Los Gatos real estate market trends and statistics

Los Gatos real estate market graphic with home near downtown

Recent Los Gatos real estate market’s statistics had been pointing to an early spring in terms of the home buying market in the early part of March. Colleagues were reporting busy open houses with serious buyers – and not much inventory to show them.

That being said, a lot has changed since the beginning of March. Many of the Los Gatos real estate market statistics below reflect sales that closed in March but much of the activity for those sales occurred before the shelter-in-place ordinances, the result of which we will likely see better in next month’s analysis. For a better understanding of how Covid-19 is affecting the local real estate market, please check Coronavirus Impact on Real Estate Sales on my other blog.

What is selling best in LG right now?

Of the 24 single family home sales in Los Gatos reported on the MLS for this March, 8 closed under $2 million (the lowest was $1.73 mil), 8 were between $2 and $3 million, 5 between $3 and $4 mil, 2 between $4 and $5 mil, and one 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. 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.

For the 16 houses under $3 mil, the average days on market was 8.25, the average list price was $2,121,115 and the average sale price a little higher at $2,185,313. For those transactions, the average living space square footage was 1,935 SF and average lot size 11,333 SF. For this segment of the Los Gatos real estate market overall, it’s a warm seller’s market.

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 2020 Previous Month Year-over-Year
Median Price $2,565,000 (+19.3%) $2,150,000 $2,500,000 (+2.6%)
Average Price $2,807,500 (+23.4%) $2,275,070 $2,518,700 (+11.5%)
No. of Sales 24 (+71.4%) 14 27 (-11.1%)
Pending 32 (+14.3%) 28 28 (+14.3%)
Active 48 (+6.7%) 45 65 (-26.2%)
Sale vs. List Price 102.8% (0.0%) 102.8% 101.4% (+1.4%)
Days on Market 14 (-65.1%) 41 30 (-51.8%)
Days of Inventory 60 (-33.3%) 90 72 (-16.9%)

 

Prices are up year over year and up month over month. The number of sales and active listings are also down from last year, but growing from a month ago. So the market has definitely warmed up since winter, but not where it was a year ago. One area that’s up steadily is the sales vs list price which jumped to a whopping 102.8% in February and has remained there since. The days on market have sped to only two weeks, showing an active market with strong demand, and a heating seller’s market. Despite these signs of warming, remember that most of the activity on these sales happened before the shelter-in-place order began, even if closings happened after.

 

Read moreLos Gatos real estate market trends and statistics

Ohlone Court

Ohlone Court, Los GatosLooking for a neighborhood with attractive, younger homes that’s still close to everything in Los Gatos? The properties along Ohlone Court fit the bill as the community sits along the Los Gatos Creek Trail, across from Vasona and Oak Meadow Parks, and is equally near to downtown Los Gatos on one side and the main shopping district on Los Gatos Boulevard on the other.

Built in 1996 by Summerhill Homes, a very well respected local builder, the residences on Ohlone Court are relatively young by Los Gatos standards, and feature many elements prized in newer construction, such as open floor plans. It’s a pretty area where the neighbors all seem to care about maintaining their homes and yards nicely,  and it enjoys the highly regarded Los Gatos Schools, too.

How’s the terrain? The road climbs from Roberts Road, where it is near the Los Gatos Creek, up a knoll. The top is of course sunny and some homes enjoy fantastic views. Some homes are nearer to the creek and toward the bottom of the hill, where it’s shadier. There’s an easy to miss staircase that allows pedestrians to take a shortcut to access Blossom Hill Road and the parks from the top of the court.

This is not a big subdivision. The 25 properties are mostly single family homes, but there are also a couple of duplexes. And the surprise element is that they are condominiums. That is, although most are houses, they are held in condominium ownership (local Realtors will recognize the same situation from the Villas of Almaden, though that community has the houses show up in the MLS under condos, whereas Ohlone Court appears under single family homes). Learn more on what the different type of ownership means here: What Is the Difference Between CID Ownership in a Condo, Townhouse or PUD?

A few weeks back, I did a “drive through” of the area.  My daughter was at the wheel so I could try to capture a sense of the neighborhood for my viewers.  Hope you find it helpful.

Every neighborhood has good and not-so-good features.  What’s the catch here?  It sounds too good to be true! One issue for some buyers is the close proximity of highway 17.  Not all homes are impacted, and only a few back up directly to the freeway, but it is noticeable. This is especially true when you’re high up as there’s nothing much to block the noise. One other issue is that some of the homes are in very shady locations at the bottom of the hill.  This may bother some people who want sunnier homes. Homes on the side of a hill or at the bottom of a hill sometimes have hill related water issues. These are not insurmountable problems but it’s very important to have good drainage, proper grading, and possibly other elements such as sump pumps to keep the water out from the crawl space.

Ohlone Court plat map
Above: Ohlone Court plat map.

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

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

Read moreThe historic Broadway area neighborhood in Los Gatos

The Almond Grove neighborhood in Los Gatos, a scenic and historic district

Map of the Almond Grove historic district in Los GatosThe Town of Los Gatos is home to many lovely neighborhoods with historic homes (Broadway Area Historic District, Fairview Plaza and others), but perhaps none is so quaint or popular as the Almond Grove neighborhood. (See video drive through this neighborhood near the bottom of this article.)

