As of today, December 8, the Los Gatos real estate market in 95030 & 95032 is cooling down further – more inventory, fewer sales, longer days to sell. It’s almost a tale of two markets with some homes priced low and selling fast, sometimes with multiple offers and overbids, and other homes languishing on the market for many months.
Multi Year Statistics: Los Gatos real estate market
Here is some multiple year over year Los Gatos real estate market data that I pulled directly from the MLS today.
The bottom line is supply and demand. What is the ratio between listings and closed sales? This is an excellent visual cue to understand what’s going on right now. Early this year, there were more closed sales each month then there were active listings. Since May (and the rate hikes), the market flipped. Now there are more listings than sales. Often the listings that aren’t selling are overpriced. That’s true in every 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…)
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
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:
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:
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.
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.
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
Los Gatos Real Estate Market Trends at a Glance
Los Gatos Real Estate Statistics At A Glance
- 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.