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Los Gatos real estate market statistics and trends

Los Gatos real estate market statistics and trends

Los Gatos real estate market graphic with home near downtownAs of today, April 8, 2024, the Los Gatos real estate market in 95030 & 95032 remains exceptionally strong.

Across the county, first time home buyers are the most active and more entry level prices is the strongest segment.

Los Gatos real estate market statistics for the last 30 days (not a calendar month)

Numbers for today (pulled from the MLS), going back 30 days:

  • 49 houses for sale today (April 8, 2024)
    • the average days on market for these homes is 48 days
    • 18 of the 49 have been available for 14 days or less – so quite a few are not selling fast!
  • 2 are contingent, 25 are sale pending (no contingencies)
  • 25 have closed in the last 30 days
    • average home size 2,429 SF
    • average lot size 12,938 SF
    • average days on market = 10 (way down from 43 last month and the 48 for active listings!)
    • average sale price  $3,357,520
    • median sale price $3,200,000
    • average sale to list price ratio 109% (up from 104% in mid-March and 101% in early-mid January)

Six of the sold homes were  $4 mil or more. The highest sale price was $5,300,000.

Trends at a Glance from the RE Report for Los Gatos 95030 & 95032

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.

These numbers never line up exactly with the MLS figures, but the data trends normally line up.  This time around, though, the RE Report numbers seem a bit off. From the data that I pulled directly from the MLS, the average and median sale prices are up both annually and monthly. With the RE Report it appears to be slipping monthly. The RE Report shows 27 sales, and the MLS shows 28. I suspect that the difference is from the missing sale. 

 

Trends At a Glance Mar 2024 Previous Month Year-over-Year
Median Price $3,425,000 (-2.1%) $3,500,000 $2,565,000 (+33.5%)
Average Price $3,647,000 (-6.8%) $3,913,630 $2,820,590 (+29.3%)
No. of Sales 27 (+42.1%) 19 28 (-3.6%)
Pending 31 (+82.4%) 17 21 (+47.6%)
Active 37 (+19.4%) 31 37 (0.0%)
Sale vs. List Price 108.5% (+5.5%) 102.8% 102.1% (+6.3%)
Days on Market 29 (-9.0%) 31 34 (-14.8%)
Days of Inventory 41 (-10.0%) 46 40 (+3.7%)

 

Further below you’ll find similar charts for houses in the Los Gatos Mountains and also condos and townhomes “in town”.

Los Gatos real estate market statistics: multi year data by month

Here is some Los Gatos real estate market data that I pulled directly from the MLS today.

Inventory of available homes for sale in Los Gatos 95030 and Los Gatos 95032

A quick glance at the last few years suggests that this inventory is still lower than normal, with 2022 (a super overheated Spring) being lower still.

 

Los Gatos SFH inventory - Los Gatos real estate market stats

 

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Los Gatos Village townhome community

Los Gatos Village townhome community

Los Gatos Village townhomes in Los Gatos, CA (Silicon Valley)

Approximate boundaries of Los Gatos Village

Where can you find a 1 story townhouse which is only connected to its neighbor at the garage? This description fits many of the homes at Los Gatos Village, a tidy townhome community in east Los Gatos set alongside Los Gatos-Almaden Road.

Built in 1972, these comfortable homes are well designed both inside and out.   There are 163 units and of them, 57 have 2 stories and the rest are single story homes.

How big are the interiors and lots of town houses at Los Gatos Village?

These homes are modest in size, ranging from 1015 to 1494 square feet, generally (one home has 1648 SF – I would love to hear how that happened!). They have 2 or 3 bedrooms and 2 baths (there may be a few with 2.5 or 3 bathrooms, but most have 2). The lots likewise have a range between about 1563 SF and 4520 SF. I believe that every one of them has a 2 car garage.

Los Gatos Village is a Los Gatos real estate bargain

Homes in Los Gatos Village represent a bit of a bargain for Los Gatos housing prices as they are available for under $2 million and often closer to $1 million.

Dues are in the low $400s for the smallest units but includes quite a lot – painting, roof, beautiful lawn areas, and a pool. The incredibly good pricing might be why turnover is so low, usually only about 3% per year.

Los Gatos Village townhome community in Los Gatos CA

If you want to watch for these properties in your home search, these are the streets in which Los Gatos Village homes are located:  Milmar Way, Los Gatos-Almaden Road, Escobar Court, Escobar Avenue, and Camino del Cerro.

The good and the bad

Los Gatos Village SignVery very good:  Every home and every location has good and bad elements to factor in.  Here there’s a whole lot of good – the price point (esp. for the schools), very private townhomes, many barely attached at all and more like “patio homes” than town houses. The floorplans are smartly designed with good use of space and flow.  Many enjoy vaulted ceilings. Outside patios are also fairly spacious as townhome living goes.  It’s very hard to find a single story townhome, but there are more than 100 of them here! The complex is very scenic with lots of lawn area and graceful sidewalks inviting a good stroll into the neighborhoods nearby.

