The Blossom Hill Manor (aka “the Manor” or “Blossom Manor”) is a highly sought after neighborhood with its close proximity to the well regarded Los Gatos schools, parks, shops, grocery stores and major transit routes. Homes there are nicely maintained, many streets are tree-lined and there’s a good amount of community spirit and involvement in this close-in, walkable area. Explore the area more using my Google Map of Blossom Manor, or take a video drive-through of the neighborhood at my other post, The Blossom Manor neighborhood of Los Gatos.
In this posting, we’ll discuss the Blossom Manor real estate market. The real estate market in Los Gatos has been on fire like the rest of the Bay Area over the last few years, but there’s a great deal of variation from one area, price point, school district, age and condition of home to the next. As you can imagine, the “fixer” market is very different from the luxury market.
So far in 2019, there have been 15 closed sales in The Manor. A few quick stats on those sales:
Average list price $2,150,343
Average sale price $2,207,518 (103% of list price)
Median sale price $2,060,000
Least expensive list price $1,589,000
Lease expensive sale price $1,775,000
Most expensive list price $2,749,000
Most expensive sale price $2,790,000
Average price per SF $1,114.61
Average days on market 16
Average living space 2046 SF
Average lot size 9,431 SF
Average age of the home 61 years
Of these 15 sales, 9 were over list price, 1 was exactly at list price (an off market sale – the only one not exposed publicly before selling), and the rest sold under list price.
The Los Gatos real estate market for single family homes has been slowly cooling down a little – as a whole. Part of it is the luxury tier, which moves slower than entry or mid level priced properties. When the luxury price strata swells, it can skew the numbers to look like everything is cooling down, when that may not be the case.
Months of inventory in Los Gatos: a quick look
Just now I went to the MLS and pulled the number of active single family homes in Los Gatos 95030 and 95032 (59) and the number of sold and closed in the last 30 days (22) to check on the overall absorption rate or months of inventory. If we divide the active listings by the closed listings in the last 30 days, we get the months of inventory – so 59 / 22 = 2.68 months of inventory for the whole of MLS area 16 in Los Gatos. For our area, a balanced market is about 4 months of inventory, so this number shows the market is slightly in the seller’s favor. In other parts of the US, balance is at around 6 months.
If we shift to viewing just houses and duet homes offered up to $2 million, it’s a very different view of the market. In this case, there are 19 active listings and 5 sold in the last 30 days, so 3.8 months of inventory, very close to balanced but slightly in the seller’s favor. This is the entry level price point for Los Gatos 95030 and 95032. It’s a little lower for the Los Gatos Mountains.
(I have a separate post on the Los Gatos months of inventory that I’ll update soon, breaking it down by price point and high school district to better pinpoint the individual markets within LG.)
What is selling best in LG right now?
Of the 22 closed sales in the last 30 days, 4 were under $2 million (about 23%), 10 were between $2 and $3 million, 5 between $3 and $4 mil, 2 between $4 and $5mil, and 1 at over $5 mil. The high end price point tends to be at around $3,000,000 and up for this part of Santa Clara County.
For the houses under $3 mil, the average days on market was 42, the average list price was $2,337,242 and the average sale price just a little less at $2,266,036. For those transactions, the average living space square footage was 2,697 SF and average lot size 16,980 SF.
Los Gatos Trends 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 will be live Altos Research charts, updated automatically each week. Altos uses list prices, not sold prices, fyi.
The real estate numbers below reflect realty data gathered the first week of the month for the past month in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full REReport here. Prices are up both year over year and month over month, although the sale to list price ratio has dropped. Meanwhile days on market have dropped, and active listings are down with sales going up. Turnaround is quick and it’s an active market, but it’s still only a mild seller’s market.
