Los Gatos real estate market trends and statistics

Low inventory has been the headline story in the Los Gatos real estate market for the last year. Here’s a multiple year view of single family homes for sale in Los Gatos 95030 and 95032 since January 2015 – I find this to be enlightening since any one year can be an anomaly. The chart below shows us that the average inventory for Los Gatos in March can vary, but not by a large margin and usually sits somewhere between the mid 50s to 60s. This March fell well below that range with only 43 active listings, the lowest across all visible years.

Seasonal trends for 2020 were thrown completely off after the lockdown order with inventory has been unusually consistent since March with little fluctuation, the result of which was a higher than average inventory in December and lower averages throughout the rest of the year.

 

InventoryLG-Mar2021

 

The ultra low number of listings is due to many factors, one of them being the current coronavirus pandemic and health and safety concerns. For a look at how Covid-19 is affecting the local real estate market today, please check Coronavirus Impact on Real Estate Sales on my other blog.

Some homeowners may be waiting until the restrictions are lifted to list their home, but seller’s willing to jump through a few hoops are benefitting from a very hot seller’s market with limited inventory. If you’re interested in selling your home this year, check out my article on how to Sell Your Home in 2021. When you’re ready to talk to an agent I would love to hear from you!

What is selling best in LG right now?

In general, single family homes listed at or under roughly $2.5 million are selling well, averaging around 6.3% over list price in March. Those listed around $2.5 millions and upward are also frequently selling above asking with an average of roughly 3.9% above list price in March. Even so, there are exceptions in both groups. Certain things can skew the data. For instance, a home in Los Gatos listed under $2 million took over 8 months to sell and sold $1 over asking, while another listed around $3.7 million sold over 28% above asking in just 7 days. When planning to buy or sell, it’s best to look at the data within a mile of your home (or the one you want to buy), and across similar properties, excluding the odd sales which aren’t comparable.

By the numbers: Of the 46 single family home sales in Los Gatos (not including the mountain market) in March on the MLS, none sold under $1 million, 13 closed at or below $2 million (3 went below $1.5 million), 19 sold above $2 and below $3 million, 11 above $3 and below $4 million, and 3 sold ranging from $4 million to $4.6 million. The high end price point tends to be 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.

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 Mar 2021 Previous Month Year-over-Year
Median Price $2,695,000 (-5.4%) $2,850,000 $2,565,000 (+5.1%)
Average Price $2,659,670 (-19.3%) $3,297,760 $2,807,500 (-5.3%)
No. of Sales 44 (+51.7%) 29 24 (+83.3%)
Pending 65 (+22.6%) 53 29 (+124.1%)
Active 40 (+17.6%) 34 57 (-29.8%)
Sale vs. List Price 105.1% (+3.8%) 101.2% 102.8% (+2.2%)
Days on Market 34 (-51.1%) 69 14 (+134.5%)
Days of Inventory 27 (-13.8%) 32 71 (-61.7%)

Prices fell from last month and aren’t far from last year. However, last month had a rare +$10 million sale, so take last month’s average price with a grain of salt. The number of sales and sales pending are well above last month and last year showing heightened activity. Available inventory, on the other hand, continues to fall short of last year, but grew a little month-over-month. The sales vs list price ratio jumped to a hot 105.1%, rising well above last month and last year. Overall it’s an increasingly busy seller’s market in Los Gatos, possibly impacted by delayed activity from earlier this year.

Read moreLos Gatos real estate market trends and statistics

Ending the Alberto Way Condo Confusion

Map Condo and Townhome communities along Alberto Way in Los GatosOne of the more confusing areas in Los Gatos may the Alberto Way. There are a number of HOA communities and for those new to the area, they may all blur together.

Los Gatos Commons

The largest complex along Alberto Way in Los Gatos is the The Los Gatos Commons, a senior community with 110 units. (To read more about senior housing in the area, please see my post on it here.)

As with most senior housing, the units at The Commons are more affordable than the majority of  Los Gatos condos. The Commons was built in 1978 and requires that at least one resident be 55 years of age or more. As of 2020, you may be able to purchase a a unit there between $500,000 and $700,000.

Pueblo de Los Gatos

A smaller condo community just a little closer to Los Gatos-Saratoga Road, and on the opposite side of Alberto Way, is Pueblo de Los Gatos.  These homes are a little further away from Highway 17, are a little quieter, and are not senior housing.  They tend to sell for a little more than the homes across the way. There seems to be about a 5% to 10%  difference in price, most of which may be attributable to freeway noise, but part of it to the “senior community” status. This property was developed in 1970, so is actually a little older than the Commons.

