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.
What is selling best in LG right now?
Of the 24 single family home sales in Los Gatos reported on the MLS for this March, 8 closed under $2 million (the lowest was $1.73 mil), 8 were between $2 and $3 million, 5 between $3 and $4 mil, 2 between $4 and $5 mil, and one over $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 16 houses under $3 mil, the average days on market was 8.25, the average list price was $2,121,115 and the average sale price a little higher at $2,185,313. For those transactions, the average living space square footage was 1,935 SF and average lot size 11,333 SF. For this segment of the Los Gatos real estate market overall, it’s a warm seller’s market.
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||Mar 2020||Previous Month||Year-over-Year|
|Median Price||$2,565,000 (+19.3%)||$2,150,000||$2,500,000 (+2.6%)|
|Average Price||$2,807,500 (+23.4%)||$2,275,070||$2,518,700 (+11.5%)|
|No. of Sales||24 (+71.4%)||14||27 (-11.1%)|
|Pending||32 (+14.3%)||28||28 (+14.3%)|
|Active||48 (+6.7%)||45||65 (-26.2%)|
|Sale vs. List Price||102.8% (0.0%)||102.8%||101.4% (+1.4%)|
|Days on Market||14 (-65.1%)||41||30 (-51.8%)|
|Days of Inventory||60 (-33.3%)||90||72 (-16.9%)|
Prices are up year over year and up month over month. The number of sales and active listings are also down from last year, but growing from a month ago. So the market has definitely warmed up since winter, but not where it was a year ago. One area that’s up steadily is the sales vs list price which jumped to a whopping 102.8% in February and has remained there since. The days on market have sped to only two weeks, showing an active market with strong demand, and a heating seller’s market. Despite these signs of warming, remember that most of the activity on these sales happened before the shelter-in-place order began, even if closings happened after.