What newcomers may miss is the very convenient foot bridge where Camino del Cerro would seem to go through but is stopped by Ross Creek with two points of the road which do not actually connect for cars. But people on bike, skateboard, foot, or otherwise motor vehicle free can get across on the pedestrian bridge. This is very convenient if your goal is to get to Alta Vista Elementary School, which is just 1115 feet or so from the other side of the creek.

And in case you didn’t know, Alta Vista Elementary and Union Middle School are both very highly scoring with API scores well into the 900s.  This alone is a major draw for homes in this price point!

But wait, there’s more!  From this community it’s less than a mile’s walk to nearby Safeway, a coffee shop and all kinds of little stores at The Downing Center at Los Gatos-Almaden Road and Union. I measured about 6/10 of a mile from the front of LG Village to the shopping center. For those who cannot or do not want to drive, this is a pretty sweet location for taking care of the essentials!

Good schools, walkable area, more accessible homes (single story) set in a quiet, campus like setting – Los Gatos Village does have something for everyone and appeals to home buyers of all ages.

Los Gatos Village Greenbelt and power lines

Los Gatos Village with power linesThe not so good: The pricing and location is so good that you just know there had to be something making this so affordable, and so there is. High voltage power lines cut pretty much through the middle of this pretty community, far closer to the homes than many home buyers would like. And there’s nothing that can be done about it.

One corner of the community is “kitty corner” from the cemetery, the Los Gatos Memorial Park. There is a crematorium there, too.  For some home buyers, that may be a deal killer, but many will not take issue with the quiet neighbors.

These townhomes are older and some have “popcorn” or acoustic ceilings that today’s buyers do not want. If you otherwise like the home, I would suggest not eliminating it from your wish list because of the ceiling. You can hire someone to do it before you move in and it’s not nearly as costly as most Silicon Valley home buyers would think.

 

Los Gatos real estate, homes for sale and housing prices

Below please find a list of condos and townhouses which are for sale – as of the date of this article being written, none were for sale in Los Gatos Village.

  • List View
  • Map View
  • Grid View

See all Los Gatos Village townhome community Los Gatos, California Real Estate.
(all data current as of 4/20/2024)

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

 
 

 

 

Related Reading

Rinconada Hills (gated community in West Los Gatos)

Los Gatos Woods townhome community

Belgatos Park in east Los Gatos

Guadalupe Oak Grove Park in Almaden Valley

 

 

 

Surrey Farm neighborhood

Surrey Farm neighborhood

The Surrey Farm neighborhood is highly regarded, and with good reason! It’s scenic, it’s “close to town”, the homes are comfortably spacious and on equally roomy lots, and it has a great community feel! In this article we’ll provide an introduction to the neighborhood, and at the bottom we’ll feature any current listings or recent sales there.

 

Gate at Surrey Farm (also known as Surrey Farms) in Los Gatos, CA

 

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.

 

Surrey Farm map by Mary Pope-Handy

 

Is it Surrey Farm or Surrey Farms?

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Is that Los Gatos house or townhouse actually a condo?

Is that Los Gatos house or townhouse actually a condo?

Is that house or townhouse actually a condo?When looking to purchase a townhouse, you probably want to ask “is that townhouse actually a condo?” The ownership is an important point for many factors, including the owners’ rights and responsibilities.

Real estate ownership type  and architectural styles of homes are not necessarily connected, and this confuses a lot of Los Gatos home buyers.    We tend to think of condos as apartments that people own, for instance.  It’s not that simple.

Finding out: how to know is that townhouse actually a condo

With condominium ownership, you own the inside of your unit plus a share or percentage of all the common areas (think private roads, pool, etc.).

With a condo you do not personally own the land under your unit.  This can come in the form of what looks like an apartment (with other units above, below, on the sides or perhaps back-to-back), a townhouse (think “row house”), at attached house (duet), or even a free standing, detached house.  Any of those can be a condo in the ownership sense.

If you look at a home, how can you tell the type of ownership?  It’s seldom possible to know without looking at the Preliminary Title Report.  It may be possible, buried elsewhere in the HOA docs, to learn the ownership type, but the fastest and clearest way is to read the Prelim. If you are planning on buying a home in a Common Interest Development (CID), especially if it is a townhome, read the prelim to learn is the townhouse actually a condo or not.

If you read a preliminary title report, it may say something like this, reflecting a share of ownership of the common areas:

1. THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR REFERRED TO COVERED BY THIS REPORT IS:
A CONDOMINIUM, as defined in Sections 783 and 4125 of the California Civil Code, in fee

If it is instead it’s another type of ownership in which the property owner does own both the structure and the land beneath it, the preliminary title report will say something like this:

 1. THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR REFERRED TO COVERED BY THIS REPORT IS: A FEE as to Parcel(s) One; AN EASEMENT more fully described below as to Parcel(s) Two  (the easement only if applicable, as with a townhouse community)

 

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Earthquakes and Real Estate Transactions

Earthquakes and Real Estate Transactions

Original Date of Publication: October 30, 2007

Earthquakes and real estate transactions are not good go-togethers, but it can happen that they may coincide. They did for my husband and me on our first home.

Home in Santa Cruz, CA, after Loma Prieta Earthquake of October 17, 1989. Photo by Jim Handy.

