December 05, 2009
The Silicon Valley Real Estate Report, including data for Los Gatos homes for sale and sold in November, is now ready. Below please find a summary for the key points and a link to view the entire report.
The Los Gatos condo and townhouse market had been improving in months prior but seems to have suffered a little setback in November:
|Trends At a Glance||Nov 2009||Previous Month||Year-over Year|
|Median Price||$573,500||$644,000 (-10.9%)||$536,250 (+6.9%)|
|Average Price||$560,394||$652,136 (-14.1%)||$570,625 (-1.8%)|
|No. of Sales||8||11 (-27.3%)||4 (+100.0%)|
|Pending Properties||12||18 (-33.3%)||4 (+200.0%)|
|Active||39||37 (+5.4%)||42 (-7.1%)|
|Sale vs. List Price||96.5%||97.1% (-0.6%)||92.6% (+4.3%)|
|Days on Market||95||99 (-4.5%)||77 (+24.2%)|
Click the following link to see the whole online report for Los Gatos townhomes and condominiums.
For the Los Gatos single family home market, there’s noticeable improvement. Inventory is declining, prices are nudging up from earlier this year (and also from a year ago in many parts of the local market). The trend appears to be moving toward a more balanced market overall. There remain some mixed indicators, though – hinting that the recovery is not happening uniformly across all price points, neighborhoods, etc.
|Trends At a Glance||Nov 2009||Previous Month||Year-over Year|
|Median Price||$1,360,000||$1,110,000 (+22.5%)||$1,060,000 (+28.3%)|
|Average Price||$1,412,730||$1,182,290 (+19.5%)||$2,025,000 (-30.2%)|
|No. of Sales||31||25 (+24.0%)||9 (+244.4%)|
|Pending Properties||50||51 (-2.0%)||20 (+150.0%)|
|Active||118||134 (-11.9%)||195 (-39.5%)|
|Sale vs. List Price||96.2%||96.2% (0.0%)||94.6% (+1.8%)|
|Days on Market||63||52 (+20.0%)||36 (+73.1%)|
To read the entire report online, please click on the following link to visit my Real Estate Report for Los Gatos houses and estates.
General Comments for the real estate market in Santa Clara County
For San Jose, Saratoga, Monte Sereno, and the rest of Santa Clara County, please visit www.popehandy.rereport.com and pull the specific area that interests you (for districts within San Jose, please first select the city of San Jose, then choose Cambrian Park, Almaden Valley, etc.)
Please contact me for assistance with your particular situation & area.
January 12, 2009
The real estate sales numbers are in for Los Gatos, Saratoga, Monte Sereno, San Jose and all of Silicon Valley for December 2008 and for the year as a whole.
Santa Clara County Real Estate Report for 2008 (annual report – you may also find on this site the annual reports for Los Gatos, the Los Gatos Mountains, Campbell, Saratoga, etc. as well as quarterly reports and monthly reports – monthly report links found at the bottom of this post).
You already know that things have been bad: money’s hard to borrow, homes are hard to sell, jobs seem to be threatened.
There was some good news to be found, though.
- Home sales increased in the second half of 2008, and we expect that to continue
- By the end of 2008, the number of sales were up year-over-year from 2007
- Prices are down – in some areas prices have “rolled back” two to three years. In other places, it’s closer to four years. This is good news for buyers!
- If your downpayment is strong and credit is great you can get a loan and the news for you is great: interest rates are very, very attractive now! FHA loans are reappearing! Sellers are considering carrying second loans!
- Banks are finally getting it together for handling REOs and short sales. New divisions are appearing to handle the increased workload.. These sales should be smoother in 2009.
How about our local market in the west side of Silicon Valley?
The upscale communities of Los Gatos, Monte Sereno, Saratoga, Almaden Valley, Cupertino and other foothill areas with good schools did not fare as badly as most of Santa Clara County in 2008, but they are not immune from the prevailing winds, either.
Overall, inventory is up and time on the market is up while the list price to sales price ratio is down.
Please visit my Real Estate Report at www.PopeHandy.ReReport.com for the complete, interactive report for last month, last quarter, or last year – countywide, by city, or by area of San Jose, or click on the following links to see the most recent monthly report for these areas:
Monte Sereno Single Family Homes (there are no condos or townhomes in Monte Sereno)
(apparently no homes closed escrow in the LG Mountains in December – in Nov there was one and in Oct one)
August 30, 2008
We’ll get the exact, hard data for the Los Gatos real estate market in a week or so from MLSListings.com, our MLS provider (formerly known as REInfolink). Meanwhile, though, we can have a look at the closings reported to date and get a feel for how the market is doing.
This month, there were 29 closings, or completed sales, in the town of Los Gatos (zip codes 95030 and 95032) among single family homes and condos/townhomes. Of the 29 Los Gatos homes which sold, 24 were single family homes and 5 were condominiums or townhouses. I was involved in two of those sales – one as the listing agent and one as the selling agent (working with the buyers), both single family homes that were in the $1,000,000 to $2,000,000 price range, and both are in the Los Gatos School District.
