete.
All 3 Zip Codes combined
Overall, Los Gatos is in a strong seller’s market with extremely high demand and some mild warming. Inventory is low and falling, the days on market are fairly stable for the season, and the market remains red hot.
Now a graph of the Median Price trends for 95030:
In 2020, after a late winter peak prices dropped sharply through April before beginning to rise again, peaking in late June. After some dips the price rose again in early November. They plunged through late fall and winter before skyrocketing again through February 2021. We saw a second, higher peak around the end of April through July! All quartiles remain sky high compared to 2020 – in-town Los Gatos real estate prices are through the roof!
This chart looks a little more dramatic. Last year prices fell from winter into May, rose a little into late June before plummeting to rock bottom in September, then shot up to a peak in November 2020. That might indicate that fewer homes sold and with less data the numbers swing more drastically. It looks like the greatest demand has been for the lower price tier in this market, as we observed at the beginning of this article. That said, in 2021 the average has been sticking closely to the low $3 million range.
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 RE REPORT 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 posts on the Monte Sereno Market on this blog and other Silicon Valley market updates over at my Valley of Heart’s Delight blog! Occasionally I will do other market analysis, like my article on Los Gatos real estate market trends by price point and high school district. Check it out!
Lastly, if you like this information and find it valuable, please consider reaching out to us when it’s time for you to buy or sell a home in Los Gatos or anywhere in Santa Clara County. We would love to hear from you!