Los Gatos real estate statistics and market trends

Los Gatos real estate market graphic with home near downtownThe Los Gatos real estate market had been cooling down, but activity levels have remained up noticeably. At office meetings and with friends in the industry I still hear many stories of multiple offers and overbids. In one case, a property I was watching (near but not in LG) sold for 16% over list price. Many are surprised by the surge in buyer interest, which appears to be strongest in the lowest priced homes which are in good locations and in excellent condition (meaning recently and thoroughly remodeled).

Market upticks in December?

Throughout Santa Clara County and San Mateo County, pending sales increased dramatically in November, and the ratio between active listings and pending sales narrowed. When this happens, meaning that the absorption rate increases, prices often rise. It’s a simple case of supply and demand. Typically, supply shrinks in fall, but demand does not always shrink as much as supply. Hence, selling in autumn can be good in that the odds of selling increase. That’s good for sellers. For buyers, it may be tougher to buy due to limited choices, but prices often are a little softer in the late months of the year than they are in spring. Bottom line: if you need to buy or sell, it can happen in the last quarter of the year. Buyers cannot be too picky, though, as selection is limited. (See similar data for the Santa Clara County real estate market on the Valley of Heart’s Delight blog.)

What is selling best in LG right now?

Of the 25 closed single family home sales in December, 12 closed under $2 million (the lowest was a FHA property at $655K, with the next smallest double that at almost $1.29 mil), 9 were between $2 and $3 million, 2 between $3 and $4 mil, 1 between $4 and $5 mil, and 1 over $5 mil (and that one was close to $7 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 houses under $3 mil, the average days on market was 66, the average list price was $1,923,066 and the average sale price less at $1,909,095. For those transactions, the average living space square footage was 2,185 SF and average lot size 22,150 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.

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 Dec 2019 Previous Month Year-over-Year
Median Price $2,050,000 (-22.3%) $2,637,500 $2,500,000 (-18.0%)
Average Price $2,532,810 (-6.3%) $2,703,620 $2,818,350 (-10.1%)
No. of Sales 27 (+12.5%) 24 17 (+58.8%)
Pending 15 (-58.3%) 36 22 (-31.8%)
Active 27 (-28.9%) 38 33 (-18.2%)
Sale vs. List Price 98.7% (+1.1%) 97.6% 100.5% (-1.7%)
Days on Market 44 (-5.3%) 46 44 (+0.1%)
Days of Inventory 30 (-34.7%) 46 58 (-48.5%)

 

Prices are down both year over year and month over month, but that doesn’t mean the market’s cooling. The number of sales are up from last month and last year, active listings are shrinking, and both the Days on Market and the Sales vs List Price ratio are heating up a hair since last month. Turnaround is quick and it’s an active market, but it’s still only a mild seller’s market.

 

Read moreLos Gatos real estate statistics and market trends

Light Up The Night

Light up the night in Los GatosThe Los Gatos Chamber of Commerce is sponsoring a fun evening on December 12, 2019, “Light Up The Night”. The Chamber’s website states:

 

Join us for a night of shopping, sipping and fun!   The stores will stay open until 8:30pm for an evening of shopping.  A few stops along the way will have champagne or wine for you to enjoy.  Surprises abound throughout the evening!  After shopping, the fun continues with a party at The Palms.

 

Get pricing and details the link below.

Light Up The Night – December 12, 2019 – details and tickets

The Holiday Season in Los Gatos: So Much To Do!

Christmas tree and packages with a greeting of Happy Holidays on a bannerDecember is almost upon us, and with it comes all kinds of holiday events and activities in beautiful Los Gatos.

Keeping up is half the battle with so much happening this December! To make your season a little less stressful and a little more jolly, I have organized a list of holiday events and activities going on in Los Gatos. Below you will find two lists – one with unique events you might only have a day or two to enjoy, and a separate list of ongoing events you can join in all December long. These lists do not include religious services, so please check your preferred place of prayer for those schedules.

So get ready for carriage rides, the Fantasy of Lights, the tree lighting ceremony, the Los Gatos holiday parade, crafting, caroling, cookies and more!

Read moreThe Holiday Season in Los Gatos: So Much To Do!

Blossom Hill Manor Real Estate Market

Map of the Blossom Hill Manor neighborhood of Los Gatos (east Los Gatos)

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. 

Read moreBlossom Hill Manor Real Estate Market

Thanksgiving Interfaith Service in Los Gatos

Cornucopia - Thanksgiving Interfaith ServiceThe annual Thanksgiving Interfaith Service in Los Gatos is this Tuesday, November 26th, from 7:00 to 8:00pm. All are welcome!  Each year, the ecumenical service is held at a different house of worship. The organization under which this happens is the Los Gatos Interfaith Clergy Association.

This year it is held at Congregation Shir Hadash, located at 20 Cherry Blossom Lane Los Gatos, CA 95032.  A big highlight of the event, which often draws about 350 attendees, is the joint choir.  A reception is held afterwards.

