Los Gatos real estate statistics and market trends

Los Gatos real estate market graphic with home near downtownThe Los Gatos real estate market had been cooling down, but activity levels have remained up noticeably. At office meetings and with friends in the industry I still hear many stories of multiple offers and overbids. In one case, a property I was watching (near but not in LG) sold for 16% over list price. Many are surprised by the surge in buyer interest, which appears to be strongest in the lowest priced homes which are in good locations and in excellent condition (meaning recently and thoroughly remodeled).

Market upticks in December?

Throughout Santa Clara County and San Mateo County, pending sales increased dramatically in November, and the ratio between active listings and pending sales narrowed. When this happens, meaning that the absorption rate increases, prices often rise. It’s a simple case of supply and demand. Typically, supply shrinks in fall, but demand does not always shrink as much as supply. Hence, selling in autumn can be good in that the odds of selling increase. That’s good for sellers. For buyers, it may be tougher to buy due to limited choices, but prices often are a little softer in the late months of the year than they are in spring. Bottom line: if you need to buy or sell, it can happen in the last quarter of the year. Buyers cannot be too picky, though, as selection is limited. (See similar data for the Santa Clara County real estate market on the Valley of Heart’s Delight blog.)

What is selling best in LG right now?

Of the 25 closed single family home sales in December, 12 closed under $2 million (the lowest was a FHA property at $655K, with the next smallest double that at almost $1.29 mil), 9 were between $2 and $3 million, 2 between $3 and $4 mil, 1 between $4 and $5 mil, and 1 over $5 mil (and that one was close to $7 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 houses under $3 mil, the average days on market was 66, the average list price was $1,923,066 and the average sale price less at $1,909,095. For those transactions, the average living space square footage was 2,185 SF and average lot size 22,150 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.

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 Dec 2019 Previous Month Year-over-Year
Median Price $2,050,000 (-22.3%) $2,637,500 $2,500,000 (-18.0%)
Average Price $2,532,810 (-6.3%) $2,703,620 $2,818,350 (-10.1%)
No. of Sales 27 (+12.5%) 24 17 (+58.8%)
Pending 15 (-58.3%) 36 22 (-31.8%)
Active 27 (-28.9%) 38 33 (-18.2%)
Sale vs. List Price 98.7% (+1.1%) 97.6% 100.5% (-1.7%)
Days on Market 44 (-5.3%) 46 44 (+0.1%)
Days of Inventory 30 (-34.7%) 46 58 (-48.5%)

 

Prices are down both year over year and month over month, but that doesn’t mean the market’s cooling. The number of sales are up from last month and last year, active listings are shrinking, and both the Days on Market and the Sales vs List Price ratio are heating up a hair since last month. Turnaround is quick and it’s an active market, but it’s still only a mild seller’s market.

 

Read moreLos Gatos real estate statistics and market trends

Selling Your Home in a Rainy El Ni

January 19, 2010

Lightning is flashing, thunder is rumbling, the rain is coming down and instead of hibernating, you are trying to sell your home.  With a front yard saturated and soupy, what can you do to make your home inviting and pleasing to the serious home buyers who brave this kind of soggy winter weather?

Winter home selling poses some challenges, and all of them are exaggerated in a year like this El Ni

Simple Rules for Landscaping to Sell Your Home

March 01, 2008

We all like easy answers, preferably with a short list. That’s why titles like “Five Easy Ways to Make Millions” seem to sell so well. With that in mind, let me provide a few very simple rules of thumb for staging your Silicon Valley home to sell in any real estate market. But let me warn you: I’m going to be painfully, brutally blunt. 

The first rule for “staging your home to sell” is the topic of today’s post and it involves landscaping and curb appeal. The front of the house needs to look great. Seriously. If the front doesn’t look wonderful (or at least really good), the buyer will never go inside to see how great your home is.  Especially now, when the majority of homes are not selling.

Here’s Mary Pope-Handy’s “Simple Rules for Landscaping to Sell Your Home”:

  • Street view of a Los Gatos home that features a wall of juniper in front. Get rid of juniper. I’m not kidding. And ivy too, while you are at it. These two plants are hated by most buyers and tend to give them the sense of “if they’ve lived with that, what else have they lived with?”  There are front yards which consist of nothing but ivy and juniper. Tear it out.
  • Make sure the door(s) and windows are fully viewable and not at all obstructed from the street. This is dual purpose. First, it allows the buyer to see the home as uncrowded from the outside, and it lets a maximum of light get inside. If your bushes are growing over any part of the window, beat it back. I mean, trim it back. Mature landscaping is good. Overgrown is bad.
  • Have a healthy lawn in front. Fresh sod is nice, but a nearly weed-free, inviting patch of green will do. (In ground sprinklers required. Timers and auto drip a plus to buyers.)
  • Plant colorful flowers near the walk way and near the front door.
  • If you have a porch, make it appealing with good furniture – but not overcrowded. Think uncluttered. If it’s a tiny porch, use tiny bistro-like furniture.
  • Keep garden hoses rolled up and tidy, keep walkways clear of debris, keep all the living things healthy (unless you’ve got moss – get rid of that living thing!).
  • Clean your windows, door, porch, exterior. A power washer is a good friend – it’ll help you clear cobwebs. Make sure the door opens easily and the hardware is clean.
  • How’s your mailbox? If it’s tired, replace it. Ditto that for the front mat.
  • When selling, make sure to keep your garage door closed (and that it operates properly). If the driveway, walkway or sidewalk is badly cracked or damaged, consider repairing or replacing it. This is particularly true if there is any tripping hazard. (Imagine a buyer getting hurt while viewing your property – you want to eliminate this possibility.)

That’s it for the exterior. Not too painful, was it? (Well, not if you didn’t start with a heavy load of juniper and ivy.) If you can make your front yard approachable and welcoming (no walls of ivy, no overgrowth), it will do wonders at beckoning people to see the inside of your home too.