Trends at a Glance
Trends At a Glance
No. of Sales
Sale vs. List Price
Days on Market
Days of Inventory
And the month before:
Trends At a Glance
No. of Sales
Sale vs. List Price
Days on Market
Days of Inventory
Trends at a Glance for the Los Gatos Mountains
The RE Report has some info on the Los Gatos Mountains, but I do not believe it covers all of what we would have as 95033 or MLS “area 23”. You can see the mountains info market here:
Just 9 closed sales in the mountains in October, so I would not trust the general numbers that much. Better results would come from checking sales in your particular part of the mountains, such as Upper Redwood Estates, Chemeketa Park, etc., to see what the market is doing.
There are many factors impacting the Los Gatos real estate market, including the price point and the elementary or high school district. This post is updated every month or two. Today we’ll look at the Los Gatos realty market by pricing tiers and high school district using the months of inventory as a data point. The months of inventory, or MOI, is the currently active (for sale, no contract or pending sale) homes for sale divided by the number of homes using the same criteria which have closed escrow in the last 30 days.
These numbers were runtoday using MLSListings.com and it’s possible that a few more homes will be recorded as closed sales or new homes added to the market after I ran these numbers. One other disclaimer: sometimes the number of closed sales is very low or is at 0. This can be for many reasons. In some cases, there are a few which are sale pending and simply haven’t closed recently. In other cases, the market might actually be empty in those tiers, indicating a possible lack of demand or inventory. That being said, what do the numbers say?
Los Gatos real estate months of inventory in 95030 and 95032 combined
The overall MOI for the town as a whole with 95030 and 95032 zip codes shows a mild seller’s market, with post-summer cooling likely in what is a typical seasonal pattern. It is a bit of a mixed market when looking at the town as a whole, but less so when viewed by high school district or price point. We’ll see when the month is over, but already in many parts of Santa Clara County, the real estate market is returning to seasonal patterns with some cool pockets and some which remain hotter.
And here’s the same chart with data from last February. You can see that in mid-winter the inventory was smaller and moving slightly slower.
Looking back farther, here’s the same info for last November – the overall absorption rate isn’t much different from right now, and inventory and sales are neck-and-neck. Almost exactly a year ago, the market doesn’t look too different.
And a reference from April, when the market was red hot:
The real estate market for homes with the Los Gatos – Saratoga Joint Union High School District only
Now let’s view just the homes which are in the Los Gatos – Saratoga Joint Union High School District (or homes “in the schools” as locals say).Houses for sale with Los Gatos schools tend to be more pricey than those in neighboring school districts. This isn’t just the schools, but is also a function of being closer to downtown Los Gatos. The lowest priced homes in this area are seldom listed for less than $1 million.
Once again, we’ll compare it against last February. While the overall market is moving faster today than in February, here we can see that for homes in the Los Gatos School District were moving more quickly in winter. While the number of sales hasn’t changed much, inventory has gone up in this sector.
From last November, again, not a ton different between then and now.
Thinking of selling your home? One of the first questions a potential home seller has is this: “what’s my home worth?”
Real estate professionals will establish the probable buyer value (do a market analysis) by comparing your home to others like it which have sold recently and perhaps also those which are currently under contract (sale pending). These similar homes are called comps (for comparable listing, pending, or sale). They factor in market conditions as well (buyers market, sellers market, inventory shortage or excess).
What is an ideal “comp”? It is a sold home that is:
recent (within at least 6 months, but preferably 3, similar market conditions)
nearby (same zip code/town, within a mile is best, same schools, within same complex or subdivision is ideal)
similar type of location (interior lots vs one backing to a freeway, school, high voltage lines)
like condition (similar amount of updating/remodeling)
if the subject property has an added family room, the best comp would also have an added family room (original square footage usually sells for more on a price per SF basis than added living space, and additions made without permits and finals are worth less than square footage with permits / finals)
In a tract subdivision or condo complex with many recent sales, this can be easy. If the subject property is very similar to several recently closed sales except for either the level of improvements or the lack of them, an adjustment would be made only for the condition. In my experience, the same tract house may have a range of 10% – 15% of value between completely original and not well maintained to thoroughly remodeled with high quality appliances and upgrades. (Most homes are somewhat updated. Few are either entirely or original, or even more rare, completely run down.)