Home in Santa Cruz, CA, after Loma Prieta Earthquake of October 17, 1989. Photo by Jim Handy.

A couple of hours ago, at 8:04pm, Silicon Valley experienced a “moderate” earthquake. The USGS (Unites States Geological Survey) finds it to be 5.6 on the Richter Scale.

My Experience Tonight:

When tonight’s quake happened, I was not at my Los Gatos home, but rather on the campus of Santa Clara University, in the Adobe Lodge, saying goodbye to some friends after a very pleasant evening. We’d attended a Jesuit School of Theology at Berkeley’s “Theology in the City” lecture on Muslim-Christian Dialogue, followed by a wonderful reception.

 

October 1989, photo of baby Brian Handy's stroller in Santa Cruz after the Loma Prieta Earthquake

October 1989, photo of baby Brian Handy’s stroller in Santa Cruz after the Loma Prieta Earthquake.

As we crossed the main room of the Adobe Lodge, sounds like someone stomping on the roof commenced. Then the noise spread. As the roof cackled and groaned, we realized – about the time we started to sense it – that this was an earthquake.

It’s not untypical to hear it before you feel it! By the time my friends and I figured out that this was a seismic event, we were in the foyer. A chandelier swung pretty voilently over the head of one of the guests. We were all frozen in place and I called to the person under the light fixture to move. He didn’t. Finally, I grabbed his arm and pulled at him while explaining why I was tugging. (The biggest danger in earthquakes is from things falling!)

The shaking stopped. We were all fine. The historic adobe building had seen much bigger challenges than this moderate quake.

Immediately after the earthquake, I tried to phone home to check on Jim and the kids – no luck. Tried to call my dad at Belmont Village in San Jose. No go there, either. The cell phone couldn’t get through to anyone. I was worried that cell towers were down. After about 15 minutes, though, apparently the circuits were calm and I got through. They were fine and I could rest at ease. Too many people had the same idea as me and we were all flooding the phone lines with calls to loved ones.

Back to Business:

Earthquakes and real estate transactions – buying and selling real estate after a temblor

Meanwhile I also received an email from some clients who’d like to see the home they’re buying again before removing contingencies. They wanted to make sure nothing had happened to the home during the shake up. Who could blame them?

Buying or selling a home when a big earthquake hits? Not good.In fact, Jim and I were in escrow to buy our first home when on October 17, 1989, we had the devastating, 6.9 “Loma Prieta Earthquake” here. It was two hours after we had done our Final Walk Through on our starter place in the Cambrian Park area of San Jose.

As you might imagine, we did not close on time. But we did close.

With images of the Bay Bridge and other roads collapsed, mountains falling onto highways, and homes burned to the ground from fires caused by broken gas mains, the lender was more than a little nervous. Luckily, the home we were buying was totally empty – so there was no broken glass or other items laying in wait in the new resale wall-to-wall. No damage at all.

But the lender wanted proof, so we had to have all new inspections and a new appraisal. Time and money.

 

Additionally, the road to the nearby beach community of Santa Cruz, where we’d been renting, was mostly impassable due to landslides from the quake. The moving truck’s alternate route was blocked by collapsed bridges. We closed 2-3 weeks late and a little poorer from extra costs, but glad to have it all behind us.

So what happens if an earthquake strikes in the middle of your sale or purchase?
It depends.

A damaged house from the Loma Prieta Earthquake in Santa Cruz, CA, October 1989. Photo by Jim Handy.If it’s a small or moderate earthquake with no damage, nothing happens. You might double check to verify there’s no damage, but that’s about it.

In a serious quake, with or without damage, the brakes go on! Lenders are always worried about making a bad loan, so they want to verify the condition based not on your word, but based on all the professionals’ estimation of condition.

Who pays for that?

It depends on what the contract says, like always. It can probably be negotiated. But the buyer usually has the right to back out of the deal if spooked.

Why? A little clause in the contract that references “risk of loss” is usually the key. That means if there are any catastrophes before close, the seller is the one who bears the liabilty in most cases. Here’s what one of our locally used contract forms says on Risk of Loss:

“If the Property’s land or improvements are materially damaged prior to Close of Escrow, Buyer shall have the right to terminate this Contract and recover the full deposit. If Buyer elects to complete the purchase, Buyer shall be entitled to an assignment from Seller of all insurance proceeds covering the loss.”

So even if a buyer has removed all contingencies, if a big quake hits, the buyer can back out. If the house burns down from a fire, the buyer may be able to complete the purchase and take the insurance assignment from the seller. And if a lender requires all new inspections, it may be a negotiable cost between buyer and seller.

In conclusion….

Most earthquakes, happily, are small ones. Supposedly they often relieve pressure from the big faults, making large earthquakes less likely or at least less dangerous. That’s the hope, anyway.

Of course, the chance that this is a “pre-quake” and that a bigger one is coming in the next 7 days is about 30%. So we’re on alert.

Scary stuff? Well, a little. The ghosts and goblins of Halloween might spook some people. But for me, a strong earthquake in the middle of a real estate purchase or sale – well, that’s scary!

Happy Halloween, one and all. Be safe!