Los Gatos real estate market trends and statistics

Low inventory is the main story in the Los Gatos real estate market today. Here’s a multiple year view of single family homes for sale in Los Gatos 95030 and 95032 since January 2014 – I find this to be enlightening since any one year can be an anomaly. What we see in the chart below tells us that average July inventory is in the high 70s or above with lower averages in the low 70s, but in 2020 inventory a good deal shy of that at 61 listings! Going back, not since March was 2020 inventory in-line with the usual monthly inventory.

 

InventoryLG-July2020

 

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

What is selling best in LG right now?

Of the 50 single family home sales in Los Gatos in July on the MLS, none sold under $1 million, 13 closed under $2 million, 25 were between $2 and $3 million, 7 between $3 and $4 million, 4 between $4 and $5 million, and 1 at $5 million. The high end price point tends to be at around $3,000,000 and up for this part of Santa Clara County. 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). 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 Jul 2020 Previous Month Year-over-Year
Median Price $2,497,500 (-2.5%) $2,562,500 $2,364,580 (+5.6%)
Average Price $2,786,610 (-7.3%) $3,006,550 $2,522,580 (+10.5%)
No. of Sales 54 (+50.0%) 36 35 (+54.3%)
Pending 45 (-11.8%) 51 27 (+66.7%)
Active 58 (+1.8%) 57 82 (-29.3%)
Sale vs. List Price 100.5% (+1.6%) 98.8% 100.2% (+0.3%)
Days on Market 34 (+29.3%) 26 34 (+0.1%)
Days of Inventory 32 (-29.8%) 46 70 (-54.2%)

 

Prices saw a drop since March, but June numbers saw prices rise again and they’re above where they were a year ago in July. The number of sales and active listings have also bounced back with sales well exceeding last month and last year. Active listings are up from last month but well below last year, but pending are nearly double what they were a year ago. The sales vs list price ratio is strong at 100.5%, higher than last month and last year. Overall it remains a seller’s market in Los Gatos, possibly showing some delayed spring activity.

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