Thinking of selling your home? One of the first questions a potential home seller has is this: “what’s my home worth?”
Real estate professionals will establish the probable buyer value (do a market analysis) by comparing your home to others like it which have sold recently and perhaps also those which are currently under contract (sale pending). These similar homes are called comps (for comparable listing, pending, or sale). They factor in market conditions as well (buyers market, sellers market, inventory shortage or excess).
What is an ideal “comp”? It is a sold home that is:
- recent (within at least 6 months, but preferably 3, similar market conditions)
- nearby (same zip code/town, within a mile is best, same schools, within same complex or subdivision is ideal)
- similar type of location (interior lots vs one backing to a freeway, school, high voltage lines)
- like condition (similar amount of updating/remodeling)
- if the subject property has an added family room, the best comp would also have an added family room (original square footage usually sells for more on a price per SF basis than added living space, and additions made without permits and finals are worth less than square footage with permits / finals)
In a tract subdivision or condo complex with many recent sales, this can be easy. If the subject property is very similar to several recently closed sales except for either the level of improvements or the lack of them, an adjustment would be made only for the condition. In my experience, the same tract house may have a range of 10% – 15% of value between completely original and not well maintained to thoroughly remodeled with high quality appliances and upgrades. (Most homes are somewhat updated. Few are either entirely or original, or even more rare, completely run down.)
Let’s do an example of a tract home in which there are several sales nearby of the same floor plan in recent months. And let’s say that a typical home there, somewhat updated, sells for $1,000,000 just to use a round number. The numbers could break down along these lines:
- typical sale, moderately updated $1,000,000
- same floor plan, mostly original condition $900,000 – $950,000 “depending” (very original to run down could go lower, depending on market conditions)
- same floor plan, remodeled, turnkey $1,050,000 – $1,100,000 “depending” (“stunning remodel” could go higher depending on market conditions)
The range of values is often 10% on the same street, but it could be as much as 15% or 20% or more if you have a difference of more than just condition (lot size, precise location, view, a change in market conditions between one sale and the other). As an example, if all the comparable properties were “all original” and your home is “somewhat updated”, it’s likely that your home will sell for 5% more than the others did because of your updates. The range between “all original” and “stunning remodel” is not usually more than 20%.
It is much, much more difficult to establish market value for a home when there are no good comps. Sometimes the property being evaluated is extremely different from those sold recently & nearby.To establish a probable market value, it again will be a matter of adjustments, but when there are no good comps, a lot of adjustments must be made. Real estate professionals will adjust up and down for condition, location, the market’s behavior etc. Continue reading
One of the more confusing areas in Los Gatos may the Alberto Way. Most of the condominiums along that street in Los Gatos are part of The Los Gatos Commons, a senior complex that’s fairly large. (To read more about senior housing in the area, please see my post on it here.)
As with most senior housing, the units at The Commons are more affordable than the majority of Los Gatos condos. The Commons was built in 1978 and requires that at least one resident be 55 years of age or more. As of 2018, you may be able to purchase a tiny 1 bedroom in the Commons for under $700,000.
A smaller condo community just a little closer to Los Gatos-Saratoga Road, and on the opposite side of Alberto Way, is Pueblo de Los Gatos. These homes are a little further away from Highway 17, are a little quieter, and are not senior housing. They tend to sell for a little more than the homes across the way. There seems to be about a 5% to 10% difference in price, most of which may be attributable to freeway noise, but part of it to the “senior community” status. This property was developed in 1970, so is actually a little older than the Commons.
Pueblo de Los Gatos consists of 53 units. Of these 53 condo units, 1 of them is a 3 bedroom (unit # 1, which also has a large 2 car garage), 44 are 2 bedroom units, and 8 are 1 bedroom units. Except for unit # 1, the rest of the homes in this community have carports. For many home buyers, these properties offer a more affordable way to get into the Los Gatos Union School District than might otherwise be possible.
Additionally, there is a small townhouse complex on the same side of the street as the Los Gatos Commons. These are also not senior communities.
What is the fastest way to tell them apart? The easiest way, without even clicking on a link, is to spot the address. If there’s a letter as part of the unit number (as in A100 or B202), it’s part of The Commons. If there’s no letter, as in #7, it’s part of the Pueblo de Los Gatos. Of course, there are other townhomes in the immediate area, too – but these are the largest communities.
