real estate

Los Gatos real estate market trends and statistics

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Low inventory has been the headline story in the Los Gatos real estate market since last spring. Here’s a multiple year view of single family homes for sale in Los Gatos 95030 and 95032 since January 2015 – I find this to be enlightening since any one year can be an anomaly. The chart below shows us that the average inventory for Los Gatos in August can vary, but usually sits somewhere between the low to high 70s. This August fell well below that range with only 51 active listings, the lowest across all visible years!

Seasonal trends for 2020 were thrown completely off shortly after the lockdown order. Inventory never grew to the expected level last spring with available listings consistently shrinking from May through January and hardly any growth in spring 2021!

 

Active Inventory August 2021 Los Gatos 95030 & 95032

 

The ultra low number of listings is due to many factors, one of them being the current coronavirus pandemic and health and safety concerns. For a look at how Covid-19 affected the local real estate market today, please check Coronavirus Impact on Real Estate Sales on my other blog.

Covid restrictions have mostly been lifted, and Silicon Valley remains in a hot seller’s market with limited inventory. If you’re interested in selling your home this year, check out my article on how to Sell Your Home in 2021. When you’re ready to talk to an agent I would love to hear from you!

What is selling best in LG right now?

In general, single family homes listed at or under $2.5 million are selling well, with their sales averaging around 6.7% over list price in August. Those listed upwards of $3 millions are also frequently selling above asking with an average of roughly 4.4% above list price in August. Even so, there are exceptions in both groups.

Certain things can skew the data. For instance, a home in Los Gatos listed just under $2.2 million took 33 days to sell, but sold around 4.6% below list price, while another listed shy of $4 million sold nearly 17.5% above asking (over $700K over) in just 7 days! When planning to buy or sell, it’s best to look at the data within a mile of your home (or the one you want to buy), and across similar properties, excluding the sales which aren’t comparable.

By the numbers: Of the 46 single family home sales in Los Gatos (not including the mountain market) in August on the MLS, none sold under $1 million, 5 sold under $1.5 million, 9 sold between $1.5 and $2 million, 13 sold above $2 and below $3 million, 10 sold between $3 and $4 million, 7 sold over $4 to $5 million, and 2 sold between $6 million and $7 million!

The high end price point tends to be around $3,000,000 and up for this part of Santa Clara County, although it’s been creeping upwards with the overly hot market we’ve been experiencing. 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.

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) – the entire Los Gatos real estate market combined. 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 Aug 2021 Previous Month Year-over-Year
Median Price $2,950,000 (+3.5%) $2,850,000 $2,475,000 (+19.2%)
Average Price $3,253,780 (+0.9%) $3,224,100 $2,944,000 (+10.5%)
No. of Sales 40 (-7.0%) 43 44 (-9.1%)
Pending 55 (-6.8%) 59 41 (+34.1%)
Active 50 (+8.7%) 46 55 (-9.1%)
Sale vs. List Price 105.4% (-3.0%) 108.6% 100.9% (+4.4%)
Days on Market 20 (+66.8%) 12 31 (-35.2%)
Days of Inventory 38 (+16.8%) 32 38 (0.0%)

Prices for Los Gatos real estate haven’t changed much month-over-month, but compared to last year they’ve risen about 10%-19%! Last year’s market had a higher number of closed sales and active listings, but fewer pending sales. Compared to last month, closed and pending sales fell short while active inventory grew. The sales vs list price ratio fell significantly month-over-month, although still well above last year at a red hot 105.4% of asking.

Overall, despite some seasonal cooling it remains a busy seller’s market in Los Gatos, likely impacted by pent up demand from last year.

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Heritage Grove in Los Gatos

Heritage Grove is a younger east Los Gatos neighborhood which was developed by Summerhill Homes, a very highly regarded builder in Silicon Valley, in about the year 2000. It sits between the beautiful Heintz Open Space Preserve (with trails to nearby Belgatos Park and other open space) and a mini orchard along Blossom Hill Road between Union and Leigh Avenues. Recently I videotaped the community and think it’s a pretty good introduction to the neighborhood.

