What’s Selling in Los Gatos Now? How’s the Market?

What’s selling right now in Los Gatos?  The Los Gatos real estate market tends to have warmer and cooler pockets. (Please also see  The Real Estate Market Trends in Los Gatos .) At the moment, almost anything listed for saleunder $2 million in Los Gatos 95030 and 95032, as long as it’s appropriately priced, staged, and marketed, is selling in under a month – and about half of those that sell do so in about 10 days.  The Los Gatos luxury home market is not quite so on fire, though. As the price rises, so does the “days on market”.

Here’s a quick view of the 95030 median list price by quartile (4 pricing tiers).  All levels have had some movement, but it’s most dramatic in the highest priced homes.

Next, let’s check out Los Gatos 95032, also for the median list price of houses for sale – same situation here with the most irregular movements happening in the top part of the pricing segments.

What about the days on market? When I ran all 4 quartiles together it was indecipherable, so I simplified by running only the top and bottom segments.  What can we tell? For most of the last year, it’s been far easier to sell the lowest priced homes in 95030 than the most costly ones.

95032, same days on market info and the same pattern. Interestingly, the homes in 95032 are moving a little faster than in 95030 (perhaps because a home buyer gets more for the money there?).

 

How’s the real estate market in Los Gatos?  Here are the overall stats for the whole town, both zip codes.

 

How’s the market? As ever, it depends on which part of the market we’re talking about.  For entry level houses in Los Gatos and Monte Sereno,up to 2 million and into the low 2’s it’s strong.  If you want to buy a Los Gatos home for under $2 million, you may be facing some stiff competition.  If you are looking to buy a $4 or $5 million property or more, the market is much more in your favor.

A lot of this imbalance has to do with cash.  Luxury home buyers frequently purchase without a loan – perhaps financing it after the sale is completed.  They are not so dependant upon getting a mortgage.  Right now interest rates are crazy low (30 year fixes at 4.25 no points for a jumbo!).  Home buyers getting in under a million virtually always do so with financing, and the extremely affordable interest rates are giving them more buying power than they had a few years ago.  If interest rates were to shoot up, it would impact this segment of the market.  The luxury home sales are really not much assisted by low rates.

Want help buying or selling a home in Los Gatos, Monte Sereno or nearby? Please call or email me. I’m happy to talk or meet with you to discuss your goals.

 

Mary Pope-Handy
Realtor, CRS, ABR, e-PRO, SRES, ASP, CNHS
Co-Author: Get the Best Deal When Selling Your Home in Silicon Valley
Helping Nice Folks to Buy & Sell Homes in Silicon Valley since 1993
Sereno Group, Los Gatos

408 204-7673 (cell)
mary (at) popehandy.com

Please visit me online:

market trends: www.PopeHandy.REReport.com