Pueblo de Los Gatos consists of 53 units. Of these 53 condo units, 1 of them is a 3 bedroom (unit # 1, which also has a large 2 car garage), 44 are 2 bedroom units, and 8 are 1 bedroom units.  Except for unit # 1, the rest of the homes in this community have carports.  For many home buyers, these properties offer a more affordable way to get into the Los Gatos Union School District than might otherwise be possible.

Bella Vista Village

Next to and behind Pueblo de Los Gatos is the much newer and more expensive Bella Vista Village, which was built in 1997 and 1998 and includes 47 townhomes. Click on the link to see some photos and learn about it!

Las Casitas

Additionally, there is a small townhouse complex built in 1979 with 18 units on the same side of the street as the Los Gatos Commons, Las Casitas, located at 435 Alberto Way. Something unusual is that all of them appear to have the same floor plan – all have 1448 square feet. It is a tidy complex built around a central grassy courtyard area. Each home has a small back patio & storage closet outside, a laundry closet in the kitchen, 3 skylights for the 2nd floor, good sized bedrooms and baths, and pleasant grounds. There are carports and uncovered parking at the back of the property, up against the freeway. Click on the link above to see a half dozen photos of this attractive complex and learn more about it.

 

What is the fastest way to tell them apart? The easiest way, without even clicking on a link, is to spot the address.  If there’s a letter as part of the unit number (as in A100 or B202), it’s part of The Commons. Also, if the price looks low for the area – it’s probably the Commons. If there’s no letter, as in #7, it’s part of one of the other communities. Or just check the map – The Commons is tucked back at the far left side of the cul de sac (beyond it are office buildings with a private driveway).

All of these are in close-to-downtown Los Gatos locations. If you’re in the market for Los Gatos real estate and would like to live close in, this is a great street to check out.

 

 

All Alberto Way area homes for sale, pending, or sold over the last year – including The Commons

This includes properties on Alberto Way as well as Maggi Court and the other Bella Vista Village homes.

 

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See all Alberto Way.
(all data current as of 4/22/2021)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

 

 

Heritage Grove in Los Gatos

Heritage Grove is a younger east Los Gatos neighborhood which was developed by Summerhill Homes, a very highly regarded builder in Silicon Valley, in about the year 2000. It sits between the beautiful Heintz Open Space Preserve (with trails to nearby Belgatos Park and other open space) and a mini orchard along Blossom Hill Road between Union and Leigh Avenues. Recently I videotaped the community and think it’s a pretty good introduction to the neighborhood.

A few years back, I wrote about this area extensively, and included a map and slideshow, on another of my blogs (SanJoseRealEstateLosGatosHomes.com).  If you’d like more real estate information on the homes there, or the open space trails, please continue to learn more here:

The Heritage Grove Neighborhood in Los Gatos and the Heintz Open Space Preserve

Looking in this area and wondering what other neighborhoods are in this area? You might be interested in my article on this blog titled The confusion over the location of Surmont and Heritage Grove, Belwood and Belgatos subdivisions or you may want to browse the List of Los Gatos neighborhoods which is occasionally updated as I publish more posts about Los Gatos neighborhoods and subdivisions.

List of Los Gatos neighborhoods

The Town of Los Gatos is about 11 square miles and is comprised of dozens of neighborhoods in various parts of town, with different schools, zip codes, price points, plusses and minuses.  Here on the Live in Los Gatos blog there have been many, many real estate articles devoted Los Gatos neighborhoods.  Below please find links to neighborhood posts with descriptions and photos, primarily on “Live in Los Gatos” but in some cases on one of my other sites.
West Los Gatos neighborhoods
(More neighborhoods to come as time permits – I have about 25 on my list.  Want your subdivision included? Please email me and I will put it on the To Do list!)

Read moreList of Los Gatos neighborhoods

Surrey Farm neighborhood

Surrey Farm Neighborhood Los Gatos CA (Silicon Valley)

Where is the Surrey Farm neighborhood?

Surrey Farm is located just off of Kennedy Road on a few streets behind a horse fence and gate: Longmeadow Drive, Blueberry Hill Drive, Clover Way, Olde Drive and Twin Oaks Drive. A number of real estate sites incorrectly include nearby streets, reaching as far as Short Road and including part of Marchmont and the Stoneybrook neighborhood. This is not correct.

Is it Surrey Farm or Surrey Farms?

Locally, people refer to this gated looking community as Surrey Farms. But a look at the county records reveals that local custom has morphed the name. The subdivision was originally dubbed in the singular: Surrey Farm, not Surrey Farms. It seems to have been one ranch or farm to start with – so the singular makes more sense. Either way – same neighborhood.

