Los Gatos real estate statistics and market trends

Los Gatos real estate market graphic with home near downtownThe Los Gatos real estate market for single family homes has been slowly cooling down a little – as a whole. Part of it is the luxury tier, which moves slower than entry or mid level priced properties. When the luxury price strata swells, it can skew the numbers to look like everything is cooling down, when that may not be the case.

Months of inventory in Los Gatos: a quick look

Just now I went to the MLS and pulled the number of active single family homes in Los Gatos 95030 and 95032 (59) and the number of sold and closed in the last 30 days (22) to check on the overall absorption rate or months of inventory. If we divide the active listings by the closed listings in the last 30 days, we get the months of inventory – so 59 / 22 = 2.68 months of inventory for the whole of MLS area 16 in Los Gatos. For our area, a balanced market is about 4 months of inventory, so this number shows the market is slightly in the seller’s favor. In other parts of the US, balance is at around 6 months.

If we shift to viewing just houses and duet homes offered up to $2 million, it’s a very different view of the market. In this case, there are 19 active listings and 5 sold in the last 30 days, so 3.8 months of inventory, very close to balanced but slightly in the seller’s favor. This is the entry level price point for Los Gatos 95030 and 95032. It’s a little lower for the Los Gatos Mountains.

(I have a separate post on the Los Gatos months of inventory that I’ll update soon, breaking it down by price point and high school district to better pinpoint the individual markets within LG.)

 

What is selling best in LG right now?

Of the 22 closed sales in the last 30 days, 4 were under $2 million (about 23%), 10 were between $2 and $3 million, 5 between $3 and $4 mil, 2 between $4 and $5mil, and 1 at over $5 mil.  The high end price point tends to be at around $3,000,000 and up for this part of Santa Clara County.

For the houses under $3 mil, the average days on market was 42, the average list price was $2,337,242 and the average sale price just a little less at $2,266,036. For those transactions, the average living space square footage was 2,697 SF and average lot size 16,980 SF.

 

Los Gatos Trends 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). Below that will be live Altos Research charts, updated automatically each week. Altos uses list prices, not sold prices, fyi.

The real estate numbers below reflect realty data gathered the first week of the month for the past month in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full REReport here.  Prices are up both year over year and month over month, although the sale to list price ratio has dropped. Meanwhile days on market have dropped, and active listings are down with sales going up. Turnaround is quick and it’s an active market, but it’s still only a mild seller’s market.

Trends at a Glance

 

Trends At a Glance Oct 2019 Previous Month Year-over-Year
Median Price $2,590,000 (+12.1%) $2,310,000 $2,450,000 (+5.7%)
Average Price $2,718,330 (+3.1%) $2,636,620 $2,747,570 (-1.1%)
No. of Sales 28 (+12.0%) 25 25 (+12.0%)
Pending 35 (-2.8%) 36 37 (-5.4%)
Active 66 (-5.7%) 70 71 (-7.0%)
Sale vs. List Price 97.5% (-2.5%) 100.0% 99.0% (-1.5%)
Days on Market 36 (-26.4%) 48 44 (-19.2%)
Days of Inventory 71 (-12.9%) 81 85 (-17.0%)

 

And the month before:

 

Trends At a Glance Sep 2019 Previous Month Year-over-Year
Median Price $2,310,000 (+12.9%) $2,045,500 $2,000,000 (+15.5%)
Average Price $2,636,620 (+9.3%) $2,412,780 $2,417,500 (+9.1%)
No. of Sales 25 (-3.8%) 26 25 (0.0%)
Pending 36 (+12.5%) 32 42 (-14.3%)
Active 70 (-4.1%) 73 62 (+12.9%)
Sale vs. List Price 100.0% (+1.3%) 98.7% 101.0% (-1.0%)
Days on Market 48 (+39.2%) 35 25 (+96.1%)
Days of Inventory 81 (-3.6%) 84 72 (+12.9%)

Trends at a Glance for the Los Gatos Mountains

The RE Report has some info on the Los Gatos Mountains, but I do not believe it covers all of what we would have as 95033 or MLS “area 23”. You can see the mountains info market here:

Just 9 closed sales in the mountains in October, so I would not trust the general numbers that much. Better results would come from checking sales in your particular part of the mountains, such as Upper Redwood Estates, Chemeketa Park, etc., to see what the market is doing.

 

Trends At a Glance Oct 2019 Previous Month Year-over-Year
Median Price $900,000 (+9.4%) $822,500 $1,074,000 (-16.2%)
Average Price $1,108,750 (+40.9%) $787,062 $1,175,760 (-5.7%)
No. of Sales (+12.5%) 8 14 (-35.7%)
Pending 12 (0.0%) 12 20 (-40.0%)
Active 50 (+11.1%) 45 47 (+6.4%)
Sale vs. List Price 95.1% (+0.2%) 94.9% 101.9% (-6.7%)
Days on Market 36 (-45.7%) 67 48 (-24.0%)
Days of Inventory 167 (+2.2%) 163 101 (+65.5%)

 

And the month before:

 

Trends At a Glance Sep 2019 Previous Month Year-over-Year
Median Price $822,500 (-34.2%) $1,250,000 $1,075,780 (-23.5%)
Average Price $787,062 (-36.2%) $1,233,210 $1,547,820 (-49.2%)
No. of Sales (+14.3%) 7 10 (-20.0%)
Pending 12 (+9.1%) 11 20 (-40.0%)
Active 45 (+4.7%) 43 57 (-21.1%)
Sale vs. List Price 94.9% (-3.1%) 97.9% 99.2% (-4.4%)
Days on Market 67 (+66.3%) 40 44 (+52.1%)
Days of Inventory 163 (-11.5%) 184 165 (-1.3%)

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