Both of these are in close-to-downtown Los Gatos locations. If you’re in the market for Los Gatos real estate and would like to live close in, this is a great street to check out.
Los Gatos Commons homes for sale (55+)
Condos in the Los Gatos Commons (a senior community) which are for sale or pending sale right now. (If nothing shows, then nothing is on the market there at the moment.)
Sorry, but we couldn't find any results in the MLS that match the specified search criteria.
All Alberto Way area homes for sale
This includes properties on Alberto Way as well as Maggi Court
- List View
- Map View
- Grid View
See all Alberto Way.
(all data current as of 5/24/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
The Los Gatos real estate market varies by zip code, school district, neighborhood and price point. Today we’ll view it by zip code (95030, 95032 and 95033 – the latter is the Los Gatos Mountains area and is not part of the “town” but has a Los Gatos mailing address and is generally considered Los Gatos if not properly or officially part of the town).
1.) First, let’s look at single family homes and some key stats (coming from Altos Research and will be updated weekly):
the median list price of single family homes in these 3 zip codes in Los Gatos plus the city of Monte Sereno, the total inventory of homes for sale in Los Gatos by zip code, homes absorbed, average list price, price per square foot, median lot size, average age, nad more.
Los Gatos 95030 real estate market data:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95030 as of May 17, 2019
|Median List Price:||$3,278,423||Average List Price:||$4,117,379|
|Total Inventory:||22||Price per Square Foot:||$1,045|
|Average Home Size:||3,679||Median Lot Size:||36,203|
|Average # Beds:||4.20||Average # Baths:||4.03|
|Homes Absorbed:||2||Newly Listed:||3|
|Days on Market:||140||Average Age:||53|
Los Gatos 95032 real estate market statistic:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95032 as of May 17, 2019
|Median List Price:||$2,597,720||Average List Price:||$3,481,328|
|Total Inventory:||31||Price per Square Foot:||$903|
|Average Home Size:||3,104||Median Lot Size:||12,075|
|Average # Beds:||4.26||Average # Baths:||3.65|
|Homes Absorbed:||6||Newly Listed:||6|
|Days on Market:||78||Average Age:||41|
Los Gatos Mountains (not “in town”) 95033 housing market information:
|90-day stats for Single Family properties in|
LOS GATOS, CA 95033 as of May 17, 2019
|Median List Price:||$1,456,923||Average List Price:||$2,012,275|
|Total Inventory:||31||Price per Square Foot:||$579|
|Average Home Size:||2,858||Median Lot Size:||132,273|
|Average # Beds:||3.89||Average # Baths:||3.26|
|Homes Absorbed:||3||Newly Listed:||5|
|Days on Market:||103||Average Age:||41|
Monte Sereno – not a part of Los Gatos but shares many services, so they are often intertwined:
|90-day stats for Single Family properties in|
MONTE SERENO, CA 95030 as of May 17, 2019
|Median List Price:||$3,649,568||Average List Price:||$3,655,978|
|Total Inventory:||9||Price per Square Foot:||$1,020|
|Average Home Size:||3,526||Median Lot Size:||40,129|
|Average # Beds:||4.50||Average # Baths:||4.01|
|Homes Absorbed:||1||Newly Listed:||2|
|Days on Market:||23||Average Age:||50|
2) Next, let’s see how some of these real estate statistic look compared to recent months – below please find the MEDIAN LIST PRICE (not sale price) of homes by zip code, separated out by pricing quartile:
95030 is mostly Los Gatos, but some homes will be in Monte Sereno
95032 is 99% Los Gatos and 1% or so Monte Sereno
The Los Gatos Mountains area – 95033 (more remote and usually far, far more affordable than the town of Los Gatos)
To see what’s happening with the Los Gatos real estate market via the “solds” please visit my real estate report and view the latest market date & trends for houses in Los Gatos or houses in the Los Gatos mountain communities as well as the condo and townhouse market in the town of Los Gatos. Additionally, you can check what has sold anywhere in Los Gatos or Santa Clara County generally as long as it was on the multiple listing service!
It’s a deep seller’s market in most of Silicon Valley, and that’s good news for you if you want to sell your Los Gatos home this year. However, don’t base your major decisions on the major headlines! Real estate is always local, even “hyper local”, so get the data related to your home’s market and go from there.
What are some of the major concepts you need to know before putting your home on the market?
