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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 Luxury Home Market

Los Gatos Luxury Home Market

The Los Gatos luxury home market is faring surprisingly well now, given the strange real estate market that we are currently experiencing with ultra low inventory, interest rate hikes, and the stock market being off after Fitch’s downgrade.

Earlier this year it moved around with extremely low inventory in January and an easier time selling to a whopping 13 months of inventory in March.

Some of the bouncing around is a reflection of the very low inventory and accordingly, very lo numbers of home sales. It’s important to take it with a big grain of salt. The best homes, meaning that they are in good shape, don’t have location issues, and are well priced, continue to sell in 1 – 3 weeks.

For an in-depth article about the Los Gatos real estate market generally (not just the most expensive properties), please check our linked article, which is updated monthly!

Los Gatos luxury home market months of inventory – homes listed for sale at $4 million or more

The months of inventory is the single best gauge to use in deciding how hot or cool the market is. For July 2023 it fell to 2.2 months of inventory, which is a decently warm seller’s market.

Los Gatos luxury homes market data - 95030 95032 4 mil and up months of inventory

Most of the luxury properties in Los Gatos are under $8 million, and that upper level can be much cooler than the $4 – $6 million market.

I tried to pull the same info for the Los Gatos mountains 95033, but kept getting an error message from the MLS that there were too few sales to chart meaningfully.

Altos Charts for homes listed in the top 25% or top quartile for Los Gatos 95030, 95032 and 95033

These will be automatically updated, so check back often for a quick update on the Los Gatos real estate data for this upper tier!

Median list price

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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.  (more…)

The Real Estate Market Trends in Los Gatos

Los Gatos Home Sale Trends: it really depends on your segment of the market

How’s the real estate market in the Town of Los Gatos? The real estate market trends in Los Gatos varies from one price point and neighborhood to the next, from one type of housing to the next, and even between the town’s two zip codes, 95030 and 95032. Here we’ll take a view of the overall movement in the market; please understand that it may or may not apply to your particular Los Gatos home so please call or email me for specific information relating to your property.

Overall, Los Gatos continues to be a seller’s market, though not as deep as in other places in Santa Clara County (it’s wild in Cupertino, Sunnyvale, Palo Alto). Inventory is better than a year ago, inching toward more normalcy while remaining on the scarce side.

Today I pulled the data from MLSListings.com using their “statistics” tool (any Realtor can do this who’s a member of the MLS).  The numbers below represent single family homes, or houses, in the Los Gatos zip codes of 95030 and 95032, all price ranges, school districts, home sizes etc.

Real Estate Market Trends in Los Gatos

2015-8-25 Los Gatos real estate statistics 95030, 95032

 

The luxury market over about $3 or $4 million is usually more sluggish than the entry level homes, so what happens if we don’t go that high?

And now, same criteria but just homes under $ 2,000,000:

Los Gatos real estate market for homes listed under 2 mil

 

As you can see, the sale price to list price ratio for these 240 houses is a little higher and the days on market a bit shorter if we focus on just the homes offered at under $2 million.  We could further refine this ad infinitum but Realtors often say that the best price will come with a fast sale (some sellers feel like if the home goes sale pending in just 2 weeks, it was too soon and they left money on the table).  So let’s check it out.  The next set is the same as above but only for homes that went under contract in 14 days or less:

Los Gatos Stats DOM 14 or less

Not only are the $2 million dollar or less homes the ones moving better, but the 130 of them (out of 240) that did sell within 14 days really moved fast (9 days on average) and with a much higher sale price to list price ratio!

This is why it is so key to drill down what’s happening to the micro market level.  The monthly average for 95030 & 95032 in Los Gatos was 101.3% for all homes, but how very different it is for those under $2 million that sell within a couple of weeks!  Home buyers and real estate investors who rely on only those general numbers will be 4% off (about the amount of a typical price reduction) – plenty enough by which to lose the sale.

What can throw your Los Gatos property’s home values:

  • having a pool with a small backyard (pool removal may make you money) or NOT having a pool with an acre or more
  • additions that you love but most buyers consider a detraction
  • smaller than normal kitchen
  • home in worse repair or lack of updating than typical
  • being adjacent to something undesirable, such as a busy road, high voltage lines, or train tracks
  • bad odors from pets, strong cooking, cigarette or cigar smoke etc.

If you are thining of buying or selling in Los Gator or nearby, please reach out to me and let’s talk about working together. To be successful and to get the most out of your transaction, it’s key to get the data that is relevant to the house in question and not just wing it based on zip code or city wide data.  Los Gatos real estate and Silicon Valley real estate require a more sophisticated approach!

For those who want to do more research, here is a great resource

For info on Los Gatos or anywhere in Santa Clara County, San Mateo County or Santa Cruz County, please have a look at my online Real Estate Report.

 

Los Gatos Real Estate Market: September's Numbers are Now In

Los Gatos Real Estate Market Trends at a Glance

Los Gatos Real Estate Statistics At A Glance

Year-Over-Year

  • Median home prices increased by 101.9% year-over-year to $852,000 from $422,000.
  • The average home sales price rose by 82.1% year-over-year to $867,591 from $476,330.
  • Home sales rose by 120.0% year-over-year to 11 from 5.
  • Active listings rose 120.0% year-over-year to 11 from 5.
  • Sales price vs. list price ratio rose by 2.0% year-over-year to 100.3% from 98.4%.
  • The average days on market fell by 21.8% year-over-year to 24 from 31.

Compared To Last Month

  • Median home prices slipped by 11.8% to $852,000 from $966,350.
  • The average home sales price fell by 5.5% to $867,591 from $918,212.
  • Home sales Up by 37.5% to 11 from 8.
  • Active listings dropped 15.4% to 11 from 13.
  • Sales price vs. list price ratio dropped by 4.8% to 100.3% from 105.4%.
  • The average days on market increased by 46.0% to 24 from 17.

For more information, data, and opinion on the market, please visit my online Real Estate Report. There you will find the latest stats on not just Los Gatos, but all the cities within Silicon Valley and the major districts within San Jose.