How did they homes in Los Gatos do in August?
First, let’s look at single family homes. One sold “off” the MLS, so it’s hard to know how it might have done on the open market. It was extreme in another way – it sold at $5,400,000 – the most expensive closing of the month. Not your typical Los Gatos price, though not unheard of either.
For single family homes in Los Gatos, the multiple listing service, the average “days on market” was 50 and average “collective” or “cumulative days on market” was 71. So typically, it’s taking 71 days for houses to sell in Los Gatos. (My listing, which was on Magneson Terrace, took 66 days to sell – felt much longer for everyone involved, though!) Some homes sold fast (1-10 days) and a few a very long time (longest was 238 days), but most are in the 2-3 month range.
The average list price was $1,915,500 and the average sales price was $1,847,989 among Los Gatos houses. The lowest home sold for $870,000 and the highest for $5,400,000, as mentioned above. Fifteen sold between $1 million and $2 million, 3 below that range and 6 above it
Only 3 of the 24 sold higher than list price. Just 4 sold “at” list price (but of those, 2 were reduced before they sold at list price, so only 2 sold at the original list price) and the vast majority had one or more price reductions prior to selling.
What about townhouses and condos in Los Gatos? There were only five spread between two zip codes which are so far reported as closed in August. Of those, the average Days on Market is 41 (same number for Collective DOM), the average list price is $687,789 and average sales price $676,000.
So it looks like the condo market is faring better than the single family home market in Los Gatos right now, according to closed sales prices.
While pricing appears to be flat by some indicators in July, we have seen many price reductions in homes that appeared aggressively positioned in the market before offers are procured. Buyers are waiting, generally, and prices do seem to be falling somewhat in the under $2 million price range.
The soft real estate market that has been plaguing much of San Jose and Silicon Valley now appears to be impacting the entry level and mid-level homes in Los Gatos.
What can we expect? With an election year, things are always uncertain. Likewise, the interest rate has threatened to rise a bit and if that happens, it will adversely affect home prices for sellers. Think of it like the scales of justice: one side goes down, the other goes up.
Waiting may or may not be a good idea. Prices may go down and interest rates may go up. Or perhaps not – no one knows. As one of my buyer clients said, recently, “prices may go down, but if I wait, it’s like I put my life on hold”. (That buyer is now a homeowner.)
The real estate market in Silicon Valley, including Los Gatos, is comrised of many micro-markets. Please call me for specific assistance in the area where you live or would like to live.
June 08, 2008
One of the benchmarks realty professionals use in determining the answer to the ever-present question of “how’s the market?” is the absorption rate, or months (or days or weeks) of inventory. The question is this: if no new inventory were to come on the market, how long would it take for the current number of listings to be absorbed by buyers?
A look at the single family home situation in the town of Los Gatos reveals an improvement over recent months. Is it possible that we’re near the bottom of the market? Maybe.
This graph presents broad strokes in a market comprised of many micro-markets. What is happening in Blossom Manor may not be the same thing happening in the Edelen District or what’s going up in the Aztec or Maya areas, in the Sierra Azule section of town or Belwood or Bicknell Road areas. The home offered at $950,000 in the Union School District is not really “the same market” as one worth $2 million with Los Gatos schools – there are nuances that can totally change the picture!
For more information on the overall Los Gatos real estate or the market in other Silicon Valley areas such as Saratoga, Campbell, San Jose, or the many districts within San Jose such as Cambrian Park, Almaden Valley and Willow Glen, please visit my Real Estate Report online. From there you can get market statistics and trends as well as an analysis of your own home or another in the area.
To learn about your own home or area, please contact me. Or if you’d like a complimentary market analysis, request one from me at www.SiliconValleyHomeValue.com or simply call or email me with the details of your home. Please allow 24-48 hours for me to run the numbers for you.
May 29, 2008
What is happening with the residential real estate market in Los Gatos? Are prices flat, rising or declining?
Just as there is no one “Silicon Valley Real Estate Market”, there’s no single “Los Gatos real estate market” either. It varies from one area to the next, one school district to the next, one price point to the next. It can be neighborhood by neighborhood or even street by street.
This week I received a request for an online market valuation of a home purchased in 2006. It appears to have declined in value about 10% since that time (price point is the $2 mil to $2.5 mil range – but it is in an area where not every home on the street is worth that much). Other homes, in other areas, though seem to be rising in vallue, if slightly. The sweet spot of the market seems to be lower priced homes with Los Gatos Schools – that is, homes between $1 million and $2 million. (I heard recently of a townhome in Cupertino or Saratoga, listed under $1 million, that got 26 offers!)
For an overview of the real estate market in Santa Clara County, view my online Real Estate Report. To see activity related to active sales (asking prices only), have a look at my report from Altos Research.
Condos and Townhomes in Los Gatos 95030 – not enough data for a report this week