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.

During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory.

What is selling best in LG right now?

Of the 21 single family home sales in Los Gatos in April on the MLS, 9 closed under $2 million (the lowest was $1.365 mil), 5 were between $2 and $3 million, 6 between $3 and $4 mil, and 1 between $4 and $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 14 houses under $3 mil, the average days on market was longer (above 2 weeks), the average list price was $1,926,571 and the average sale price a little higher at $1,975,429. For those transactions, the average living space square footage was 1,881 SF and average lot size 12,612 SF. For this segment of the Los Gatos real estate market overall, it’s a warm seller’s market, though the numbers aren’t as hot as the month before.

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 Apr 2020 Previous Month Year-over-Year
Median Price $2,675,000 (+4.3%) $2,565,000 $2,507,500 (+6.7%)
Average Price $2,653,940 (-5.5%) $2,807,500 $2,831,540 (-6.3%)
No. of Sales 25 (+4.2%) 24 26 (-3.8%)
Pending 28 (-12.5%) 32 32 (-12.5%)
Active 51 (+6.3%) 48 85 (-40.0%)
Sale vs. List Price 102.3% (-0.5%) 102.8% 99.7% (+2.6%)
Days on Market (-38.6%) 14 35 (-74.5%)
Days of Inventory 59 (-1.4%) 60 95 (-37.6%)

 

Prices are reasonably stable year over year and month over month with some ups and downs. The number of sales and active listings are up a hair from last month, but inventory is much smaller than a year ago. So the market has definitely stayed hot this spring despite the shelter-in-place ordinance. One area that’s fallen slightly month over month is the sales vs list price which dipped slightly to 102.3%, though it’s still hotter than the 99.7% last year.

Read moreLos Gatos real estate market trends and statistics

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

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 Luxury Home Market

The Luxury Home Real Estate Market in Los Gatos & Monte Sereno: today I crunched the numbers from MLS Listings to get the absorption rate or months of inventory for estate properties over $2,000,000 in Los Gatos 95030, Los Gatos 95032, Monte Sereno (both 95030 & 95032), and the Los Gatos Mountains 95033.   Monte Sereno is a red hot market for estate properties, while the Los Gatos Mountain areas are not moving a lot of super expensive properties.  Have a look below.

Los Gatos area luxury market

Next we’ll look at live charts from Altos Research (to which I have a subscription)

List prices of homes for sale in the topmost price quartile in Los Gatos, Monte Sereno and the Los Gatos Mountains

Real Estate Market Chart by Altos Research www.altosresearch.com

Read moreLos Gatos Luxury Home Market

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.

Quick look at the Los Gatos real estate market

May 05, 2014

The Los Gatos real estate market is very healthy, with a strong sale price to list price ratio. As with the rest of Santa Clara County, inventory is extremely low, and that is pushing prices up. Today we’ll get a view of the market using just a few charts, but please click on the links for more info (or call, email or reach out to me if you’d like an appointment to discuss your segment of the market in particular).

First, a chart from my Los Gatos Real Estate Report (click on the link for more information).

