A spacious 4 bed 3 bath open floorplan home on a deep lot
in a beautiful, convenient East Los Gatos cul de sac!
Spacious home featuring hardwood floors throughout. Large kitchen with abundant counter space and breakfast bar. Open living space overlooks the back yard. Four bedrooms, two with en suite baths. Deep back yard provided newer, heated lap pool with safety cover, large deck, and storage shed.
Highly regarded schools: Alta Vista Elementary (convenient access via pedestrian bridge), Union Middle, and Leigh High.
The Los Gatos real estate market varies by zip code, school district, neighborhood and price point. Today we’ll view it by zip code (95030, 95032 and 95033 – the latter is the Los Gatos Mountains area and is not part of the “town” but has a Los Gatos mailing address and is generally considered Los Gatos if not properly or officially part of the town).
1.) First, let’s look at single family homes and some key stats (coming from Altos Research and will be updated weekly):
the median list price of single family homes in these 3 zip codes in Los Gatos plus the city of Monte Sereno, the total inventory of homes for sale in Los Gatos by zip code, homes absorbed, average list price, price per square foot, median lot size, average age, nad more.
Los Gatos 95030 real estate market data:
Los Gatos 95032 real estate market statistic:
Los Gatos Mountains (not “in town”) 95033 housing market information:
Monte Sereno – not a part of Los Gatos but shares many services, so they are often intertwined:
2) Next, let’s see how some of these real estate statistic look compared to recent months – below please find the MEDIAN LIST PRICE (not sale price) of homes by zip code, separated out by pricing quartile:
95030 is mostly Los Gatos, but some homes will be in Monte Sereno
95032 is 99% Los Gatos and 1% or so Monte Sereno
The Los Gatos Mountains area – 95033 (more remote and usually far, far more affordable than the town of Los Gatos)
Did you know that Los Gatos has (some) rent control? According to the town’s website, It does not apply to every rental property in town. “Rent control limits only apply to properties with three or more rental units.” So people renting single family homes, a single condo, a manufactured home or a duplex in Los Gatos would not have rent control, but those in triplexes or apartment complexes would have rent control.
How much can rents rise under the rent control restrictions? Generally, about 5% a year maximum, or 70% of the consumer price index. There are exceptions, though, if the costs to run the complex rise significantly (due to the costs on the financing of the property or improvements to the property) OR if the owner has not raised the rent for two years. In the latter case, rents may then jump by 10%.
Tired of hearing the doom and gloom regarding the real esate market? Most of that negative press is national news, not local news. Truly, it doesn’t impact home values in Los Gatos if prices are falling in parts of Florida, Vegas, or even in Sacramento. The local market – our town plus neighboring communities here in Silicon Valley – is the crucial one.
Things are just not that bad for home sales in Los Gatos overall.
That said, “the market” consists of several sub-markets. It’s one thing if you are trying to sell a very expensive home with an unpopular architectural style. It’s another if you’re marketing a modest or at least non-extravagent home in a good location with great schools. Still another if you have a view property…or a lot that could be split. And no matter what, overpriced just won’t work.
A view of the big picture in the Los Gatos real estate market reveals that 2006 was a lot tougher on sellers (and folks watching their equity) than 2007 was. The first three quarters of 2007 were remarkably good for single family homes, in fact. Have a look at the “months of inventory” or “absorption rate” by month for last year for single family homes. (As a point of reference, the National Association of Realtors says that less than 6 months of inventory is a sellers market.)
For the condo and townhome market, it was even stronger. Once again, it was a little more challenging late in the year (not an unusual pattern for any year).
What about now? How is the inventory of homes in Los Gatos right now?
About one house in four is selling in this area overall. That’s pretty much the case in Los Gatos, Saratoga, and Cambrian Park. In Los Gatos there are 97 single family homes available and 27 sale pending (in Saratoga it’s 61 and 17, and in Cambrian Park it’s 140 and 34).
The condo market, which was much stronger throughout 2007 than the single family market, is now cooler than the single family home market in town. As of today, January 21st, there are 26 townhouses or condominiums for sale and just 2 under contract or sale pending. (So instead of a 1 in 4 chance of selling, it’s closer to 1 in 10.) In Saratoga it’s a little better with 10 available and 3 pending. In Cambrian there are 41 “class 2” (condo/townhome) on the market and 7 which are pending sales.
Every market presents an opportunity for buyers or sellers. Where’s the best real estate opportunity in Los Gatos now?
Late in 2007, it appeared to be an ideal time to be a “move up buyer” – to sell that townhouse and to buy a single family home. Now, early in 2008, the opportunity has shifted. It is now a great time to sell that single family home and to downsize into a townhouse or condominium.
The market is always changing and the micro markets can all be different from the general trends in the town. If you’d like to discuss your home, your neighborhood, or buying and selling, please send me an email or give me a call. I’d be happy to set up a time to talk with you about your unique situation.