As of today, March 7, 2023, the Los Gatos real estate market in 95030 & 95032 is showing signs of cooling. That said, some homes are still selling fast and with multiple offers and overbids. .
Los Gatos real estate market statistics
Here is some Los Gatos real estate market data that I pulled directly from the MLS today.
Numbers of homes sold
Normally we don’t share the stats on how many houses are selling each month, but it’s so terribly low that I thought it would be good to point this out. In February, just 10 houses sold. Check out the sales for the same month from 2017 on and you can see how abnormally low it is.
Months of Inventory
The months of inventory is moved up substantially from 2 months in January 2023 to 3.3 months in February.
It’s a slight seller’s market generally, but turnkey, more affordable homes are in a hotter tier of the market.
Average sale price of homes sold in Los Gatos 95030 & 95032 – Los Gatos house prices
The numbers really jump around a bit in Los Gatos. Los Gatos single family home prices aren’t quite that volatile. What can happen is that in one month, there may be more sales in one school district, home size, or price point than in another. If one month a high proportion of entry level homes sell in a less expensive school district, and the next month a lot of properties sold in a more expensive area with larger homes, it will jump.
Home prices are up compared to last month but down compared to a year ago. That said, please scan a few columns and you’ll find a lot of jumping around.
If you click on the image below, it will open in a new window and be larger and easier to read.
RE REPORT: Los Gatos Real Estate Statistics at a glance for 95030 & 95032
First up, data from the RE Report for Los Gatos (“in town”). 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.
Disclaimer: The RE Report numbers this month are again different from the MLS stats that I pulled directly. I’m not sure why this is the case. This month it’s the opposite in terms of month over month differences.
Trends at a Glance
| Trends At a Glance | Feb 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,680,000 (-24.5%) | $3,550,000 | $3,780,000 (-29.1%) |
| Average Price | $2,957,920 (-12.1%) | $3,364,740 | $4,093,120 (-27.7%) |
| No. of Sales | 10 (-41.2%) | 17 | 16 (-37.5%) |
| Pending | 52 (+40.5%) | 37 | 53 (-1.9%) |
| Active | 32 (+18.5%) | 27 | 18 (+77.8%) |
| Sale vs. List Price | 102.4% (+2.1%) | 100.3% | 113.5% (-9.8%) |
| Days on Market | 40 (-32.9%) | 60 | 12 (+232.4%) |
| Days of Inventory | 86 (+81.3%) | 48 | 30 (+184.4%) |
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:
LG Mountains Trends at a Glance
| Trends At a Glance | Feb 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $475,000 (-76.1%) | $1,986,000 | $1,511,500 (-68.6%) |
| Average Price | $708,333 (-64.3%) | $1,986,000 | $1,503,830 (-52.9%) |
| No. of Sales | 3 (+50.0%) | 2 | 6 (-50.0%) |
| Pending | 13 (+85.7%) | 7 | 14 (-7.1%) |
| Active | 10 (-28.6%) | 14 | 14 (-28.6%) |
| Sale vs. List Price | 95.7% (+3.0%) | 93.0% | 98.4% (-2.7%) |
| Days on Market | 72 (-37.4%) | 115 | 39 (+83.8%) |
| Days of Inventory | 90 (-57.1%) | 210 | 63 (+42.9%) |
Los Gatos Condo Market Trends at a Glance
Los Gatos Condos are selling at a slower pace and lower average prices than a year ago, but this can be deceptive because it’s a small number of sales and if one month they are all new construction at the North 40 and the next month they are all senior housing at the Commons, it won’t provide a true picture of what’s happening. Better is to find out what’s happening with your condo’s or townhouse’s market specifically, comparing apples to apples.
Trends at a Glance
| Trends At a Glance | Feb 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $711,000 (-31.6%) | $1,040,000 | $1,453,000 (-51.1%) |
| Average Price | $1,020,330 (-1.9%) | $1,040,000 | $1,384,130 (-26.3%) |
| No. of Sales | 3 (+50.0%) | 2 | 15 (-80.0%) |
| Pending | 19 (+111.1%) | 9 | 11 (+72.7%) |
| Active | 15 (0.0%) | 15 | 14 (+7.1%) |
| Sale vs. List Price | 99.4% (+0.4%) | 99.0% | 105.9% (-6.1%) |
| Days on Market | 25 (-49.5%) | 50 | 24 (+4.7%) |
| Days of Inventory | 135 (-40.0%) | 225 | 25 (+435.7%) |
Live Charts, Updated Weekly
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 housing 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):
A number to watch in the above chart is “price decreased”. Right now 25% of listings in this zip code are taking price reductions. That’s in the range of normal (even in a hot market, some sellers price their homes unrealistically high).
Primarily East, West, and North Los Gatos (view the Altos Research report for Los Gatos 95032 HERE):
Far fewer homes in 95032 are taking price reductions right now. The market action index is also rising in 95032, while it’s declining in 95030. I suspect it’s that prices are more in budget in 95032, so there are more buyers able to compete in those price points.
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 usually cooler than the valley floor, but also more affordable, generally. Interesting that 33% of those listings have needed a price reduction.
All 3 Zip Codes combined
Overall, Los Gatos is in a warm seller’s market with extremely high demand and some cooling. Inventory is rising, finally. The days on market are skewed because some homes are on the market for over a year (super expensive houses can take a long time to sell).
Altos Research Housing Market Charts by Pricing Quartile
Now a graph of the Median Price trends for 95030:
And 95032:
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.
Getting to Know Your Market
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 $1.8 million range (if you can locate a house under 1.8 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 Los Gatos 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!
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!