Let’s do an example of a tract home in which there are several sales nearby of the same floor plan in recent months. And let’s say that a typical home there, somewhat updated, sells for $1,000,000 just to use a round number. The numbers could break down along these lines:
typical sale, moderately updated $1,000,000
same floor plan, mostly original condition $900,000 – $950,000 “depending” (very original to run down could go lower, depending on market conditions)
same floor plan, remodeled, turnkey $1,050,000 – $1,100,000 “depending” (“stunning remodel” could go higher depending on market conditions)
The range of values is often 10% on the same street, but it could be as much as 15% or 20% or more if you have a difference of more than just condition (lot size, precise location, view, a change in market conditions between one sale and the other). As an example, if all the comparable properties were “all original” and your home is “somewhat updated”, it’s likely that your home will sell for 5% more than the others did because of your updates. The range between “all original” and “stunning remodel” is not usually more than 20%.
It is much, much more difficult to establish market value for a home when there are no good comps. Sometimes the property being evaluated is extremely different from those sold recently & nearby.To establish a probable market value, it again will be a matter of adjustments, but when there are no good comps, a lot of adjustments must be made. Real estate professionals will adjust up and down for condition, location, the market’s behavior etc.
Just west and south of the intersection of Blossom Hill Road and Harwood Road sits a neighborhood of Los Gatos homes with three subdivisions: Belwood of Los Gatos, Belgatos & Surmont. Nearby public landmarks are Belgatos Park and the Walgreen’s shopping center (corner of Blossom Hill and Harwood), with a Mountain Mike’s Pizza and a Starbucks coffee shop.
For many Los Gatans, all three of these east Los Gatos areas (and sometimes a broader one still) are generally referred to as “Belwood” or “Belwood-Belgatos.” (The Los Gatos Monte Sereno Police cert map identifies the whole region plus the Strathmore neighborhood, which is across Blossom Hill Road, as “Belwood” generally.)
The terrain is nearly level, with very low, gentle hills over most of the area. With winding, mostly tree-lined roads and tidy houses, it’s a very attractive neighborhood overall. For those looking for an arduous climb on foot or bike, though, Harwood Road provides a nice challenge. At the top, you’ll see a fantastic view of downtown San Jose and Silicon Valley for your trouble. (There are some challenges to be found in the open space trails, too.)
Belgatos Park and trails
At the middle of this community is the very inviting Belgatos Park, a scenic, setting which includes a playground near the parking lot, picnic areas, restrooms, trails into the hills (with some wonderful valley views), and access to the Heinz Open Space Preserve and its network of trails also. (And it’s not far to the Santa Rosa Open Space area either.)
One hill attracts kids who enjoy sliding down it on bits of cardboard, and thus has been nicknamed “cardboard hill” for decades. Most of the time these cardboard sledding enthusiasts are pretty good about picking up their “sledding vehicles” when done.
The paths are popular with people on foot, but also those on mountain bikes or horseback. As there are a few larger properties which are zoned for horses in the area, this is a very nice equestrian option.
For photographers, the park has abundant worthy subjects year round, both of the open space and the valley views below. In the early morning hours, or near sunset, you may see some deer too. But be careful: bobcats and mountain lions are in these hills also.
What are homes like in Belwood, Belgatos and Surmont?
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)
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 to residential areas of town. Below please find links to neighborhood descriptions, primarily on “Live in Los Gatos” but in some cases on one of my other sites.
(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!)
Downtown or Central Los Gatos neighborhoods (many historic areas):
I’m also adding neighborhood videos as I am driving through town. They aren’t professional grade, but they will give a good sense to newcomers of what various neighborhoods are like. You can see them on my YouTube channel too.