The Los Gatos real estate market remains hot, but we are hearing of some cooling, fewer numbers of offers, etc., so it is a little mixed. Some of the closed data is hitting new highs, and some are easing slightly.
As of today, May 5, some info on single family homes in LG 95030 & 95032:
- 43 single family homes on the market in “Active” status (of those, 3 are listed as “agent only, show” – not on other sites, and 6 are “agent only, do not show”). The agent only listings means that they are not syndicated to other websites.
- 3 houses are under contract but there are contingencies of some kind in place (could be loan, appraisal, property inspection, buyer to sell current home, seller to find a replacement home) – so those sales may not go through.
- 27 houses are sale pending, no contingencies (this is a huge number compared to the active listings)
- 33 houses have closed escrow in the last month, from April 5 to May 5 (more pendings – sales are picking up speed). The average sale price to list price ratio for these 33 houses was 118%.
Here is some data that I pulled directly from the MLS this morning:
Lack of inventory is the major issue here. Inventory rose slightly, but I looked at the April numbers back to 2005 and no other April was this low.
Demand is still outpacing supply, as we see from the current (today) numbers I listed above. Prices rise when that’s the case, but what’s unusual here is the amount prices have come up.
Sale Price to List Price Ratio for Los Gatos 95030 & 95032 houses
The sale price to list price ratio is a new high in April (I checked back to 2005.) That’s interesting given that some data points are a little softer.