There are many factors impacting the Los Gatos real estate market, including the price point and the elementary or high school district. This post is updated every month or two. Today we’ll look at the Los Gatos realty market by pricing tiers and high school district using the months of inventory as a data point. The months of inventory, or MOI, is the currently active (for sale, no contract or pending sale) homes for sale divided by the number of homes using the same criteria which have closed escrow in the last 30 days.
These numbers were run today using MLSListings.com and it’s possible that a few more homes will be recorded as closed sales or new homes added to the market after we ran these numbers. One other disclaimer: sometimes the number of closed sales is very low or is at 0. This can be for many reasons. In some cases, there are a few which are sale pending and simply haven’t closed recently. In other cases, the market might actually be empty in those tiers, indicating a possible lack of demand or inventory. That being said, what do the numbers say?
Los Gatos real estate months of inventory in 95030 and 95032 combined
The overall MOI for the town as a whole with 95030 and 95032 zip codes shows a slightly weakening market, likely in what is a typical seasonal pattern. It is a bit of a mixed market when looking at the town as a whole, but less so when viewed by high school district or price point. Homes under $2 million are selling pretty well.
From mid-late June:
And from April:
The real estate market for homes with the Los Gatos – Saratoga Joint Union High School District only
Now let’s view just the homes which are in the Los Gatos – Saratoga Joint Union High School District (or homes “in the schools” as locals say).Houses for sale with Los Gatos schools tend to be more pricey than those in neighboring school districts. This isn’t just the schools, but is also a function of being closer to downtown Los Gatos. The lowest priced homes in this area are seldom listed for less than $1 million.
Each month, we update the Los Gatos real estate statistics and market trends with the latest information on closed sales for the prior month. We’ll review the Los Gatos inventory of homes for sale, the number of homes sold and under contract, and of course the median sale price and average sale price of sold properties. There’s one report for single family homes, meaning houses and duet homes (duet meaning attached single family), and another for condominiums and townhomes. This article covers the 95030 and 95032 areas of town, but not the Los Gatos Mountains, which is zip code 95033 and consists of unincorporated areas in Santa Clara County and also Santa Cruz County. To make this comprehensive, I have two subscriptions that are utilized here: REReport and Altos Research. The first one uses sold / closed figures, and the latter one uses current listings (and is updated automatically each week).
Los Gatos real estate statistics and trends from the RE Report
How’s the Los Gatos market? Real estate inventory and sales often slip during the second half of the year. We saw some of that throughout Silicon Valley, including in the town of Los Gatos.
A quick update on the LG single family home real estate market is below. In a nutshell, it’s softening overall, but remains a seller’s market in most segments. If we were to look at the higher end properties over $3 million, that would be between balanced and a buyer’s market. (It’s a great time to be a luxury home buyer.)
- inventory is up both month over month and year over year
- number of sales is down (from last month and also last year)
- the median sale prices are slipping a little (month over month AND year over year)
- the average sale prices are down from last month from a year ago
- while still a seller’s market, the trend is clear – it is weakening – if it continues, we will be in a buyer’s market in a few months
The real estate numbers below reflect realty data gathered the first week of the month for the past month in Los Gatos 95030 & 95032, or MLS “area 16”. See the full REReport here.