(1) Selling As Is does not meeting doing nothing and expecting the highest sale price. The most successful sellers don’t just throw their property on the market without any thought or effort. Those who sell fast and for top dollar actually do a fair amount of prep work! They may not remodel and move out, furnish their house with rental furniture,and put all their belongings in storage, but they do clean, decutter, provide pre-sale inspections and price appropriately.
(2) Selling As Is means that you don’t have to provide a Section 1 pest clearance or fix every little thing that’s not perfect with the house or yard. However, you do want to find out what needs fixing and disclose it upfront so that there are no surprises later. (Later surprises often equal a renegotiation later.) As Holiday Inn used to say, “The best surprise is no surprise.”
(3) Many homes listed at one price sell for a higher price. So it can be tempting to look at the most recently closed sale and offer your house for sale at the closed price – or something really close to it. However, the way that sale got to that price is often by providing an attractively low list price. If a condo or townhouse just closed at $950,000 but was listed for $885,000, you don’t want to then list your similar condo at $950,000. Why not? First, one comp does not make market value! But second, if homes are often selling for $65,000 over list and you come in at the most recent value, many home buyers will be envisioning the ‘true sale price’ as $50,000 or more higher. In other words, suddenly your property appears unattractive and overpriced. if you want to be competitive and attractive, don’t focus on the sale price as much as on the LIST price – and know that if your home is in good shape, you will collect the multiple offers that will push the value up.
(4) To repeat with what we stated upfront, it’s important to understand your market within the bigger market. If you are in the 95032 zip code, it does matter also which school district your home is in and what pricing tier you’re in. It’s going to be very different, most of the time, if you’re in 95032 at the lowest price point (condo / townhouse or house that’s a tear down) as opposed to one worth $2 million or more. Further, some 95032 homes are in the Los Gatos Union School District, while others are in the Union School District or Campbell Union School District. IGNORE all the “zip code only” data – most likely, it’s not all that relevant to YOUR home.
Just like it takes work to sell your home for top dollar, it also takes work to do the pricing analysis well. That’s one area where it’s too important to just shoot from the hip. Everyone likes easy answers, but sometimes pricing analysis is not all that easy. Lately we have low inventory and low numbers of sales – so the pricing work can be a little harder to work out. Be sure to find an agent who will give this the appropriate effort and skill.
Want my assistance? Please call or email me for a confidential, no obligation appointment.
If you’re interested in buying a home in the Union School District, which straddles the Los Gatos and Cambrian area of San Jose border, you may be wondering what the real estate price difference is between homes in San Jose 95124 vs properties in Los Gatos 95032.
The Carlton Elementary School area of attendance, and even more the Alta Vista Elementary School area, offers the opportunity to own a home in either zip code, so seeing the pricing delta isn’t that hard. What is harder is ascertaining what ratio or range of ratios you might find when house hunting in these neighborhoods.
For single family homes sold in the last 30 days in either the Carlton or Alta Vista areas, here’s the breakdown (disclaimer, 17 homes sold & closed total for both LG and SJ in that time):
In Los Gatos:
- average list price$1,690,429
- average sale price $1,733,555
- average square footage of the home 2530
- average lot size 19,486
- average days on market 42
In San Jose (same schools area):
- average list price $926,990
- average sale price $992,100
- average home SF 1575
- average lot size 7815
- average days on market 21
Here the gap in pricing looks huge. But is it? Homes and land are both bigger in Los Gatos. Biggest takeaway to me is this: in general, if you want a bigger home on a larger lot, Los Gatos is probably going to be your town. Buying “just the schools” and fine with a smaller house? San Jose provides a more affordable means to get into the schools.
Are there SIMILAR houses and lots to compare the true price differential between San Jose and Los Gatos with the same schools?
Everyone wants to make it a simple, easily measurable “cost” for living in Los Gatos, and I get asked about “apples to apples” between San Jose and Los Gatos? That is something that’s tricky for a number of reasons. But let’s try anyway. Continue reading
May 12, 2010
Right now in Los Gatos, there are 154 houses (or duet homes) available or for sale in 95030 and 95032. Of them, 4 are short sale listings and 3 are REOs (real estate owned by the bank, or “bank owned”). That doesn’t sound too dramatic, does it?
But short sale listings are priced significantly lower than normal Los Gatos homes for sale, so they sell faster. (Not all of them will close escrow, but that’s for another post.) The numbers are much higher as a percentage of the homes under contract or sale pending. Of the pending sales, there ar 61 single family homes under contract in all, 14 of which are short sales (23%) and none is bank owned.
