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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.

Fewer sales, but higher sales prices, in Los Gatos & Monte Sereno

September 05, 2010

The Los Gatos & Monte Sereno real estate markets cooled a bit in August 2010 with significantly fewer fewer sales.  This is true both for houses as well as for condominiums and townhouses.  A word of caution: although the median and average sales prices are rising, this does not mean, necessarily, that individual homes are rising in value.  It may signify just that more expensive homes are selling.

Here’s a quick look at the numbers from my newly updated Real Estate Report (click the links for more info on these categories or for anywhere in the greater San Jose or Santa Clara County areas):

Los Gatos houses (and duet homes):

Sales fell 21.2% from the month before, and were up 4.0% year-over-year.

Prices improved in Aug 2010 with the median sales price rising 5.3% from July, up 22.9% compared to a year ago. The average price rose 5.7%, a year-over-year gain of 14.8%.

Inventory fell 1.4% from the previous month, and was down 4.6% from last year.

Los Gatos condominiums & townhouses:

Big drops in sales combined with significant rise in inventory makes this market especially soft right now.  Sales dropped a whopping 40% from the month before, and also fell 40% year-over-year.

Prices did improve in Aug 2010 with the median price climbing 1.2% from the previous month, down 15.6% compared to a year ago. The average price slipped 12.7%, a year-over-year drop of 16.2%.

Inventory climbed 12.7% from last month, and was up 6.9% year-over-year.

Monte Sereno houses:

Sales declined very dramatically 50% from July, and fell 60% year-over-year.

Prices improved in Aug 2010 with the median price climbing 53.0% from the previous month, up 37.9% compared to last year. The average price rose 32.0%, a yearly gain of 19.4%.

Inventory fell 28.9% from last month, and was up 10.3% year-over-year.

The Los Gatos Mountains:

The mountain communities often walk to the beat of a different drummer, and this month is no exception.  Sales increased 200% from the month before, and were down 14.3% year-over-year.

Prices fell in Aug 2010 with the median price dropping 17.5% from the previous month, up 30.0% compared to last year. The average price rose 4.1%, a yearly gain of 36.8%.

Inventory rose 6.1% from last month, and was up 75.0% year-over-year.

For specific information on your home or neighborhood, please contact me!

A Five Year View of the Los Gatos Real Estate Market (Jan 2005 to June 2010)

July 17, 2010

Today I want to step back and look not at the micro-markets but at the overall realty market in Los Gatos  from January 2005 to the present (through June 2010) and to get a sense of the major trends in our real estate sales.

Ratio of inventory to sales: One of the best ways to gage the health of the local real estate market is to check the ratio between available listings or inventory and homes closed in the last month (that ratio gives us the “months of inventory”). Below please find the numbers of listings and solds per month in Los Gatos beginning in January 2005 and going through June 2010.

Los Gatos Residential Real Estate Listings and Solds Jan 2005 to June 2010

The red bars above represent inventory (or available listings) and the yellow represent solds during that month.  While there are always more listings than solds, the futher apart they are the better it is for buyers and the worse for sellers.  When they are relatively close together, it’s more of a seller’s market (and worse for buyers).   You can see that in late 2006 and into early 2007 those two were at their closest – that was a strong seller’s market here.

Looking at the most recent bars on the far right hand side, which are for June 2010, you can see that sales are up a little but listings are up even more.  The net result is that it’s swung more into the buyer’s favor.   You can scan the last five years and see worse times, though, as in late 2008 and early 2009, when it looked like there was practically a moratorium on sales.

Also, if you find the bars for December for each year, you’ll see that the ratio between listings and solds is better (if you’re a seller).  What’s happening there?  Many homes are taken off the market during the holidays, but those which stay on have better odds of selling. 

Median Sales Price of Los Gatos Homes Sold:  The next big question that buyers and sellers have is how much homes are worth. Over the last 5.5 years in Los Gatos, we have seen our usually strong market take a bad tumble beginning in mid 2008 and then roller-coastering a bit from there. Overall, it looks like the “low” point is behind us, but it will take several more months of higher median sales prices for buyers and sellers to be confident throughout Los Gatos. (This is the town as a whole.  The market can be very different from one price point to the next – this is just a generalization.)

Los Gatos residential real estate median sales price Jan 2005 to June 2010

Average Days on Market: Finally, how long do homes stay on the market in Los Gatos before selling or being pulled from the market?

Los Gatos real estate average days on market

The average days on market are low for many months in the first half of this time period, but there are some spikes.  Just as the ratio of listings to solds is more favorable in December in the second chart, in this one we see that the days on market in December are usually the longest.   It is tempting to say that these homes are “picked over” but not every home that is available in December has been on the market a long time.   Conversely, the shortest months are often (though not always) in early spring – February through April.

This year, the trend for average days on market has been a bit up and down, but overall it’s better than most of what we’ve been seeing for the last two years.  The occasional months with spikes cause us to be less than certain, though, about recovery for this market as a whole.

Absorption Rates for Los Gatos & Monte Sereno Real Estate Market by Sale Type: Short Sale, Bank Owned, Regular Sale

May 26, 2010

The Los Gatos & Monte Sereno real estate market has been improving in recent months.  Below please find the numbers of Monte Sereno & Los Gatos homes for sale right now, both houses and duet homes as well as condominiums and townhouses, followed by the months of inventory for each set.  Six months is a “balanced” market.  Fewer is a seller’s market and more is a buyer’s market.  The months of inventory (or absorption rate) is one of the best ways to gage the market conditions overall.

As you can see, in general the market is “balanced” for houses and condos alike, both hovering close to six months, and is a seller’s market for distressed properties (short sales and bank owned homes).  The bargain prices found with short sales and REOs makes them the hot ticket of the market in general. Short sale and bank owned condominiums or townhomes for sale are the sweet spot of the Los Gatos & Monte Sereno realty market right now with just 1 -2 months of inventory.