Los Gatos Single Family Homes

Trends At A Glance Jan 2014 Previous Month Year-over Year Median Home Price +23.7%$1,770,000 $1,431,000 +13.8%$1,555,000 Average Sales Price +34.8%$1,920,450 $1,424,850 +12.6%$1,704,850 No. of Homes Sold -17.4%19 23 +46.2%13 Pending Properties +31.8%29 22 +61.1%18 Foreclosures Sold N/A0 0 N/A0 Short Sales Sold N/A0 0 N/A0 Active Listings +2.1%48 47 -7.7%52 Active Foreclosures N/A1 0 N/A0 Active Short Sales -66.7%1 3 N/A0 Sales Price vs. List Price +0.8%101.1% 100.3% +1.7%99.4% Average Days on Market +136.6%74 31 +118.6%34 – See more at: http://popehandy.rereport.com/market_reports?formSubmit=1&searchtype=search&emailtype=search&period=1&report_description=Santa+Clara+County%2C+All+Cities%2C+All+Neighborhoods&area=15&cities=3048&locations=&yearmonth=2014-1&proptype=1&get_report=#sthash.H93BlIu0.dpuf
Trends At A Glance Jan 2014 Previous Month Year-over Year Median Home Price +23.7%$1,770,000 $1,431,000 +13.8%$1,555,000 Average Sales Price +34.8%$1,920,450 $1,424,850 +12.6%$1,704,850 No. of Homes Sold -17.4%19 23 +46.2%13 Pending Properties +31.8%29 22 +61.1%18 Foreclosures Sold N/A0 0 N/A0 Short Sales Sold N/A0 0 N/A0 Active Listings +2.1%48 47 -7.7%52 Active Foreclosures N/A1 0 N/A0 Active Short Sales -66.7%1 3 N/A0 Sales Price vs. List Price +0.8%101.1% 100.3% +1.7%99.4% Average Days on Market +136.6%74 31 +118.6%34 – See more at: http://popehandy.rereport.com/market_reports?formSubmit=1&searchtype=search&emailtype=search&period=1&report_description=Santa+Clara+County%2C+All+Cities%2C+All+Neighborhoods&area=15&cities=3048&locations=&yearmonth=2014-1&proptype=1&get_report=#sthash.H93BlIu0.dpuf

The Los Gatos Condominium and Townhouse Market

Next, the same information but for Los Gatos condos and townhomes:

Los Gatos condominiums and townhouses

 

Happy New Year, Los Gatos – A Brief Real Estate Market Commentary at Year's End

December 31, 2010

Happy New Year, Los Gatos!

This long-term recession and the extremely slow rebuilding of the national and local economy has taken its toll on many businesses and individuals. Still, we have much for which to be grateful. Silicon Valley seems to be leading the nation in the recovery.  Thank you, technology: you never seem to get as badly hurt as other sectors, and you bounce back a bit faster too.  We are all lucky to be part of this particular part of the US.

Real estate in Silicon Valley and the “south bay” is also faring better than many places.  Los Gatos has had a rougher time there, though.  Here’s a quick update, and some links to downloadable reports if you’d like more detail on what’s what right this week in Los Gatos homes for sale & the realty climate in general.

Los Gatos has two types of areas – “in town” (95030 and 95032) and “in the mountains” (95033). The 95033 areas are unincorporated and not part of the town per se but have a Los Gatos mailing address and residents there consider themselves residents both of their own area within the mountain communities (such as Redwood Estates) and the town of Los Gatos.  The mountain areas tend to be considerably less expensive than the “in town” areas.  Of the incorporated zips, 95030 tends to be more expensive, mostly because it is almost exclusively in the Los Gatos School District, whereas much of the 95032 zip code (but not all!) is not in the schools.

(Info and images below are from Altos Research, to which I do have a subscription & the right to use this material.)

Overview of all three zip codes of Los Gatos combined (95030, 95032 and 95033):

Los Gatos 95030, 95032, 95033 areas overview (c/o Altos Research)

Same areas with list prices broken down by quartile:

Los Gatos real estate market by price quartiles (all areas, all 3 zips)

The view by quartile gives home buyers a decent idea of what they can afford in general in this area – how far their money might be able to go. Locals will realize that it’s a little skewed in that the low, low mountain prices make Los Gatos homes appear more affordable than they are in reality (if someone wants to buy a house in the flatlands of the town). So caveat: buyers, these are VERY general numbers!  You will get more for your money in the mountains and less in town.

For houses in the 95030 area of Los Gatos, California:

Los Gatos overview of 95030 Dec 26 2010

Want more info on the Los Gatos 95030 real estate market? Click here to view the weekly report from Dec 26, 2010.

For houses in the 95032 area of Los Gatos, CA:

Los Gatos 95032 houses for sale - market info c/o Altos Research

Want more info on the Los Gatos 95032 real estate market? Click here to view the weekly report from Dec 26, 2010.

For houses in the Los Gatos Mountains (95033):

Overview of the Los Gatos Mountains real estate market, c/o Altos Research

 

If you’d like to see more articles on the Los Gatos homes & housing market, please click here to see all posts on that category.

Happy New Year, one and all!

Mary

Want more info on the Los Gatos 95033 real estate market? Click here to view the weekly report from Dec 26, 2010.