Those attending the Thanksgiving Interfaith Service are encouraged to bring canned food to donate to West Valley Community Services and St. Luke’s Lunch Program.

Thanksgiving Interfaith Service sponsors include:

Congregation Shir Hadash
Faith Lutheran Church (ELCA)
Los Gatos United Methodist Church
St. Luke’s Episcopal Church
St. Mary’s Catholic Church
The Baha’i Faith of Los Gatos
The Church of Jesus Christ of Latter Day Saints, Los Gatos Ward
The Presbytarian Church of Los Gatos
The Unitarian Universalist Fellowship of Los Gatos
In the past, this also included chaplains from Good Samaritan Hospital, the Terraces and Stanford Health Care and cash donations were accepted for oother good causes.

https://www.shirhadash.org/event/interfaith-thanksgiving-service3.html

I wish each and every one of you a very Happy Thanksgiving!

 

Vasona Park’s Fantasy of Lights (Light Festival)

21st Annual Fantasy of Lights logo, from the SCCP event page.

The 21st annual Fantasy of Lights show at Vasona Lake County Park begins soon!  Occasionally people call me to ask about it – please note that I do not run the event – I am only posting information about it. Full info can be found on the county’s park website – see link below.

When: The Fantasy of Lights runs from Tuesday December 10th to December 30th, 2019 from 6 – 10pm. Prior to that, Saturday December 7th and Sunday December 8th ONLY it is the Fantasy of Lights Walk-Thru event which runs 4pm to 9pm. The Fantasy of Lights is closed on Christmas Day.

Where: Vasona Lake County Park, 333 Blossom Hill Road (near University Avenue) Los Gatos, CA

How much: The cost varies. Tickets must be purchased in advance.

Walk-Through Tickets: (Dec 7 & 8 Only)

$10 – Adult (13 & up)
$5 – Child (ages 4 – 12)
FREE – 3 years or less

Drive-Through Tickets:

$20 – per Vehicle (up to 12 riders)
$50 – per Oversize Vehicle (capacity 13+)

More details:

Please visit the Santa Clara County Parks page for the Fantasy of Lights to get more information on bus rides, special events and more! And why not ride the Billy Jones train to see the lights (you’ll get many but not all of the lights) Departing from it’s station in Oak Meadow Park Thursday through Sunday nights in December.

(More questions? PLEASE do NOT call me about this event – I’m a Realtor in Los Gatos, I’m not in charge of this venue! Please contact the SCC Parks Dept and check out their website for the Fantasy of Lights! The Vasona phone number is (408) 355-2201.)

Please visit Live in Los Gatos for year round events, neighborhood information, photos around the town, interesting real estate market data, haunted places and even some historical tidbits.

 

Los Gatos is a wonderful place to visit during the holidays, but it’s also a great place to live year round! If you are interested in buying a home in Los Gatos (or selling one), please contact me, Mary Pope-Handy. I’m both a Realtor in town and a resident myself, working full time in helping nice folks to buy & sell homes here and throughout the west valley.

If you aren’t familiar with the area, here are a few things to know!
Buy a home in Los Gatos (info on neighborhoods, school districts, homes for sale to browse online, links to important local sites & info)
Relocating and buying a house in Los Gatos
Los Gatos real estate on Facebook
Los Gatos real estate market statistics & trends for houses
Los Gatos realty trends and stats for condos & townhouses

 

 

Sereno Group Annual Pumpkin Decorating Contest

Pumpkin Contest Sereno GroupIt’s time to decorate some pumpkins! Sereno Group is hosting its 11th annual pumpkin decorating contest and invites kids to transform a small pumpkin into a work of art! This is not a carving contest and there should be no punctures of any kind as these works of art will need to last, and any cuts will cause rotting.

Every child who enters will get a small gift. Voting on the best work of art will take place during office meetings for each of the four age groups, with the winner of each getting a prize.

 

The age groups for this contest are:

  • 2 to 3 years
  • 4 to 6
  • 7 to 11
  • 12 to 14

Small pumpkins are being given away at the Sereno Group office locations in Los Gatos (2 locations), Saratoga, Willow Glen, Aptos, Santa Cruz, Los Altos and Palo Alto. Optionally, entrants may bring their own small pumpkin.

The deadline is Wednesday, October 30th, 2019 (voting in the offices will be the next day). Have fun – we cannot wait to see the decorated pumpkins!

Here are the Los Gatos locations, but feel free to use the others listed on the Pumpkin decorating contest poster:

Los Gatos (open M – F, 9 – 5)
214 Los Gatos-Saratoga Road, Los Gatos

Los Gatos Northpoint (open M – F, 9 – 5)
634 N. Santa Cruz Ave, Suite 100, Los Gatos

Sereno Group pumpkin decorating contest info 2019
Please click on image to see poster in full size (link to my dropbox file)