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April 30, 2007

How’s the Market?

That’s what everyone asks Realtors, all the time.

In Los Gatos, California, the market under $2 million is great. Fantastic. Outrageously good.

And that is also true for the neighboring communities of Saratoga, Campbell, Cambrian Park, and Almaden.  As long as a home is in good shape, priced appropriately (for location and condition), and marketed decently, it’s selling fast – often in a week to ten days.

In EVERY market, even in the hottest markets, there are some homes that don’t sell. Right now, there are only 91 homes available in “area 16” which is mostly Los Gatos addresses (though a few San Jose ones). There are 31 pendings, and 30 of these have sold since April first. Looking at those that do sell, the homes under a million generally seem to be selling within a week (if they are going to sell at all). The higher priced the home, the longer the days on market. Overall, it’s about 2 months on the market if you include all price ranges.

In my own real estate practice, I sold two homes in the last week (one listing, one buyer sale), fielded multiple buyer calls, met with one new buyer couple and did two listing presentations (and talked to a whole lot of other folks about both buying and selling). If I were ONLY getting calls from buyers or ONLY getting calls from sellers, I would have a sense that the market were tilted. But in my experience, there’s a lot of activity on all fronts. The price ranges in these clients ranged from entry level to move up (less than 1.5 mil.)

How’s the market?  I would say “healthy”. It’s a good time to both buy and sell!