Los Gatos real estate market trends and statistics

Low inventory is the main story in the Los Gatos real estate market today. Here’s a multiple year view of single family homes for sale in Los Gatos 95030 and 95032 since January 2014 – I find this to be enlightening since any one year can be an anomaly. The chart below shows us that average September inventory for Los Gatos ranges from the low 70s to low 80s, but in 2020 it’s a good deal short with only 53 active listings! Going back, inventory hasn’t been in-line with usual monthly trends since this March.

 

InventoryLG-September2020

 

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.

What is selling best in LG right now?

Of the 32 single family home sales in Los Gatos (not including the mountain market) in September on the MLS, none sold under $1 million, 13 closed under $2 million (only one went below $1.5 million), 13 were between $2 and $3 million, 5 between $3 and $4 million, and 1 between $4 and $5 million, and none over $5 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 Sep 2020 Previous Month Year-over-Year
Median Price $2,350,000 (-6.0%) $2,500,000 $2,310,000 (+1.7%)
Average Price $2,491,080 (-17.1%) $3,006,510 $2,636,620 (-5.5%)
No. of Sales 37 (-9.8%) 41 25 (+48.0%)
Pending 55 (+31.0%) 42 36 (+52.8%)
Active 52 (-5.5%) 55 70 (-25.7%)
Sale vs. List Price 102.5% (+1.3%) 101.1% 100.0% (+2.5%)
Days on Market 29 (-4.5%) 30 48 (-40.1%)
Days of Inventory 41 (+1.3%) 40 81 (-49.8%)

 

Prices dropped since last month with September numbers looking relatively stable to where they were a year ago. The number of sales and active listings have also dipped from last month, although pending sales rose. Active listings remain well below 2019. The sales vs list price ratio rose to a strong at 102.5%, higher than last month and well above last year. Overall it remains a seller’s market in Los Gatos, possibly showing some delayed spring activity.

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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 10/28/2020)

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!

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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 complex 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. Something unusual is that all of them appear to have the same floor plan – all have 1448 square feet.

 

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 10/28/2020)

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

 
 

 

 

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.

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Fairview Plaza neighborhood and historic district

Fairview Plaza - Los Gatos, California - Silicon ValleyOriginally posted December 07, 2006, updated Aug 2014 and Mar 2020.

Fairview Plaza feels like a step back in time – and in many ways, it is. This little neighborhood is so quaint and unique that it seems perfect for a movie set. Located close to downtown and equally close to huge expanses of open space, it enjoys its own park, has an interesting history and is enough off the beaten path that it goes largely undisturbed.

In 1880, Frank McCullough came to Los Gatos and bought 166 acres of prime real estate. From that land, in 1915 he donated a parcel to become a park, now Fairview Plaza Park. At one time it included playground equipment and a bird sanctuary too. Today it’s a little more congested with cars on the street, but it’s still quite pleasant. This little park is the heart of the neighborhood. Have a look at the video to get a feel for the area, then continue reading for more info on the neighborhood.

Being an older part of town, Fairview Plaza is an official historic district for the town. It gets some special attention for this, but also some restrictions so that the character of the neighborhood is not harmed by bad remodeling or additions.

A prized part of Fairview Plaza is not actually visible from the street. Tucked behind the other homes is the Clara Huntington Perkins house, which was designed by Julia Morgan in about 1918-1919.

Fairview Plaza pedestrian path shortcut to downtown Los GatosTo get to Fairview Plaza, you have two choices. You can make use of a walkway / staircase that rises from Bayview and makes a direct connection to the neighborhood, or you can arrive there via Pennsylvania Avenue, Fairview Avenue, and then Fairview Plaza. The street is really an enormous cul-de-sac, with no “through traffic.” But unlike the cul-de-sacs of suburbia, this one is an entire community unto itself. Make a visit up there and rest a bit in the community park. You will enjoy pretty architecture but also a glimpse back in time. Enjoy!

(And if you liked this video, please see http://www.YouTube.com/popehandy for more videos of Los Gatos neighborhoods.)

View homes for sale in the Fairview Plaza neighborhood

Below, browse available real estate listings in the Fairview Plaza neighborhood, the Glenridge neighborhood and the Almond Grove neighborhood – lovely residential areas with historic homes!

Fairview Plaza

Glenridge

Almond Grove

The historic Broadway area neighborhood in Los Gatos

Los Gatos, CA Broadway District Historic Home

Broadway and El Sereno The very first subdivision or planned neighborhood in Los Gatos was along Broadway and nearby (Clifton Avenue, Broadway Extension and Wood Road), now the Historic Broadway Area (or Neighborhood or District).  There had already been quite a few houses built at that time in Los Gatos, but none were planned areas per se. The Town of Los Gatos has called this the first residential street of Los Gatos! John Lyndon was the developer and he bought the land and created 48 parcels which were sold in September 1881 – a good six years before the far larger Almond Grove district was created and 6 years before the town was incorporated, too. A few homes in this area may already have been present, though, and seem to predate the 1881 date.

No doubt, Mr. Lyndon’s real estate buying decision was at least partially influenced by the location of his Lyndon Hotel, a whose bar was a popular hangout for the likes of John Steinbeck and Charlie Chaplain, which was located at the corner of Santa Cruz Avenue and Broadway, and now is the Lyndon Plaza (since sadly the hotel was torn down in the 1960s).

What was once a fairly quiet end of town is today mostly in the heart of it. The area closest to the post office enjoys a wide road (if desperately in need of repair), a good variety of Victorian and mostly older, historic homes, and is very uniformly well kept. Because it is either “in town” or “close to town”, the road is lined with cars most days – perhaps also because these houses of course pre-dated garages.

Historic Broadway Area Photos

 

Where is the Broadway Historic District in Los Gatos?

The Town of Los Gatos has a Historic Districts Map – have a look:

Town of Los Gatos Historic Districts Map

 

Broadway neighborhood of Los Gatos real estate information

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