Los Gatos Trends at a Glance
|Trends At a Glance||Sep 2018||Previous Month||Year-over-Year|
|Median Price||$2,000,000 (-10.3%)||$2,230,000||$2,384,000 (-16.1%)|
|Average Price||$2,417,500 (-10.4%)||$2,699,150||$2,567,270 (-5.8%)|
|No. of Sales||25 (-7.4%)||27||44 (-43.2%)|
|Pending||42 (+10.5%)||38||39 (+7.7%)|
|Active||62 (+1.6%)||61||47 (+31.9%)|
|Sale vs. List Price||101.0% (-0.1%)||101.1%||101.1% (-0.1%)|
|Days on Market||25 (-29.9%)||35||42 (-41.3%)|
|Days of Inventory||72 (+6.1%)||68||31 (+132.2%)|
And the month prior:
|Trends At a Glance||Aug 2018||Previous Month||Year-over-Year|
|Median Price||$2,230,000 (-7.5%)||$2,410,000||$2,297,500 (-2.9%)|
|Average Price||$2,699,150 (+11.3%)||$2,424,220||$2,742,170 (-1.6%)|
|No. of Sales||27 (-12.9%)||31||32 (-15.6%)|
|Pending||38 (+11.8%)||34||47 (-19.1%)|
|Active||61 (-18.7%)||75||52 (+17.3%)|
|Sale vs. List Price||101.1% (-0.8%)||101.9%||101.1% (0.0%)|
|Days on Market||35 (+38.0%)||25||43 (-18.4%)|
|Days of Inventory||68 (-6.6%)||73||49 (+39.0%)|
The City of Monte Sereno is quite small, with just about 4,000 residents, so the number of houses sold in any given month will always be extremely small. This last month only had a handful of listings and pending sales, and the month before only had one listing and no sales. For that reason, the data may appear to jump around wildly compared to Los Gatos or Saratoga, which each have about 30,000 people living there. Please take all the stats with a tablespoon of salt, and be sure to view the Los Gatos housing market data to get a more accurate picture of what’s happening with Monte Sereno homes (just add a little to the price tag as homes there tend to sell for a bit more than LG properties).
Something else to be aware of is that most houses are in the Los Gatos Union School District, but a small pocket of properties lies within the Campbell School District. Those with Campbell schools usually sell for a little less. Additionally, most of this city is within the 95030 zip code, but again, there’s a small pocket which is in the 95032 area.
Finally, there are only houses in this cities – condos, townhomes, or any other type of housing – and there are no businesses, either. Being 100% residential and single family homes most likely has a large impact on the home values here, though in many areas of Silicon Valley, being in “walking distance” to a coffee shop or grocery store can be a huge plus.
Disclaimers aside, here’s the most recent info:
|Trends At a Glance||Mar 2018||Previous Month||Year-over-Year|
|Median Price||$5,800,000 (+79.8%)||$3,225,000||$2,415,000 (+140.2%)|
|Average Price||$5,800,000 (+57.3%)||$3,686,880||$2,491,250 (+132.8%)|
|No. of Sales||1 (-75.0%)||4||4 (-75.0%)|
|Pending||1 (N/A)||0||2 (-50.0%)|
|Active||7 (+40.0%)||5||9 (-22.2%)|
|Sale vs. List Price||96.7% (+0.3%)||96.4%||96.2% (+0.5%)|
|Days on Market||72 (+678.4%)||9||45 (+61.8%)|
|Days of Inventory||210 (+522.2%)||34||68 (+211.1%)|
And the chart from last month for comparison:
|Trends At a Glance||Feb 2018||Previous Month||Year-over-Year|
|Median Price||$3,225,000 (N/A)||$0||$2,557,500 (+26.1%)|
|Average Price||$3,686,880 (N/A)||$0||$2,557,500 (+44.2%)|
|No. of Sales||4 (N/A)||0||2 (+100.0%)|
|Pending||0 (-100.0%)||2||2 (-100.0%)|
|Active||5 (+400.0%)||1||11 (-54.5%)|
|Sale vs. List Price||96.4% (N/A)||0.0%||98.2% (-1.8%)|
|Days on Market||9 (N/A)||0||35 (-73.6%)|
|Days of Inventory||34 (N/A)||0||149 (-77.3%)|
Another great source of realty trends is Altos Research, to which I also have a subscription. Altos uses list prices, though, whereas the RE Report uses sold. What I really love about these reports, though, is that market can be viewed by price quartiles, as sometimes the luxury market in an area may be behaving very differently from the entry level market. The charts below are dynamic and will be updated weekly.
Did I mention that small data can create some really strange looking monthly shifts?