The numbers become more dramatic when the school district or price point is broken out. A larger percentage of short sales is found among lower priced homes in the Union or Moreland School District areas of Los Gatos rather than more expensive properties which are “in the schools”. Some areas have been more hard hit than others. Tonight I ran the numbers for the faithful readers of this blog and I hope you find it interesting – I did!
First, pending short sales of houses on the market in the Los Gatos School District. The ratio is appx 22.22% of all pending sales are short sales in this part of Los Gatos. (DOM = “days on market”)
Now, houses in Los Gatos which are in either Union or Moreland Schools. Here, the ratio is a little higher – 24% of all sales are short sales. Unfortunately for the folks in the Loma VIsta, El Gato and Linda neighborhoods, a disproportionate number of short sales are in this area, and that’s putting downward pressure on pricing there.
What about short sales of condos and townhouses in Los Gatos? We’ll again have a look by school district (something most news sites never factor in….).
In the Los Gatos School District area of Los Gatos, the short sales account for 30% of the pending sales of condominiums and townhomes for sale. This is a significantly higher percentage than the homes! It is probably due to pricing – the more affordable homes are the hardest hit with short sales, so entry level housing in Los Gatos (i.e., the least expensive homes in town) are impacted the most. This part of town is more expensive than that of the Union or Moreland Schools, so let’s see how it compares to that.
Finally, Los Gatos condominiums and townhomes which are under contract and are short sales in the Union School District or Moreland School District areas of Los Gatos. In this part of town, there are 8 condos or townhouses which are sale pending, and four of them are short sales – so a whopping 50% of the pending sales of townhouses and condos in this part of Los Gatos are short sales!
Although there are some more expensive sale pending Los Gatos homes for sale which are short sales, the majority of short sales are in the more affordable price ranges, so the Leigh High School or Westmont High School (Union & Moreland Schools) areas of town are much more impacted by short sales than the pricer areas of Los Gatos “in the schools”.
How important are short sales to your home’s value? It all depends on how prevelant they are in your area. One can be dismissed as a fluke, but if there are multiple short sales nearby, it will definitely harm home values, unfortunately.
August 09, 2009
Are home prices rising in Los Gatos? It does appear that way. What is reported, though, may not be what it seems.
Below are the stats for the closed sales in July – they are still off, year over year, considerably, but they are up from the month before.
Los Gatos Single Family Home Statistics – Closed Sales
|Trends At a Glance||Jul 2009||Previous Month||Year-over Year|
|Median Price||$1,185,000||$1,080,000 (+9.7%)||$1,347,500 (-12.1%)|
|Average Price||$1,333,290||$1,082,350 (+23.2%)||$1,492,650 (-10.7%)|
|No. of Sales||28||27 (+3.7%)||26 (+7.7%)|
|Pending Properties||23||40 (-42.5%)||23 (0.0%)|
|Active||168||157 (+7.0%)||164 (+2.4%)|
|Sale vs. List Price||96.0%||95.8% (+0.1%)||98.3% (-2.4%)|
|Days on Market||62||66 (-6.3%)||31 (+96.8%)|
Los Gatos Condominium and Townhouse Statistics – Closed Sales
|Trends At a Glance||Jul 2009||Previous Month||Year-over Year|
|Median Price||$518,000||$635,000 (-18.4%)||$668,000 (-22.5%)|
|Average Price||$534,806||$615,000 (-13.0%)||$605,600 (-11.7%)|
|No. of Sales||8||7 (+14.3%)||5 (+60.0%)|
|Pending Properties||12||9 (+33.3%)||5 (+140.0%)|
|Active||45||52 (-13.5%)||54 (-16.7%)|
|Sale vs. List Price||99.2%||95.4% (+4.1%)||95.3% (+4.2%)|
|Days on Market||86||112 (-23.7%)||44 (+94.9%)|
What does it mean?
Clearly, while single family home sold prices are higher than a month ago, this is not the case for condos and townhomes (which have been “beat up” in this market, all over San Jose and also countywide). This is our first clue that “the Los Gatos Market” is again not one unified block, with everyone benefitting equally. Rather, there are micro-markets. Part of the market is advancing strongly – the lower priced homes in the Los Gatos School District – and those homes are selling and appreciating briskly. Other parts of the market, such as the townhouse and condominium market, the luxury market, and the homes not in the Los Gatos school area, are not faring as well. In fact, most homes in Los Gatos are not selling at all, and overall, it is still very much a buyer’s market, but it IS improving.
