Los Gatos real estate market trends and statistics

Low inventory is the main story in the Los Gatos real estate market for 2020. 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 the average inventory for Los Gatos in December can vary, but usually sits somewhere between 30 to 40 and occasionally higher. Seasonal trends for 2020 have been thrown completely off. Inventory has been unusually consistent since March with little fluctuation, the result of which is a higher than average inventory in December. This is a shift from the preceding months when, in fact, most of the year Los Gatos inventory has been extremely low.

 

Los Gatos Active Inventory SFH through Dec 2020

 

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?

In general, single family homes listed at or under roughly $2.5 million are selling well, averaging around 8% over list price. For those listed in the high $2 millions and upward, on average they are selling a bit under asking. Even so, there are exceptions in both groups. Certain things can skew the data. A home in east Los Gatos listed under $2 million took over 50 days to sell and sold below asking, causing the days on market for that set to look longer than is actually the case for most homes. When planning to buy or sell, it’s best to look at the data within a mile of your home (or the one you want to buy), and across similar properties excluding the odd sales which don’t apply.

By the numbers:  Of the 22 single family home sales in Los Gatos (not including the mountain market) in December on the MLS, none sold under $1 million, 7 closed under $2 million (only 1 went below $1.5 million), 9 sold above $2 and below $3 million, 5 from $3 million to $4 million, 1 sold above $7 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 Dec 2020 Previous Month Year-over-Year
Median Price $2,776,500 (+18.1%) $2,350,000 $2,075,000 (+33.8%)
Average Price $2,882,500 (+9.3%) $2,638,150 $2,545,930 (+13.2%)
No. of Sales 26 (-33.3%) 39 28 (-7.1%)
Pending 30 (-3.2%) 31 16 (+87.5%)
Active 39 (-22.0%) 50 29 (+34.5%)
Sale vs. List Price 101.5% (-0.4%) 101.9% 99.1% (+2.5%)
Days on Market 35 (+53.9%) 23 43 (-18.2%)
Days of Inventory 45 (+21.0%) 37 31 (+44.8%)

 

Prices rose since last month and last year (although that is likely skewed due to the $7.1 mil sale). The number of sales, on the other hand, is a little below last year and significantly cooler than the month prior. Active listings have also fallen since November, which is normal seasonal cooling, but are higher than 2019 inventory. Pending sales are holding steady and are nearly double the year prior, and the sales vs list price ratio cooled to 101.5%, remaining well above last year. Overall it remains a seller’s market in Los Gatos with some seasonal cooling, possibly impacted by delayed activity from earlier this year.

Read moreLos Gatos real estate market trends and statistics

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.