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How’s the Los Gatos real estate market? Generally speaking, it is a seller’s market overall in the 95030 and 95032 zip code areas (in town).  That said, remember that it can vary a lot between price points and school districts, let alone neighborhood, sale type (regular vs distressed).  Real estate is always local!

Today we’ll look at the LG market both with a view to the sold data we have as well as the current listings activity.  We’ll view the “in town” areas and also the mountain areas. First addressed will be the market as seen by the “sold data” – houses, then condominiums & townhouse.  (Long post but loads of info!)

Los Gatos & Los Gatos Mountain Housing Market Trends

I. Sold listings data for Los Gatos houses

Houses in Los Gatos & Los Gatos Mountains – housing trends using sold data

(1)  In town

First, housing trends “in town”, utilizing my Real Estate Report, which comes out monthly (and includes all of Santa Clara County):

 

 

Below is the summary of market trends in Los Gatos for the most current month, January 2011 (using sold data):

 

Trends At a Glance Jan 2011 Previous Month Year-over Year
Median Price $1,072,500 $1,000,000 (+7.2%) $985,000 (+8.9%)
Average Price $1,173,770 $1,203,520 (-2.5%) $1,264,620 (-7.2%)
No. of Sales 30 31 (-3.2%) 13 (+130.8%)
Pending Properties 35 39 (-10.3%) 30 (+16.7%)
Active 107 87 (+23.0%) 101 (+5.9%)
Sale vs. List Price 96.7% 96.5% (+0.1%) 98.2% (-1.6%)
Days on Market 59 69 (-15.0%) 41 (+43.3%)

 

(2) Los Gatos Mountains

The Los Gatos Mountain communities (zip code 95033) usually have a slower market (harder to sell homes, even in “hot” years -compare 2007 for in town and in the mountains). December was improved, though, interestingly.

 

 

January’s sales/solds data:

 

Trends At a Glance Jan 2011 Previous Month Year-over Year
Median Price $565,000 $725,000 (-22.1%) $632,500 (-10.7%)
Average Price $561,000 $738,250 (-24.0%) $612,725 (-8.4%)
No. of Sales 3 8 (-62.5%) 4 (-25.0%)
Pending Properties 15 12 (+25.0%) 5 (+200.0%)
Active 28 26 (+7.7%) 33 (-15.2%)
Sale vs. List Price 98.3% 93.5% (+5.1%) 103.6% (-5.1%)
Days on Market 89 80 (+11.2%) 13 (+587.4%)

II. Active Listings Data for Los Gatos houses for sale

Next, we’ll see how the market is faring as we make use of the Altos Research tools, which use list prices (not solds).

Houses and Duet Homes – median list price by Los Gatos zip code (including the mountains):

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Right now, prices are softest in the Los Gatos Mountains (95033) and strongest in 95032, which is part “Los Gatos Schools” and part Moreland and Union Schools.

Los Gatos, 95030 list prices by quartile over last year for houses (and duet homes) – houses for sale grouped by price point:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Los Gatos, 95032 list prices by quartile for houses on the market.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

It is interesting that the “high end” in 95032 seems to be recovering so well. (Some of it’s in the Los Gatos School District and some not.)

And 95033 list prices by quartile for houses:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Pricing of homes for sale dating back to 2005 – an historical perspective of list prices (single family homes/houses):

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Los Gatos Condo & Townhouse Market in Los Gatos

As you can see, the Los Gatos condo market has generally had it tough since late 2007, but prior to that it was “much hotter” of a market than houses in the same areas.

 


 

Trends At a Glance Jan 2011 Previous Month Year-over Year
Median Price $515,000 $520,000 (-1.0%) $675,000 (-23.7%)
Average Price $587,500 $493,267 (+19.1%) $679,251 (-13.5%)
No. of Sales 3 9 (-66.7%) 5 (-40.0%)
Pending Properties 11 5 (+120.0%) 9 (+22.2%)
Active 35 34 (+2.9%) 50 (-30.0%)
Sale vs. List Price 100.1% 95.2% (+5.2%) 96.9% (+3.3%)
Days on Market 16 107 (-85.3%) 140 (-88.8%)

 

Los Gatos list price by Los Gatos zip code (no condos in the mountain area of 95033):

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Inventory of houses for sale in Los Gatos – sliding in all areas:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Condo inventory in Los Gatos – also decreasing, which is somewhat “annual”:

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

Let’s compare the Los Gatos condo/townhome market to the market for houses for sale – first the average Days on Market (DOM) of houses for sale in Los Gatos, then below that the same info but for condos.

 

Real Estate Market Chart by Altos Research www.altosresearch.com

 

And average DOM of condos and townhomes for sale in Los Gatos:

Much higher in 95030, the more expensive of the two areas!

What about distressed sales in Los Gatos? Are there many short sales or bank owned homes, and if so, are they hurting the realty market?

There really aren’t a lot of short sales or REOs on the market at the moment: for houses in town, 95% are “regular sales”.  For condos in town, the percentage is 63%.  In the Los Gatos Mountains 81% are regular sales.

Last year there was a cluster of short sales in the Loma Vista/El Gato area and that did disrupt market values in that area/school district/price point quite substantially.   Overall, though, it is not a major player in market value right now.