Los Gatos real estate statistics and market trends

Los Gatos real estate market graphic with home near downtownThe Los Gatos real estate market had been cooling down, but activity levels have remained up noticeably. At office meetings and with friends in the industry I still hear many stories of multiple offers and overbids. In one case, a property I was watching (near but not in LG) sold for 16% over list price. Many are surprised by the surge in buyer interest, which appears to be strongest in the lowest priced homes which are in good locations and in excellent condition (meaning recently and thoroughly remodeled).

Market upticks in December?

Throughout Santa Clara County and San Mateo County, pending sales increased dramatically in November, and the ratio between active listings and pending sales narrowed. When this happens, meaning that the absorption rate increases, prices often rise. It’s a simple case of supply and demand. Typically, supply shrinks in fall, but demand does not always shrink as much as supply. Hence, selling in autumn can be good in that the odds of selling increase. That’s good for sellers. For buyers, it may be tougher to buy due to limited choices, but prices often are a little softer in the late months of the year than they are in spring. Bottom line: if you need to buy or sell, it can happen in the last quarter of the year. Buyers cannot be too picky, though, as selection is limited. (See similar data for the Santa Clara County real estate market on the Valley of Heart’s Delight blog.)

What is selling best in LG right now?

Of the 25 closed single family home sales in December, 12 closed under $2 million (the lowest was a FHA property at $655K, with the next smallest double that at almost $1.29 mil), 9 were between $2 and $3 million, 2 between $3 and $4 mil, 1 between $4 and $5 mil, and 1 over $5 mil (and that one was close to $7 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 houses under $3 mil, the average days on market was 66, the average list price was $1,923,066 and the average sale price less at $1,909,095. For those transactions, the average living space square footage was 2,185 SF and average lot size 22,150 SF.

 

Los Gatos Trends 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 will be 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 Dec 2019 Previous Month Year-over-Year
Median Price $2,050,000 (-22.3%) $2,637,500 $2,500,000 (-18.0%)
Average Price $2,532,810 (-6.3%) $2,703,620 $2,818,350 (-10.1%)
No. of Sales 27 (+12.5%) 24 17 (+58.8%)
Pending 15 (-58.3%) 36 22 (-31.8%)
Active 27 (-28.9%) 38 33 (-18.2%)
Sale vs. List Price 98.7% (+1.1%) 97.6% 100.5% (-1.7%)
Days on Market 44 (-5.3%) 46 44 (+0.1%)
Days of Inventory 30 (-34.7%) 46 58 (-48.5%)

 

Prices are down both year over year and month over month, but that doesn’t mean the market’s cooling. The number of sales are up from last month and last year, active listings are shrinking, and both the Days on Market and the Sales vs List Price ratio are heating up a hair since last month. Turnaround is quick and it’s an active market, 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:

Fourteen sales closed in the mountains last December, double that of November, but still a small pool of data for 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 very close to list price and it’s an active market, though slower than in town.

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $1,093,320 (+3.1%) $1,060,000 $1,165,000 (-6.2%)
Average Price $1,108,400 (-16.5%) $1,326,710 $1,261,110 (-12.1%)
No. of Sales 14 (+100.0%) 7 (+100.0%)
Pending 15 (-21.1%) 19 11 (+36.4%)
Active 33 (-26.7%) 45 31 (+6.5%)
Sale vs. List Price 99.6% (+1.1%) 98.5% 98.2% (+1.5%)
Days on Market 85 (+219.1%) 27 78 (+9.3%)
Days of Inventory 71 (-62.1%) 186 133 (-46.8%)

 

Los Gatos Condo Market Trends at a Glance

The median price for Los Gatos Condos was down from the month before and from a year ago, while the average price was off for both, but with only 5 sales this month the data here is never too stable, and not the most reliable means of analysis. Still we can see inventory declined in December, but offers were coming in higher than November.

 

Trends At a Glance Dec 2019 Previous Month Year-over-Year
Median Price $1,090,000 (-6.8%) $1,170,000 $1,316,250 (-17.2%)
Average Price $1,064,200 (-0.6%) $1,070,620 $1,314,250 (-19.0%)
No. of Sales (-37.5%) 8 (+66.7%)
Pending (-40.0%) 10 (+50.0%)
Active (-66.7%) 9 (-50.0%)
Sale vs. List Price 101.1% (+4.3%) 97.0% 98.7% (+2.4%)
Days on Market 30 (-18.6%) 36 29 (+3.3%)
Days of Inventory 18 (-44.8%) 33 60 (-70.0%)

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):

 

 

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

 

 

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

 

 

All 3 Zip Codes combined

 

 

 

 

And 95032

 

 

And 95033 (The Los Gatos Mountains)

 

 

 

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!

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