Los Gatos condo sales: what does your money buy?

Los Gatos condo sales are good to watch as it provides info on the most affordable segment of the local real estate market. The condo / townhome market in Los Gatos includes a broad spectrum of housing and affordability across the 95030 and 95032 zip codes and its various school districts.

Included are senior condominiums (mostly but not exclusively at the Los Gatos Commons), which are usually the lowest priced homes and which are residences with age restrictions (mostly 55+). This can skew the data a little, so remember that if it looks too good to be true, it probably is (for all the non-seniors who would love the prices at the Commons in a non seniors complex).

Also incorporated in the chart below are townhouses. A townhouse is an architectural style, not a type of ownership. A townhouse really refers to properties with no other units above or below them. They are either in condo style ownership (essentially a condominium in the shape of a townhouse) or they are planned unit developments (PUDs), which are not condos and in which the ownership includes the land under the unit.  (See also: Is that Los Gatos house or townhouse actually a condo? on this blog.)

Chart of Los Gatos condo sales in 2020

Below please find data on the Los Gatos 95030 and 95032 condominium and townhome sales.

 

Los Gatos condo sales in 2020 year to date

 

How do these condo and townhome prices compare to other nearby areas? Here’s the most recent data from my RE Report (link is to the main site, the PDF with this chart is listed in left column).

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Recently Closed Sales of Single Family Homes in Los Gatos

May 30, 2009

The Silicon Valley real estate market continues to improve, generallyIt is a seller’s market in the lowest priced homes, especially if they are in good areas such as the Rosegarden or Naglee Park. In those parts of Santa Clara County, we’re seeing multiple offers and overbids.

As the price point rises, though, the market cools.  In the most expensive parts of Silicon Valley, homes are not selling well and it remains a buyer’s market. (Six months of inventory is considered balanced, 7 or more than 7 is a buyer’s market, and 5 or less than 5 is a seller’s market.)

In Cambrian Park, about half of all homes are selling and there are only 2 months of inventory.  As of today, there are 100 single family homes available in Cambrian, 118 single family homes in some stage of “sale pending” and 51 have closed escrow in the last month.  (Months of inventory = 1.96 – it’s the inventory divided by the closed sales that month.)

In Almaden Valley, there are currently 113 single family homes for sale, 56 “sale pending”, and 25 closed in the last month.  The months of inventory in Almaden, a more expensive part of San Jose than Cambrian Park, is currently 4.52.

In Los Gatos, we have 167 single family homes for sale, 44 pending sales, and 25 closed in the last month. Months of inventory = 6.68.

In Monte Sereno, there are 29 houses available, 4 under contract, and 4 which closed escrow in the last month.  Months of inventory is 7.25.

Finally, in Saratoga, 164 homes are for sale, 38 are pending sale, and 19 have closed in the last month. The months of inventory = 8.63.

That said, within each market that are smaller markets and a lot of the performance depends on how well the home in particular appeals to a broad audience, its general condition and how aggressively its priced. Many sellers are just “testing the market” and those homes may or may not sell.

What did sell recently in Los Gatos?  Below, have a peek at some of the success stories. These are the houses in Los Gatos that not only got an acceptable offer, but passed all the hurdles of inspection, appraisal, and financing and made it to the finish line, the closing table.

SOLD Beds Baths Home SF Lot SF List Price Sales Price
Hernandez Av  4 3 3,131 10,396 $2,600,000 $2,500,000
Rosalie Ct  5 3 1/2 3,034 15,576 $1,699,990 $1,650,000
Johnson Av  4 2 1/2 2,125 6,250 $1,649,950 $1,560,000
Vista Del Monte  4 2 1/2 2,220 10,800 $1,699,000 $1,550,000
Amanda Ln  4 3 2,059 11,200 $1,350,000 $1,351,000
Camellia Te  4 2 1,821 8,550 $1,379,000 $1,295,000
Frank Av  4 2 1/2 2,765 16,960 $1,399,000 $1,275,000
Eastridge Dr  5 3 2,823 9,990 $1,250,000 $1,235,000
Loma Alta Av  3 2 2,254 4,840 $1,299,000 $1,225,000
Topping Wy  2 1 1,102 10,480 $1,150,000 $1,069,000
Old Adobe Rd  5 2 1/2 2,461 10,455 $1,099,950 $1,035,000
Montclair Ct  4 2 2,224 10,030 $979,000 $989,000
Harding Av  3 2 1,791 9,200 $1,009,900 $950,000
Via De Tesoros   6+  3 3,505 10,500 $949,900 $910,000
Calle Marguerita  5 3 2,746 9,350 $899,000 $907,500
More Av  4 2 1,800 8,288 $945,000 $885,000
Potomac Dr  4 2 1,389 8,125 $899,000 $880,000
Lester Ln  4 3 1,770 7,858 $859,000 $839,000
Cambrian View Wy  4 3 2,073 8,760 $864,900 $800,000
Jamie Ct  4 2 1/2 2,339 8,008 $756,218 $756,218
Blossom Valley Dr  4 3 1,602 7,920 $749,000 $749,000
Linda Av  2 1 1,115 7,888 $719,000 $726,000
Creekside Village Dr  3 2 1/2 1,390 1,742 $749,000 $675,000
Blossom Hill Rd   6+  3 2,784 12,144 $699,900 $610,000
Capri Dr  2 1 1,060 29,700 $599,000 $550,000
 
Average Values 3.48 2.42 2,135 10,200 $1,130,148 $1,078,869

On average, homes are selling upwards of 95% of list price in Los Gatos right now. As you can see, some are selling right at list and occassionally one sells a little over.

What about prices?  Generally, it appears that prices are still slipping in some areas but are level in others.  We may be close to (or perhaps just past) the bottom. Time will tell.

In the lowest priced areas of Silicon Valley as well as some prime areas of the more expensive west valley, though, the multiple offers and overbids are driving prices up. For entry level buyers, it’s time to get off the fence.  Home prices are rising and, equally importantly, interest rates are rising.

Those most negatively impacted right now are move-up buyers (who’d love to move up but are trapped by negative equity) and retirees who would love to sell and move to a retirement community but need to wait for more of a recovery. The retirees are doubly hit because they relied on retirement portfolios that may well be worth half of what they were worth a couple of years ago.

Where’s the opportunity in this market?  First time homebuyers, this is as good as it gets. You can now purchase a home with only 3.5% down (though you’ll need another 2-3% for closing costs) with an FHA insured home loan. Not only are prices great, but there’s an $8000 first time homebuyer credit that you may be able to use toward your closing costs.  This is not an open ended offer – hurry!