The August real estate market in Los Gatos is usually a bit slow. Inventory, even in a normal year, tends to shrink in August, and with it, a lot of sales activity. Many home buyers and home sellers take the month off, sneak in one last vacation, get kids ready to school, or perhaps deliver older ones to college. Real estate often takes a back seat for a few weeks in August (and sometimes early September, too).
August and the Los Gatos Housing Market: it’s all about inventory levels
This year is worse than most in terms of buyers having any selection with record low levels of inventory throughout Silicon Valley. Have a look at the chart from January 2011 to today for Los Gatos single family homes – zip codes 95030 & 95032 (pulled from MLSListings this afternoon):
Buying and selling homes in Los Gatos and Monte Sereno right now
For home sellers, this August has been a great month to market your home and to get it sold, despite vacations and student issues, because demand is so high for the minuscule amount of housing for sale. For home buyers, it feels like a crazy real estate game of inventory limbo: how low can it go? How many offers can get thrown at a single listing?
One way of looking at it is to consider the ratio of available houses for sale vs those under contract. Right now in Los Gatos 95030 and 95032, there are 55 single family homes on the market, and there are 50 in some stage of “sale pending” (with or without contingencies). That’s pretty close to 100%. (Monte Sereno is such a small market area that the numbers are too wonky to be useful – we need a larger sample for reliability.)
The number sold and closed in the last 30 days is 31. The months of inventory is the actives divided by the closed in the last 30 days, so 55 / 31 = 1.77 months of inventory for ALL houses, all schools, all price points, all conditions, all locations – good and bad alike. That is a red hot sellers’ market! (Every month or two I update this article here on Live in Los Gatos: “Los Gatos real estate market trends by price point and high school district” – please check back for an update on those numbers soon.)
What has been true for most of 2017 still holds true in August: the nicely updated and remodeled homes in the lower prices to move-up prices in Los Gatos continue to sell well (quickly, often with multiple offers) if they are priced right. Specifically, these are homes under $3 million with no special challenges (location issues, lot issues, strangely configured layout, too many stairs, too much deferred maintenance, a combination of a large pool and small back yard, and so on).
What does it take to be a successful home buyer in Los Gatos or Monte Sereno right now? How to maximize buying or selling in the current market conditions
Buyers: For the lower priced homes, you will need to be quick as they usually won’t last more than 8 to 10 days before the offer date and multiple offers pour in. If you can get out to see the property soon after it hits the market, you’ll have enough time to study the disclosures and get guidance from your buyer’s agent on those and the comps. If you wait to see something on a Sunday afternoon and offers are due Tuesday, you will have a very unpleasant couple of days as you rush to be ready and prepared. With the more expensive properties, they may take longer to sell, but at any given moment things could change and suddenly there are 2 offers rather than just your one.
Sellers: Being super well prepared so that you hit the ground running is absolutely key to selling your home quickly and for top dollar. That means doing the presale inspections, ordering HOA docs (if applicable), and having your disclosures completed before a buyer ever sees the home. It also means taking your Realtor’s guidance to heart in regard to staging / decluttering and easy access for buyers. If it’s too hard to see, or it does not show well, you may not sell it for as much. Price carefully! The number 1 problem with homes that do not sell is price. Aim too high and you won’t get the traffic or the offers. If you aim a little low, you may draw multiple offers and push the price higher than you could have imagined.
The market can be a little funny sometimes. I’ll attend an office meeting and hear discussions about multiple offers and once in awhile there’s a particular property that seems to have trouble. When that happens, it’s very important to try to get feedback from the buyer’s agents. While often the problem is a too-high price, sometimes it’s something easier to adjust to effect a sale. Communication between Realtors can be invaluable so that you don’t reduce the price when perhaps a less expensive fix will do.
September is just around the corner, and it promises to be a busy one as a slight influx of inventory should bring a strong flurry of activity.
If you are thinking of buying or selling a home, please contact me for a confidential consultation on what it takes to get the best deal possible in the current market.
Los Gatos Home Sale Trends: it really depends on your segment of the market
How’s the real estate market in the Town of Los Gatos? The real estate market trends in Los Gatos varies from one price point and neighborhood to the next, from one type of housing to the next, and even between the town’s two zip codes, 95030 and 95032. Here we’ll take a view of the overall movement in the market; please understand that it may or may not apply to your particular Los Gatos home so please call or email me for specific information relating to your property.
