The recent Los Gatos real estate market’s statistics are pointing to an early spring in terms of the home buying market. Colleagues report busy open houses with serious buyers – and not much inventory to show them.
What is selling best in LG right now?
Of the 14 closed single family home sales in Los Gatos this January, 6 closed under $2 million (the lowest was $1.5 mil), 5 were between $2 and $3 million, 2 between $3 and $4 mil, and 1 between $4 and $5 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 11 houses under $3 mil, the average days on market was 43, the average list price was $2,013,359 and the average sale price a little higher at $2,030,455. For those transactions, the average living space square footage was 2,180 SF and average lot size 26,280 SF. For this segment of the Los Gatos real estate market overall, it’s a warm seller’s market. The lower the price point, the hotter the market.
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). 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||Jan 2020||Previous Month||Year-over-Year|
|Median Price||$2,050,000 (-1.2%)||$2,075,000||$2,440,000 (-16.0%)|
|Average Price||$2,198,850 (-13.6%)||$2,545,930||$2,644,590 (-16.9%)|
|No. of Sales||13 (-53.6%)||28||14 (-7.1%)|
|Pending||13 (-23.5%)||17||27 (-51.9%)|
|Active||34 (+36.0%)||25||42 (-19.0%)|
|Sale vs. List Price||100.2% (+1.2%)||99.1%||96.8% (+3.5%)|
|Days on Market||27 (-36.3%)||43||62 (-55.9%)|
|Days of Inventory||78 (+192.9%)||27||90 (-12.8%)|
Prices are down both year over year and month over month, continuing a softening trend. The number of sales are down from last month and last year, and both active and pending listings are shrinking. Despite these signs of cooling, both the Days on Market and the Sales vs List Price ratio are heating up since December. It’s an active market with strong demand, but it’s still only a mild seller’s market.