Below, please see a chart displaying the “market barometer” for Los Gatos. N the gap between the number of properties on the market (168) and those sold (28) – divide the former by the latter to get the “months of inventory”, which is 6 months right now. According to the National Association of Realtors, 6 months is a “balanced market” or a “neutral market”.
How can this be? How is it possible for it to be a neutral market (or in some segments of Los Gatos, a buyer’s market) when prices are rising (and homebuyers are experiencing multiple offers in places)?
It’s not happening in every segment of the Los Gatos market, that’s how. The homes that are selling are doing well. But many – most – remain unsold.
Broad sweep – here’s a view of inventory by Los Gatos zip code (95030 and 95032):
As you can see, inventory is rising among homes in the 95030 part of Los Gatos, but falling among 95032 (often more affordable).
Here’s the 95030 zip code area by price quartile:
And here’s the 95032 part of Los Gatos by price quartile:
Unfortunately, I cannot break out the school district differential with this subscription, but anecdotal information indicates that homes “in the schools” are the ones selling with multiple offers if they are priced low (close to or under $1 million). So I went to the MLS and checked a few numbers myself.
Right now in 95030 and 95032, there are 47 single family homes for sale in the Campbell Union High School District (meaning Leigh High & Westmont High), and 4 closed sales of the same in the last month. That is an 11.75 month supply of inventory.
Right now in 95030 and 95032 there are 159 single family homes for sale in the Los Gatos-Saratoga High School District, with 28 closed sales in the last month, which is a 5.67 month supply of inventory.
Price point aside
, the school district is the driving force.
List prices by zip code in Los Gatos:
Prices are rising more in the 95032 part of Los Gatos than in the less-affordable 95030 part of town. Knowing what we do about the months of inventory, what we see are that the most affordable homes with the schools are the “hot” segment of the market.
What homes are these? The ones where a buyer can get into a single family home for close to a million dollars or less (up to about 1.3 mil max) and enjoy the Los Gatos Schools. Even so, houses must be “turnkey” and priced aggressively.
Homes outside of this parameter – which is most of the Los Gatos real estate market – are struggling.
Please contact me for help in buying or selling a home anywhere in Los Gatos.
June 26, 2009
In addition to doing a post comparing Los Gatos, Monte Sereno, and Saratoga today, I also did one on just the Monte Sereno real estate market in my other blog at ValleyOfHeartsDelight.com. If you are tracking the Monte Sereno housing market, please have a look at this article, which discusses the days on market, inventory level, percentage of homes relisting, and pricing trends. Find it on the ValleyOfHeartsDelight.com site or click directly on this link:
March 06, 2007
The statistics from February have been crunched now, and we’re finding that the Silicon Valley real estate market is strengthening. Here are the links, if you’d like to review the data yourself:
Interestingly, San Jose is not doing as well as much of the valley, apparently because the entry level housing is so out of whack with incomes that it is difficult for folks to get a toe in the door.
The California Association of Realtors reports that the most expensive median home sales price in the state for January 2007 is none other than our own Los Gatos, beating out the usual suspects of Santa Barbara, Laguna Nigel, etc. (of course they were also on the list of the 10 most expensive cities for January 2007). What does this tell us? Most of all, that we live in a very highly desireable area – and even when the housing market scares folks a little, they are still willing to risk it in buying here.
I think something else is going on, too. There’s an old adage that really, really applies to successfully selling a home in today’s real estate market: Time vs. Money. I think our sellers in Los Gatos are pretty wise overall. Most of them read up on the market and they understand that buyers now want “turnkey” homes, not fixers. So rather than put a house on the market that needs work, most of them are painting, scrubbing, planting, inspecting, and preparing their homes well in advance of selling them. And it’s working. The nice homes are the ones that the buyers want, and they go fairly fast. The homes that are selling are both priced appropriately and they are put on the market in great shape.
So instead of marketing a half-ready home, and then playing catchup with the condition and the price, sellers in Los Gatos who sell (and not just list) their homes are doing the work upfront. They put in the time and effort, and in return, they get a faster sale at a higher price. They understand that “time vs. money” really applies today more than in any other market we’ve had in recent history.