The inventory of single family homes for sale in Los Gatos 95030, 95032, and 95033 (the mountains) has not been lower in recent memory. This morning I pulled the data and saw that we now have a critically low inventory of homes for sale in Los Gatos. Here are the numbers so that you can see what a more typical month in the Gem City of the Foothills looks like.
Of that low inventory of just 66 homes, which part of Los Gatos are they in?
Los Gatos 95030 (MLS area 16, excluding Monte Sereno) – 16 single family homes for sale
Los Gatos 95032 (MLS area 16, excluding Monte Sereno) – 34 single family homes for sale
Los Gatos Mountains 95033 (MLS area 23) – 13 single family homes for sale
PLUS one in the Morgan Hill / Gilroy area of the Los Gatos Mountains (MLS area 1) and 2 in the Saratoga area (MLS area 17)
How far does your money go in Los Gatos, whether 95030 or 95032, and how does that compare to our nearby neighbors of Saratoga, Almaden, Cambrian, Campbell, Cupertino or San Jose, generally? Today I am snagging a chart from my Altos Research Reports which give a good sense of what a million dollars (or other amounts) can get for you in these areas. These charts use LIST PRICES, and remember, the sales prices are often different (frequently more!). Let’s have a look.
Los Gatos 95030
This is the more central part of town, the area closest to downtown Los Gatos and most of it is “in the schools”. Here a million dollars is unlikely to get you a house at all, though it could be something small that needs a lot of work if not in the downtown area…maybe….
Los Gatos 95032
Conversely, although about 1/3 of this area is in the Los Gatos Union School District, most of it is not, and this area is usually (though not always) further out so less expensive for both reasons. Interestingly, the high end prices aren’t so far apart between 95030 and 95032 from this vantage, but the gap widens a lot at the bottom quartile. In 95032 a million will get you a small house, most likely in east Los Gatos (west is a little more expensive, usually) – and it will probably need work. Something to note is that all of the elementary and middle schools in Los Gatos, no matter which school district, are high scoring, high performing institutions. The scores do change at the high school level pretty noticeably. But the improving schools in the further out areas of LG, especially in east Los Gatos, is causing the pricing gap to shrink somewhat.
So in Los Gatos, $1 million is unlikely to get you a house, though it may if it is small and not too close in to downtown (or if you are buying land value).