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 August inventory is in the range of high 60s to high 70s, but in 2020 inventory a good deal shy of that at only 55 listings! Going back, not since March was 2020 inventory in-line with the usual monthly inventory.
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 36 single family home sales in Los Gatos in August on the MLS, none sold under $1 million, 10 closed under $2 million (only one went below $1.5 million), 17 were between $2 and $3 million, 3 between $3 and $4 million, 5 between $4 and $5 million, and 1 over $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||Aug 2020||Previous Month||Year-over-Year|
|Median Price||$2,500,000 (+0.1%)||$2,497,500||$2,045,500 (+22.2%)|
|Average Price||$3,006,510 (+7.9%)||$2,786,610||$2,412,510 (+24.6%)|
|No. of Sales||41 (-24.1%)||54||26 (+57.7%)|
|Pending||42 (-6.7%)||45||27 (+55.6%)|
|Active||55 (-5.2%)||58||79 (-30.4%)|
|Sale vs. List Price||101.1% (+0.7%)||100.5%||98.7% (+2.5%)|
|Days on Market||30 (-11.5%)||34||35 (-12.7%)|
|Days of Inventory||40 (+24.9%)||32||91 (-55.9%)|
Prices rose again with August numbers well above where they were a year ago. The number of sales and pending sales have also exceeded last year, though they’ve dropped since July, though active listings are below 2019. The sales vs list price ratio is strong at 101.1%, higher than last month and last year. Overall it remains a seller’s market in Los Gatos, possibly showing some delayed spring activity.