Overall, Los Gatos continues to be a seller’s market, though not as deep as in other places in Santa Clara County (it’s wild in Cupertino, Sunnyvale, Palo Alto). Inventory is better than a year ago, inching toward more normalcy while remaining on the scarce side.
Today I pulled the data from MLSListings.com using their “statistics” tool (any Realtor can do this who’s a member of the MLS). The numbers below represent single family homes, or houses, in the Los Gatos zip codes of 95030 and 95032, all price ranges, school districts, home sizes etc.
Real Estate Market Trends in Los Gatos
The luxury market over about $3 or $4 million is usually more sluggish than the entry level homes, so what happens if we don’t go that high?
And now, same criteria but just homes under $ 2,000,000:
As you can see, the sale price to list price ratio for these 240 houses is a little higher and the days on market a bit shorter if we focus on just the homes offered at under $2 million. We could further refine this ad infinitum but Realtors often say that the best price will come with a fast sale (some sellers feel like if the home goes sale pending in just 2 weeks, it was too soon and they left money on the table). So let’s check it out. The next set is the same as above but only for homes that went under contract in 14 days or less:
Not only are the $2 million dollar or less homes the ones moving better, but the 130 of them (out of 240) that did sell within 14 days really moved fast (9 days on average) and with a much higher sale price to list price ratio!
This is why it is so key to drill down what’s happening to the micro market level. The monthly average for 95030 & 95032 in Los Gatos was 101.3% for all homes, but how very different it is for those under $2 million that sell within a couple of weeks! Home buyers and real estate investors who rely on only those general numbers will be 4% off (about the amount of a typical price reduction) – plenty enough by which to lose the sale.
What can throw your Los Gatos property’s home values:
- having a pool with a small backyard (pool removal may make you money) or NOT having a pool with an acre or more
- additions that you love but most buyers consider a detraction
- smaller than normal kitchen
- home in worse repair or lack of updating than typical
- being adjacent to something undesirable, such as a busy road, high voltage lines, or train tracks
- bad odors from pets, strong cooking, cigarette or cigar smoke etc.
If you are thining of buying or selling in Los Gator or nearby, please reach out to me and let’s talk about working together. To be successful and to get the most out of your transaction, it’s key to get the data that is relevant to the house in question and not just wing it based on zip code or city wide data. Los Gatos real estate and Silicon Valley real estate require a more sophisticated approach!
For those who want to do more research, here is a great resource
For info on Los Gatos or anywhere in Santa Clara County, San Mateo County or Santa Cruz County, please have a look at my online Real Estate Report.
Today I’m able to share with you some statistics pulled together from MLSListings.com by Timothy Proschold of Sereno Group Los Altos (which he’s given those of us in Sereno permission to share). I thought my readers would really appreciate this statistical history of sales in Los Gatos and Saratoga from 2005 to 2014.
A quick, but important, note on the areas included for Los Gatos. “Los Gatos”, as a mailing address and as an area searched on the MLS, now includes the Los Gatos Mountains (95033) as well as the “in town” or the unincorporated areas close to town with the zip codes of 95030 and 95032. (This is a recent change in the way MLSListings collects data – and it’s messing with us!) In the study below, all three of these areas are included. If you are looking at 95033, these figures will be a bit high, and if you’re considering 95032 or 95030, they will be low. So while we often do compare and contrast Los Gatos and Saratoga, the gap in pricing will be more acute because of the more rural areas include. Be that as it may, this is great info that I think you will find very valuable – and thanks again to Tim for compiling it for us!
First, the price per square foot for single family homes (SFH) in Los Gatos and Saratoga (these might shake out differently by school district, price point etc.).
Similar patterns overall, but Saratoga is currently making a steeper climb in housing values.
Next, the median sale price and average days on market (DOM) from 2005 to 2014 for houses or single family homes in Los Gatos.
