Low inventory has been the headline story in the Los Gatos real estate market since last spring. 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 May can vary, but not by a large margin and usually sits somewhere between the high 70s to upper 80s. This May fell well below that range with only 45 active listings, the lowest across all visible years!
Seasonal trends for 2020 were thrown completely off shortly after the lockdown order. Inventory never grew to the expected level last spring with available listings consistently shrinking from May through January! And we’re seeing hardly any new growth in spring 2021!
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 $2.5 million are selling well, with their sales averaging around 10.9% over list price in May. Those listed upwards of $2.5 millions are also frequently selling above asking with an average of roughly 1.4% above list price in May. Even so, there are exceptions in both groups.
Certain things can skew the data. For instance, a home in Los Gatos listed just over $1.8 million took 41 days to sell and sold at list price, while another listed just shy of $3.5 million sold over 14.4% above asking in only 3 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 50 single family home sales in Los Gatos (not including the mountain market) in May on the MLS, none sold under $1 million, 12 closed at or below $2 million (2 went below $1.5 million), 15 sold above $2 and below $3 million, 12 between $3 and $3.99 million, 5 sold from $4 million to $5 million, 4 sold between $5 million and $6 million, 1 sold above $6 million, and 1 sold above $14 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) – the entire Los Gatos real estate market combined. 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||May 2021||Previous Month||Year-over-Year|
|Median Price||$3,000,000 (+10.9%)||$2,705,000||$2,000,000 (+50.0%)|
|Average Price||$3,448,340 (+15.4%)||$2,988,350||$2,232,100 (+54.5%)|
|No. of Sales||57 (+7.5%)||53||26 (+119.2%)|
|Pending||63 (-11.3%)||71||33 (+90.9%)|
|Active||41 (+13.9%)||36||63 (-34.9%)|
|Sale vs. List Price||106.5% (+0.1%)||106.5%||100.0% (+6.5%)|
|Days on Market||23 (+20.4%)||19||26 (-12.4%)|
|Days of Inventory||22 (+9.5%)||20||73 (-70.3%)|
Prices for Los Gatos real estate jumped up, but that’s likely caused by the exceptional +$14 mil sale. The number of sales and sales pending continue to rise well above last year showing heightened buyer activity. Available inventory, on the other hand, continues to fall short year-over-year. Compared to last month, closed sales and active inventory are both up, and pending sales have taken a dip. The sales vs list price ratio held stable at a hot 106.5%, rising well above last year.
Overall it’s an increasingly busy seller’s market in Los Gatos, likely impacted by pent up demand from last year.