Mini Market Update:The Los Gatos Real Estate Market

March 25, 2008

We won’t have the March stats (or first quarter statistics) for the Los Gatos residential real estate market for another week or two, but I wanted to provide a snapshot of the realty market to keep you updated.

As of this morning, there were 149 single family homes available (as “status 1”) for sale in the Town of Los Gatos (zip codes 95030 and 95032). There were also 28 pending sales of single family homes (so an 18.7% ratio). As before, approximately one home in five is selling right now.

Breaking it down by price point (but all areas), in the under two million dollar range, there were 86 homes available and 20 pending sale – so a 23% ratio. Homes are selling better in the more moderate price ranges. Looking lower at the up to and under $1.3 million, there were 41 for sale and 8 pending (19.5%).

Looking at just the $1 to $2 million range, there are 25 for sale and 5 pending (20%) in the Campbell Union High School District, and 41 for sale and 13 pending in the Los Gatos-Saratoga Union High School District (30.2%).

The sweet spot in today’s Los Gatos real estate market, then, is the moderately priced house “in the schools”. Any home that is nicely improved, staged, marketed, and above all priced well can sell in today’s market, though – it’s all about positioning for the current market conditions.