Los Gatos Real Estate Market Trends at a Glance
|SEP 2014||PREVIOUS MONTH||YEAR-OVER YEAR|
|Median Home Price||-11.8%||$852,000||$966,350||+101.9%||$422,000|
|Average Sales Price||-5.5%||$867,591||$918,212||+82.1%||$476,330|
|No. of Homes Sold||+37.5%||11||8||+120.0%||5|
|Short Sales Sold||N/A||0||0||N/A||0|
|Active Short Sales||N/A||0||0||N/A||0|
|Sales Price vs. List Price||-4.8%||100.3%||105.4%||+2.0%||98.4%|
|Average Days on Market||+46.0%||24||17||-21.8%||31|
- Median home prices increased by 101.9% year-over-year to $852,000 from $422,000.
- The average home sales price rose by 82.1% year-over-year to $867,591 from $476,330.
- Home sales rose by 120.0% year-over-year to 11 from 5.
- Active listings rose 120.0% year-over-year to 11 from 5.
- Sales price vs. list price ratio rose by 2.0% year-over-year to 100.3% from 98.4%.
- The average days on market fell by 21.8% year-over-year to 24 from 31.
Compared To Last Month
- Median home prices slipped by 11.8% to $852,000 from $966,350.
- The average home sales price fell by 5.5% to $867,591 from $918,212.
- Home sales Up by 37.5% to 11 from 8.
- Active listings dropped 15.4% to 11 from 13.
- Sales price vs. list price ratio dropped by 4.8% to 100.3% from 105.4%.
- The average days on market increased by 46.0% to 24 from 17.
For more information, data, and opinion on the market, please visit my online Real Estate Report. There you will find the latest stats on not just Los Gatos, but all the cities within Silicon Valley and the major districts within San Jose.
May 05, 2014
The Los Gatos real estate market is very healthy, with a strong sale price to list price ratio. As with the rest of Santa Clara County, inventory is extremely low, and that is pushing prices up. Today we’ll get a view of the market using just a few charts, but please click on the links for more info (or call, email or reach out to me if you’d like an appointment to discuss your segment of the market in particular).
First, a chart from my Los Gatos Real Estate Report (click on the link for more information).
The Los Gatos Condominium and Townhouse Market
Next, the same information but for Los Gatos condos and townhomes:
February 16, 2013
The Blossom Hill Manor (aka “the Manor” or “Blossom Manor”) is a very highly sought after neighborhood with its close proximity to the highly regarded Los Gatos schools, parks, shops, grocery stores and major transit routes. Homes there are well maintained, many streets are tree-lined and there’s a good amount of community spirit and involvement in this close-in area.
The real estate market in Los Gatos has been steadily improving since the low point in about 2009, but there’s a great deal of variation from one area, price point, school district, age and condition of home to the next. The “fixer” market is different from the luxury market.
What of the Manor? How are prices today compared to the peak in about 2007? Are home values at or near the high point?
The short answer is this: not yet, but getting there. Many of the indicators show consistent appreciation, a buyer population that wants homes there faster than they can come on, and generally very favorable selling conditions. It is not yet a crazy, overheated market – but if the shortage of inventory continues (today there are NO homes for sale except one which is already sale pending in Blossom Manor) and demand continues, it may go that way.
Today I spent most of the day researching the market for this pocket of Los Gatos, and I pulled the stats going all the way back to 1998 to get the 10,000 foot view. Please find that detailed article on my Valley of Heart’s Delight blog:
Blossom Manor neighborhood of Los Gatos
May 30, 2012
Months of Inventory for the Los Gatos Real Estate Market by School District and Price Point
The Los Gatos real estate market is “hot” overall – but not equally, and certainly not in all areas or price points! Yesterday I crunched the numbers from my MLS to provide for you the absorption reate or months of inventory. This figure is calculated by getting the count of active listings (not under contract – some statisticians include pending sales as well) and the sales closed in the last month and dividing them. If there are 3 homes for sale and 1 closed in the last month, you have 3 months of inventory. What this means is simple: if no new inventory came on the market, how long, at the current rate of sales, would it be for buyers to “absorb” the current supply of inventory? The shorter it is, the hotter the market. Five or six months is balanced.
