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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Los Gatos real estate prices

Image of piggy bank, coins, and words "Home prices in Los Gatos - how far will your money go?"How far does your home buying budget go in Los Gatos? Los Gatos real estate prices aren’t low, but they aren’t the highest in Silicon Valley, either, despite having great schools, wonderful downtown,  and both architectural and natural beauty in abundance. In this article we’re looking at “in town” areas with zip codes 95030 and 95032 (the Los Gatos Mountains is 95033).

MLS Research by 8 price increments for LG

Earlier today I spent some time going through the MLS and looking at single family homes, townhouses, and condominiums which are active, pending, or sold in the last 2 months or so in town (95030 and 95032, MLS area 16). The narrative below reflects that research.  These 8 segments are not evenly split, but reflect more general levels such as entry level, mid level, and luxury homes.

1 – Los Gatos real estate prices: lowest tier, under $700,000

Homes for sale listed in the lowest price points are condos at the Los Gatos Commons, a senior community along Alberto Way near downtown. In the last 60 days there have been 2 such condominiums sold, all 2 bedroom, 2 bathroom.

2 – Los Gatos real estate prices between $700,000 and $1 million – general entry level

For non-seniors, the next price point represents entry level homes in town. Normally these would be 1 or 2 bedroom condominiums or townhouses, but in recent weeks there were a couple of very small single family homes (under 600 SF) that appear to be tear-downs and are sold for land value. Normally you’ll find 1 – 2 bedroom units in this bracket.

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Are Los Gatos Real Estate Prices Holding Amidst the Financial Meltdown?

December 19, 2008

The Los Gatos real estate market has had a difficult year in 2008. Are things improving now, levelling off, or worsening? What Los Gatos homeowners care about most is value: what’s my home worth now? Today we will look at what list prices are doing among Los Gatos proerties for sale: both single family homes (houses) and condominums and townhomes in both the 95030 and 95032 zip codes.

The data, care of Altos Research, pretty much speaks for itself. The situation varies from one area to the next and one price point to the next. For more detailed information than is presented here, please contact me directly.

I. Broad Overview of Los Gatos homes for sale

First let’s see an overview of list prices for single family homes in Los Gatos by zip code (all price quartiles combined).

 

Los Gatos single family homes for sale (houses), both 95030 and 95032 zip codes, median list price

Next, same type of data but for Los Gatos condominiums and townhomes for sale (both zip codes, median list price).

 

Los Gatos homes for sale, condos, both 95030 and 95032, median list prices of all quartiles combined

II. Closer look at houses for sale in Los Gatos

Next we’ll look more closely at single family homes by zip code and by price point or quartile.

Los Gatos houses in the 95030 zip code area by quartile:

 

Los Gatos single family homes for sale in 95030 by quartile

Los Gatos houses in the 95032 zip code area by quartile:

 

Los Gatos houses for sale in 95032 area, list prices by quartile.

III. Condominiums and Townhomes for Sale in Los Gatos

Next the list pricing for condos in 95030 by quartile

 

List prices of Los Gatos condos for sale in 95030 area by quartile.

And finally, list prices of condos and townhouses for sale in the 95032 area by quartile

 

List prices of Los Gatos condos for sale in 95032 area by quartile.

In summary, it looks as though condo prices have done fairly well overall. In 95030, they are up year over year across the board, and in 95032 they two top quartiles are up. The entry level condos in 95032 appear to have lost value year over year. The reason may be that buyers in these price points are purchasing single family homes outside of Los Gatos instead.

Among houses, the slippage in pricing is fairly slight in both zip codes among the three lower quartiles, but the market difficulties are much more pronounced among the most expensive homes in both of the Los Gatos areas. The Los Gatos luxury market has taken more of a beating than more midrange homes this year? Why is that? There are a number of possibilities, but the bottom line is that if you are a luxury home buyer looking in the west side of Silicon Valley, this may be a great opportunity for you!

Please call or email me if you’d like more information on Los Gatos real estate market conditions.