 

 

A few years back, I wrote about this area extensively, and included a map and slideshow, on another of my blogs (SanJoseRealEstateLosGatosHomes.com).  If you’d like more real estate information on the homes there, or the open space trails, please continue to learn more here:

The Heritage Grove Neighborhood in Los Gatos and the Heintz Open Space Preserve

Looking in this area and wondering what other neighborhoods are in this area? You might be interested in my article on this blog titled The confusion over the location of Surmont and Heritage Grove, Belwood and Belgatos subdivisions or you may want to browse the List of Los Gatos neighborhoods which is occasionally updated as I publish more posts about Los Gatos neighborhoods and subdivisions.

 

 

 

  • List View
  • Map View
  • Grid View

See all Heritage Grove subdivision in Los Gatos, California Real Estate.
(all data current as of 9/28/2021)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

The Almond Grove neighborhood in Los Gatos, a scenic and historic district

Map of the Almond Grove historic district in Los GatosThe Town of Los Gatos is home to many lovely neighborhoods with historic homes (Broadway Area Historic District, Fairview Plaza and others), but perhaps none is so quaint or popular as the Almond Grove neighborhood. (See video drive through this neighborhood near the bottom of this article.)

Location, location, location: the Almond Grove’s got it

The location itself could be very compelling alone as the Almond Grove neighborhood is as much “in town” as “walk to town” with so many activities and opportunities happening along North Santa Cruz Avenue, Main Street and University Avenue – all a stone’s throw away. Quite vibrant, downtown Los Gatos enjoys an inordinate amount of restaurants, shops, coffee houses, bars, places to dine , taste wine, stroll or take in a film. It’s also home to free musical concerts in the summer, a parade in December, a gorgeous new public library, a Farmer’s Market every weekend and many other events year round. Finally, the Almond Grove is set near two parks, Bachman Park and the Los Gatos Town Plaza, so there’s a good amount of open space nearby too. There’s something for everyone!

Traditionally designed neighborhood with good community results

105 Tait Ave Los Gatos (Almond Grove district) built appx 1890The allure of the Almond Grove is more than convenience, though. There’s an old time friendliness that seems to come with the big, welcoming front porches on so many of the older houses. Dwellings are also set closer together than one might find in suburbia, too. Rather than live so much in the privacy of the backyard, there’s an invitation implicit with this combination of close neighbors and a front porch that seems to underscore that residents are part of the neighborhood community and a bit less secluded.

The Almond Grove displays that sense of community from October to January especially, when it steps out as the best decorated corner of Los Gatos with a huge percentage of participation in the effort. Halloween is a great example. People’s enthusiasm is evident in by the beginning of October as props come out for the spookiest day of the year. Sometimes even in September, “Land of the Giant” sized spiders begin to appear, life-sized ghosts start to swing from porches and trees, the normally tidy and trim picket fences become smudged with spider webs, and every manner of Halloween decor drapes the district. On Halloween night, the Almond Grove district becomes positively overrun with enthusiastic kids from all over Los Gatos. I’ve been told that some homes get as many as 1,000 trick-or-treaters on Halloween night there.

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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. 

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Los Gatos Historic Home Tour

HHTBigBash2018_WebBanner.jpg

The annual Los Gatos historic home tour returns to town for one day only on April 21st, 2018, and tickets will be available to purchase online as soon as February 26th. Sponsored by the New Museum of Los Gatos (NUMU), the annual event showcases beautiful Los Gatos properties from different eras and frequently their gardens, too.

The focus of this 23rd annual Los Gatos historic home tour will be the lovely Johnson Avenue neighborhood!

Seven houses will be on display for tour-goers. The medley of event features also includes some live music and vintage cars for show on the street.

The NUMU site offers this teaser about the Los Gatos historic home tour: “The program guide provided to all tour goers includes historical and architectural information on the featured homes as well as back stories and trivia on the history of the Johnson Avenue neighborhood, including the locations of the former sites of a private zoo of exotic animals, and the baseball field where Los Gatan Hal Chase practiced. (He was later implicated in the Black Sox scandal of 1919.)”

Sunday evening, in lieu of the usual second tour day is a new event, entitled A Bigger Bash.

