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. The chart below shows us that average September inventory for Los Gatos ranges from the low 70s to low 80s, but in 2020 it’s a good deal short with only 53 active listings! Going back, inventory hasn’t been in-line with usual monthly trends since this March.

 

InventoryLG-September2020

 

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 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 32 single family home sales in Los Gatos (not including the mountain market) in September on the MLS, none sold under $1 million, 13 closed under $2 million (only one went below $1.5 million), 13 were between $2 and $3 million, 5 between $3 and $4 million, and 1 between $4 and $5 million, and none over $5 million. The high end price point tends to be 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 Sep 2020 Previous Month Year-over-Year
Median Price $2,350,000 (-6.0%) $2,500,000 $2,310,000 (+1.7%)
Average Price $2,491,080 (-17.1%) $3,006,510 $2,636,620 (-5.5%)
No. of Sales 37 (-9.8%) 41 25 (+48.0%)
Pending 55 (+31.0%) 42 36 (+52.8%)
Active 52 (-5.5%) 55 70 (-25.7%)
Sale vs. List Price 102.5% (+1.3%) 101.1% 100.0% (+2.5%)
Days on Market 29 (-4.5%) 30 48 (-40.1%)
Days of Inventory 41 (+1.3%) 40 81 (-49.8%)

 

Prices dropped since last month with September numbers looking relatively stable to where they were a year ago. The number of sales and active listings have also dipped from last month, although pending sales rose. Active listings remain well below 2019. The sales vs list price ratio rose to a strong at 102.5%, higher than last month and well above last year. Overall it remains a seller’s market in Los Gatos, possibly showing some delayed spring activity.

Read more