Recent Los Gatos real estate market’s statistics had been pointing to an early spring in terms of the home buying market in the early part of March. Colleagues were reporting busy open houses with serious buyers – and not much inventory to show them.
That being said, a lot has changed since the beginning of March. Many of the Los Gatos real estate market statistics below reflect sales that closed in March but much of the activity for those sales occurred before the shelter-in-place ordinances, the result of which we will likely see better in next month’s analysis. For a better understanding of how Covid-19 is affecting the local real estate market, please check Coronavirus Impact on Real Estate Sales on my other blog.
During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory.
What is selling best in LG right now?
Of the 21 single family home sales in Los Gatos in April on the MLS, 9 closed under $2 million (the lowest was $1.365 mil), 5 were between $2 and $3 million, 6 between $3 and $4 mil, and 1 between $4 and $5 mil. 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.
For the 14 houses under $3 mil, the average days on market was longer (above 2 weeks), the average list price was $1,926,571 and the average sale price a little higher at $1,975,429. For those transactions, the average living space square footage was 1,881 SF and average lot size 12,612 SF. For this segment of the Los Gatos real estate market overall, it’s a warm seller’s market, though the numbers aren’t as hot as the month before.
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||Apr 2020||Previous Month||Year-over-Year|
|Median Price||$2,675,000 (+4.3%)||$2,565,000||$2,507,500 (+6.7%)|
|Average Price||$2,653,940 (-5.5%)||$2,807,500||$2,831,540 (-6.3%)|
|No. of Sales||25 (+4.2%)||24||26 (-3.8%)|
|Pending||28 (-12.5%)||32||32 (-12.5%)|
|Active||51 (+6.3%)||48||85 (-40.0%)|
|Sale vs. List Price||102.3% (-0.5%)||102.8%||99.7% (+2.6%)|
|Days on Market||9 (-38.6%)||14||35 (-74.5%)|
|Days of Inventory||59 (-1.4%)||60||95 (-37.6%)|
Prices are reasonably stable year over year and month over month with some ups and downs. The number of sales and active listings are up a hair from last month, but inventory is much smaller than a year ago. So the market has definitely stayed hot this spring despite the shelter-in-place ordinance. One area that’s fallen slightly month over month is the sales vs list price which dipped slightly to 102.3%, though it’s still hotter than the 99.7% last year.