Group One: The more affordable homes in 95030 and 95032 in Los Gatos – up to $2 million. Where it says “infinite”, that means that homes are for sale but none sold/closed escrow in thel last 30 days. Where it says N/A, no homes for sale or sold. Have a look:
What’s hot? Up to the $1.5 million point, everything in LG is hot! The cooling starts at $1.5 mil in the part of down with Campbell or Union Schools. For houses “in the schools”, the market remains strong up to the $2 million mark, where it changes dramatically.
How are things for the over $2,000,000 point?
Over $2 million, it’s anywhere from a balanced market to impossible to sell for Los Gatos houses on the market. Homes over $2 million are tough to sell if they don’t feed to Los Gatos High School. But even properties which have LGHS as the school of attendance are challenged to sell in the upper pricing tiers.
Los Gatos Real Estate Report for April 2012 Sales
Prices are up for Los Gatos real estate sales! (Click on link for full data from my Los Gatos Real Estate Report.)
Below please find the statistics and numbers for house sales in the town of Los Gatos (95030 and 95032) which closed in the month of April. Things are looking up!
|Trends At a Glance||Apr 2012||Previous Month||Year-over Year|
|Median Price||$1,350,000||$1,260,500 (+7.1%)||$1,344,000 (+0.4%)|
|Average Price||$1,431,940||$1,405,640 (+1.9%)||$1,479,120 (-3.2%)|
|No. of Sales||39||38 (+2.6%)||30 (+30.0%)|
|Pending Properties||54||53 (+1.9%)||47 (+14.9%)|
|Foreclosures Sold||3||2 (+50.0%)||0 (N/A)|
|Short Sales Sold||3||1 (+200.0%)||1 (+200.0%)|
|Active Listings||78||88 (-11.4%)||50 (+56.0%)|
|Sales Price vs. List Price||99.6%||100.1% (-0.6%)||96.7% (+2.9%)|
|Days on Market||36||35 (+2.4%)||61 (-41.3%)|
Los Gatos condominium & townhouse sales (click on link for more info)
Improvement month over month, but year over year the numbers are still down.
|Trends At a Glance||Apr 2012||Previous Month||Year-over Year|
|Median Price||$616,000||$565,000 (+9.0%)||$715,000 (-13.8%)|
|Average Price||$596,557||$590,294 (+1.1%)||$768,500 (-22.4%)|
|No. of Sales||11||17 (-35.3%)||5 (+120.0%)|
|Pending Properties||21||15 (+40.0%)||13 (+61.5%)|
|Foreclosures Sold||2||2 (0.0%)||1 (+100.0%)|
|Short Sales Sold||1||2 (-50.0%)||0 (N/A)|
|Active Listings||11||20 (-45.0%)||40 (-72.5%)|
|Sales Price vs. List Price||98.1%||96.8% (+1.3%)||97.4% (+0.7%)|
|Days on Market||63||78 (-19.3%)||108 (-41.6%)|
Softer prices prevail in the mountains….
|Trends At a Glance||Apr 2012||Previous Month||Year-over Year|
|Median Price||$662,500||$678,000 (-2.3%)||$715,000 (-7.3%)|
|Average Price||$589,750||$651,484 (-9.5%)||$683,750 (-13.7%)|
|No. of Sales||4||8 (-50.0%)||4 (0.0%)|
|Pending Properties||16||8 (+100.0%)||7 (+128.6%)|
|Foreclosures Sold||0||1 (-100.0%)||0 (N/A)|
|Short Sales Sold||0||1 (-100.0%)||0 (N/A)|
|Active Listings||31||32 (-3.1%)||21 (+47.6%)|
|Sales Price vs. List Price||91.6%||99.6% (-8.1%)||93.6% (-2.1%)|
|Days on Market||190||90 (+112.0%)||144 (+32.2%)|