Location, location, location: the Almond Grove’s got it

The location itself could be very compelling alone as the Almond Grove neighborhood is as much “in town” as “walk to town” with so many activities and opportunities happening along North Santa Cruz Avenue, Main Street and University Avenue – all a stone’s throw away. Quite vibrant, downtown Los Gatos enjoys an inordinate amount of restaurants, shops, coffee houses, bars, places to dine , taste wine, stroll or take in a film. It’s also home to free musical concerts in the summer, a parade in December, a gorgeous new public library, a Farmer’s Market every weekend and many other events year round. Finally, the Almond Grove is set near two parks, Bachman Park and the Los Gatos Town Plaza, so there’s a good amount of open space nearby too. There’s something for everyone!

Traditionally designed neighborhood with good community results

105 Tait Ave Los Gatos (Almond Grove district) built appx 1890The allure of the Almond Grove is more than convenience, though. There’s an old time friendliness that seems to come with the big, welcoming front porches on so many of the older houses. Dwellings are also set closer together than one might find in suburbia, too. Rather than live so much in the privacy of the backyard, there’s an invitation implicit with this combination of close neighbors and a front porch that seems to underscore that residents are part of the neighborhood community and a bit less secluded.

The Almond Grove displays that sense of community from October to January especially, when it steps out as the best decorated corner of Los Gatos with a huge percentage of participation in the effort. Halloween is a great example. People’s enthusiasm is evident in by the beginning of October as props come out for the spookiest day of the year. Sometimes even in September, “Land of the Giant” sized spiders begin to appear, life-sized ghosts start to swing from porches and trees, the normally tidy and trim picket fences become smudged with spider webs, and every manner of Halloween decor drapes the district. On Halloween night, the Almond Grove district becomes positively overrun with enthusiastic kids from all over Los Gatos. I’ve been told that some homes get as many as 1,000 trick-or-treaters on Halloween night there.

Read moreThe Almond Grove neighborhood in Los Gatos, a scenic and historic district

University or Edelen Historic District neighborhood in Los Gatos

This Los Gatos real estate article was originally written in 2007 but updated in late August 2015 and again in March 2020. Some of the photos are from the original post and some from 2015.  – mph

One of the oldest residential neighborhoods in Los Gatos is the Edelen District, also called the University District. Originally a vineyard just north of the town’s school (where Old Town stands today), this residential neighborhood runs alongside the Los Gatos Creek to University Avenue or North Santa Cruz. Streets include University Avenue (south of Highway 9), Miles, Miller, and Edelen Avenues. (For more information on the location, please visit the town of Los Gatos’ statement on the Edelen District, ordinance 2168 on the University/Edelen District).

This officially designated historic area also once included homes downhill (off Miles), along the banks of the Los Gatos Creek. But frequent flooding made that untenable. Now the lower area, by the edge of the Los Gatos Creek, is home to the town’s recycling center, truck yard and car lot as well as the parks department’s building (Department of Parks and Public Works). And it houses the relocated Maria’s Berry Farm buildings too (formerly near Highway 17 and Lark Avenue and moved when Highway 85 was constructed in the early 90’s).

Filled with beautiful Victorian homes, many built in the late 1800s, the Edelen District boasts an incredible proximity to downtown Los Gatos (as does the Almond Grove, but this area is even closer “in”). The streets are tree-lined and delightful looking, and most owners clearly prize their distinctive and historically important homes and have restored and maintained them lovingly. This is a highly prized bunch of Los Gatos real estate!

129 Edelen Avenue, Los GatosFor visitors to the Edelen District, parking is a pain. Most of the area is permit parking only, 24 hours a day. And it makes sense. These residences were constructed largely without garages in mind. The folks who live there need to park at home without competing for space with visitors to Old Town or other downtown draws. To further protect this area from undesired traffic, Miller Avenue is closed to automobile traffic where it intersects with Edelen. Shoppers are therefore not tempted to park illicitly.

There are countless architectural treasures in this area, but let’s have a peek at just a couple so you can get a flavor of the neighborhood. (Thanks in advance to the fabulous book, Los Gatos Observed by Alastair Dallas (not an affiliate link or sponsored ad, I just really enjoyed this book!) and to the Town of Los Gatos for its Hooked on History Project, sponsored by the Los Gatos Library and History Museum).

The home I photographed in August 2015 at the upper right is at 129 Edelen Avenue. It’s a gorgeous Queen Anne Victorian and was built in 1892. Because of the large bushes and trees, it is difficult to get a clear view of the home today framed in one photograph. The “Hooked on History” project of Los Gatos has a wonderful historic photo on its site, with a better view of the house as well as an interesting history of The Skinkle House as it is sometimes called!

130 Edelen, Los GatosDirectly across the street is another gorgeous house, located at 130 Edelen Avenue. It was built in 1886 and has been the setting for a movie featuring Orson Welles (shot in 1970) and a television show. It, too, is a gracious Queen Ann Victorian with lots of splendid detailing. This was the winter residence of John Miles, a founder and developer of this district, and is sometimes called the Miles House.

My suggestion for seeing this historic neighborhood is to park at the public lot behind the newer section of Old Town, stroll down University Avenue to Miller and walk down the street to Edelen. Cars cannot pass through the intersection, but pedestrians can. Enjoy a leisurely walk up the tree lined street and then turn back toward University on Miles Avenue.

Bring your camera!

 

 

Photo slideshow of Edelen Avenue historic homes

 

 

Homes for sale in the Edelen or University Historic neighborhood in Los Gatos

Below please view any homes for sale in this historic Los Gatos neighborhood by map or by list view through the link.

Read moreUniversity or Edelen Historic District neighborhood in Los Gatos