When were the homes built, how big are they, and how large are the lots in Surrey Farm?

Originally a horse ranch, Surrey Farm was built out with homes between about 1955 and 1960, and most began as ranch style homes between about 2000 and 3000 square feet, on lots of about 1/4 to 1/3 of an acre in most cases, though there are some homes larger than 4000 SF situated on parcels of more than one acre now. And over the years, many houses have been remodeled, expanded, or fully rebuilt.

What makes the Surrey Farm or Surrey Farms neighborhood so special?

Part of what is unique about Surrey Farm is the more rural feeling that the neighborhood has. Here you don’t find sidewalks or street lamps. But you do find that a number of the yards continue to use the horse fence as at least part of the landscaping. That’s very refreshing in Silicon Valley, where so many of the residential areas just feel like suburban sprawl. You can look around and imagine it being horse country not so long ago.

Also special is the fact that this area is actually close to downtown Los Gatos but only feels farther away. It’s incredibly quiet in most of the neighborhood. One area does back up to Hillbrook School, so of course the sounds of kids at play or school bells ringing will not reinforce the “out in the country” feel. Overall, though, you look around and see open space and the hills nearby – so you do not feel like this is any kind of urban setting.

 

What are some of the things to know if interested in Surrey Farm (or the Kennedy-Marchmont area of Los Gatos)?

Surry Farm Gate - Los Gatos CAIn this area, you are close to a lot of open space and forested land, and that means wildlife is nearby: possums, skunks, racoons, deer, bobcats, and mountain lions all make their home not too far away. And with the forested land there’s also the danger of wildfire, so it’s important to have a plan and be ready — though quite honestly I have never heard of a fire in this “Kennedy Road area.” A bigger issue than fire is water…..

Water issues in and near Los Gatos

Throughout Los Gatos, Almaden, Monte Sereno and Saratoga, anytime you’re near or in a hilly area, water is an issue. Surrey Farm and the Kennedy Road and Marchmont area is no exception. This area is adjacent to larger hills but is a gently sloped area itself. Water flows down off of the hills, but at times it also flows under the hills, following some sort of impervious rock level, and when the ground flattens out, the water may pop up. Sometimes it’s a spring situation. Other times it’s a “high water table” that may come up during heavy rains, such as we have in an El Niño year. In some cases, the water can emerge under a house (like having it come off of downspouts isn’t a big enough challenge).

In winter, it is not at all unusual to find a wet or muddy crawl space if your home is on or near a hill. Less common, but perhaps more worrisome, is finding it in the middle of summer in a drought year.

Water issues can be mitigated with drainage work, so don’t let a little mud put you off – you just need to know about it going into home buying so that you are prepared and budget it in. It is important to not be surprised, and when house hunting, to be on the lookout for drainage work (and appreciate it when you see it) or the need for it if you see a slope.

 

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See all Surrey Farms neighborhood in Los Gatos, California Real Estate.
(all data current as of 4/22/2021)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

Saratoga Highlands, Rio Rinconada, Granada Way and La Rinconada Park Neighborhood

Saratoga Highlands, Rio Rinconada, Granada Way and La Rinconada Park neighborhood are situated in west Los Gatos near the Campbell and Saratoga borders. As they are close to the large Safeway and surrounding shops along Pollard Road, this is a very convenient community.In this area you’ll find a beautiful park and tidy neighborhood with homes of varying sizes and price tags. From looking at the plat maps, I believe that originally this entire area was part of the Rinconada Hills tract of land, but today just part of the area, the gated community, bears that name. (Video below of a sampling of the area that I took from 2014!)

 

 

Please continue reading for much more information on the neighborhood!

Read moreSaratoga Highlands, Rio Rinconada, Granada Way and La Rinconada Park Neighborhood

Glenridge & Bachman Park neighborhood

The Glenridge neighborhood of Los Gatos s one of the most scenic residential areas anywhere in Silicon Valley. It features beautiful, custom, mostly historic homes on meandering streets. Set just above the Almond Grove neighborhood on a gentle hill it, too is close to town but with a little more altitude and better vistas.

Bachman Park is set in this area too and includes several acres alongside a creek. The park offers picnic tables, a playground, basketball courts and a large grassy field for picnics or play. A paved path follows the creek on one side of it – making a wonderful place just for strolling.

Where is the Glenridge area? What are the prices for Glenridge real estate?

This charming older Los Gatos neighborhood is set just up the hill from the Almond Grove Historic District and adjacent to Fairview Plaza.

Read moreGlenridge & Bachman Park neighborhood