Please visit the link below or click on the image at the right to get all of the details and to purchase your advance tickets (more costly if you wait to the day of the event).

http://www.numulosgatos.org/hht

Please also see this list of downtown, central, and historic Los Gatos neighborhoods

Selling a Los Gatos home: how long will it take?

Shannon Valley Ranch house 2015How long will it take to sell your Los Gatos home?  If you own a house in Los Gatos, 95030 or 95032, the answer is “it depends”. Naturally part of the formula will be the condition of the property and how aggressively it’s priced.  The pace also will be a function of schools and price point.  Generally speaking, the lower priced single family homes tend to sell the fastest (assuming that it’s priced and marketed well and doesn’t have any “issues”).  That’s true in all neighborhoods and subdivisions. (The Los Gatos Mountains area, or 95033, is a different market.)

Today, let’s take a look at the Los Gatos real estate market for home sellers by pricing tier and high school district with a view toward the number of days on the market. (You can read about the ratio of actives to solds and the absorption rate at the article linked below under Related Reading.)

We’ll begin with a look at the town as a whole.  For homes actively listed and not yet sold or sale pending in town, have a look at the number of properties for sale and the days on market (“DOM”) for each price point:

Los Gatos 95030 95032 Active DOM by price point

The average “days on market” for all homes is 70, so you might think that this is how long it will take to get your home into contract.  That’s not the case, though, as some homes never sell (even in a red hot economy like ours). Others sell really fast.

What we can see, though, is that the homes in the lowest price point haven’t been on the market long – a hint that this is the market segment that is moving.

Next, let’s have a look at the part of LG 95030 & 95032 with Los Gatos High School.

Los Gatos Active Listings Days on Market with Los Gatos Schools

Notice that the average days on market for this group is 47, not 70.   Most groups have double digit days on the market.  So perhaps not flying off the market, but not bad by national standards, and certainly faster than the town as a whole.  It looks like the answer to “how long will it take to sell” may be improved by being “in the schools”.

How long will it take in the areas with either Westmont  High or Leigh High? Overall, a much longer “days on market” are present for the active listings with 124. But the lower prices, up to $2 million, are extremely fast with the few homes in that band only being available for about a week or less.

Los Gatos Available homes Days on Market with Westmont or Leigh High School

The actively listed properties are everything available – the good as well as the not so good.  If we look at pending sales, though, we’ll get an idea on how fast buyers take the best homes out of the market.  Let’s check on the homes under contract now.

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What does it cost to buy a Los Gatos townhouse? What are typical HOA dues for townhomes in Los Gatos?

Los Gatos catLos Gatos is the “gateway to the Pacific” from Silicon Valley – and vice versa.  Snuggled into the base of the Los Gatos Mountains, this scenic area offers a charming downtown, architecturally interesting homes and commercial areas, a beautiful natural setting and great public and private schools to boot.  Housing costs are high here, so many wanting to make the town their home may investigate buying a townhouse or townhome rather than a single family home.

What does it cost to buy a Los Gatos townhouse?

Housing prices for townhomes varies with the school district, walkability, and proximity to downtown or other features such as having a view.  And, of course, the size of home, number of beds and baths, the outside space,  and its condition will all impact the home prices.

Most of the townhouses are 2 or 3 bedrooms.  There are some 4 bedroom homes and once in a blue moon, you may stumble upon a 1 bedroom.

On the low end, it may be possible to purchase a small Los Gatos townhouse for about $500,000 for a 1 bedroom, if you can find it.  At the high end, they can soar past $2 million.   For the 48 townhomes in sold in the last 180 days, anywhere in Los Gatos 95030 or Los Gatos 95032, here are the average numbers (list price, sale price, square footage, days on market, HOA fee, price per square foot) all together, for the Campbell Union High School District area of town and for the Los Gatos-Saratoga Joint Union High School District part of town:

Los Gatos townhome stats on cost to purchase

What I found most surprising is that buying a townhouse “in the schools” is not so much more expensive than one with Campbell or Union Schools.

What are typical HOA dues for townhomes in Los Gatos?

The Home Owner Association or HOA dues are often a shock to home buyers.  As you see in the chart above, an average HOA fee paid for the homes sold in the last 6 months was $530.  But they are not all so expensive – or so inexpensive.

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