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Leo or Leona - the mascot of Los GatosThe Los Gatos real estate market shows a mild seller’s market with some ups and downs. Once again the “in-town” (95030) zip code is less active for single family home sales than the 95032 zip code which continues to be in high demand. Here are a few quick points from the Los Gatos single family home market detailed below:

  • Inventory and sales have fallen since the month before but remain well above last year.
  • The median and average sales price rose roughly 18% and 9% respectively from last month and 34% and 13% from the year before.
  • The sale to list price ratio remains above 101% with slight cooling into winter.

However a lot has changed since the beginning of March. We’re just beginning to see the result of the pandemic on local real estate markets in these monthly analyses. For more on how Covid-19 is affecting our local real estate market, please check my post titled Coronavirus Impact on Real Estate Sales.

During the shutdown so far, the Multiple Listing Service (MLS) stopped the timer on all Days on Market (DOM). Therefore these numbers will be off beginning from March 17th through around May 17th. In the data below, this will affect any numbers related to the days on market, the absorption rate, and the days of inventory from those months indicated. Current numbers should be accurate.

This post will include info from both Altos Research, which uses LIST prices, and the RE Report, which uses listing and closed sale data, for the “in town” areas of Los Gatos (95030 and 95032).

From ALTOS – a view of LG 95030 (they are updated automatically a few times a month):

Altos Real-Time Market Profile Los Gatos, CA SFH 95030

And 95032:

Altos Real-Time Market Profile Los Gatos, CA SFH 95032

As of January 6th, 95030 is in a slight seller’s advantage and 95032 is in a strong seller’s market. In both zip codes, this has been consistent with the last few months. In 95032, inventory continues to fall while market action is high and steady. In 95030 inventory is fluctuating and the market action seems to be leveling out. A normal trend for this time of the year usually involves a calmer market with a decline in activity and low inventory. It’s very likely that the combined seasonal cooling and the worsening pandemic will impact the market, but with a backlog of demand and real estate as an essential industry it’s hard to predict exactly what will happen this winter!

Now for the current numbers, per my Los Gatos real estate report (click on the link for full information).

The Los Gatos Mountains are a distinctly different market and as such are covered in a separate market update, updated less frequently than here, but with live Altos charts for that area.

Los Gatos Trends at a Glance

Inventory and closed sales shrank this December, while pending sales remained stable and high. Sales were a hair short, but pending and active inventory are well above than this time last year. The sales vs list price ratio has dipped to 101.5%, still hotter than 2019.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $2,776,500 (+18.1%) $2,350,000 $2,075,000 (+33.8%)
Average Price $2,882,500 (+9.3%) $2,638,150 $2,545,930 (+13.2%)
No. of Sales 26 (-33.3%) 39 28 (-7.1%)
Pending 30 (-3.2%) 31 16 (+87.5%)
Active 39 (-22.0%) 50 29 (+34.5%)
Sale vs. List Price 101.5% (-0.4%) 101.9% 99.1% (+2.5%)
Days on Market 35 (+53.9%) 23 43 (-18.2%)
Days of Inventory 45 (+21.0%) 37 31 (+44.8%)

And from last month:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $2,350,000 (+2.2%) $2,300,000 $2,637,500 (-10.9%)
Average Price $2,638,150 (+2.4%) $2,575,300 $2,923,150 (-9.7%)
No. of Sales 39 (-15.2%) 46 26 (+50.0%)
Pending 34 (-40.4%) 57 33 (+3.0%)
Active 46 (-2.1%) 47 44 (+4.5%)
Sale vs. List Price 101.9% (-1.1%) 103.0% 97.4% (+4.7%)
Days on Market 23 (-13.8%) 26 51 (-55.6%)
Days of Inventory 34 (+11.6%) 31 49 (-30.3%)

Los Gatos Condominium and Townhouse Market

Moving on to condos, here are the live Altos Research charts with listings data.

95030

Altos Real-Time Market Profile Los Gatos, CA Condo 95030

95032:

Altos Real-Time Market Profile Los Gatos, CA Condo 95032

The condo markets have been showing some extremes with extremely low inventory causing drastic swings in market data. The market in 95030 is at a strong seller’s market and rising fast. Meanwhile 95032 is in a slight seller’s advantage and is warming up gradually. Take this with a grain of salt, however since both areas have fairly small pools of data. This month, 95030 data shows only 2 active listing! The 8 in 95032 aren’t looking much better. So condos in both zip codes are active markets in the seller’s favor but with different levels of activity.

Now on to the Real Estate Report.

The Los Gatos condo and townhouse market is softening, with prices down year over year.

Trends at a Glance: condos and townhomes in Los Gatos

Prices in the condo sector of Los Gatos can swing wildly month to month, but continue to remain up from last year. Sales are high compared to 2019, as are active inventory and pending sales. The sales vs list price, on the other hand, is looking the same as last year at 101.1% and days on market remain close to a month. With small pools of data, the condo market can show much more dramatic swings than the housing market, and we’re seeing some of that from the most recent data, but it remains a stable, mild seller’s market.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $1,200,000 (-11.4%) $1,354,000 $1,090,000 (+10.1%)
Average Price $1,162,290 (-13.7%) $1,347,170 $1,064,200 (+9.2%)
No. of Sales (-41.7%) 12 (+40.0%)
Pending 10 (+25.0%) 8 (+66.7%)
Active 10 (-28.6%) 14 (+233.3%)
Sale vs. List Price 101.1% (+2.9%) 98.2% 101.1% (-0.1%)
Days on Market 32 (+28.9%) 25 30 (+6.7%)
Days of Inventory 43 (+26.7%) 34 18 (+138.1%)

And from last month:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $1,354,000 (+2.2%) $1,325,000 $1,170,000 (+15.7%)
Average Price $1,347,170 (+4.8%) $1,286,000 $1,070,620 (+25.8%)
No. of Sales 12 (+140.0%) 5 (+50.0%)
Pending (-27.3%) 11 (0.0%)
Active 14 (-26.3%) 19 11 (+27.3%)
Sale vs. List Price 98.2% (-0.6%) 98.7% 97.0% (+1.2%)
Days on Market 25 (-38.1%) 40 36 (-32.6%)
Days of Inventory 34 (-70.3%) 114 40 (-15.2%)

 

Monte Sereno

Monte Sereno (houses only, at least for now) – this is a small area so prices appear to jump around more due to so few transactions each month. Take it with a pound of salt and use the town of Los Gatos as a better reference. Monte Sereno’s home values are higher, and the luxury tier generally does not sell as fast or as strong as more moderately priced areas in Silicon Valley. The market in Monte Sereno right now is in a strong seller’s market with a slight decline in market action.

Altos Real-Time Market Profile Monte Sereno, CA

Monte Sereno Trends at a Glance

Each month there are very few sales in Monte Sereno, and for that reason the data can be a bit wonky (view the Monte Sereno Real Estate Report for more). This December is showing some cooling with shrinking inventory and pending sales, a slight decrease in sales to list price ratio and growing days on market. However, with only 6 sales to go by for market analysis we should take this with a grain of salt. Often it’s best to also see how Los Gatos and Saratoga are doing and extrapolate from there, plus study the homes that are and are not selling in Monte Sereno.

Trends At a Glance Dec 2020 Previous Month Year-over-Year
Median Price $3,462,500 (+0.7%) $3,437,500 $2,362,500 (+46.6%)
Average Price $3,364,170 (-20.5%) $4,231,250 $3,301,250 (+1.9%)
No. of Sales (+50.0%) 4 (+50.0%)
Pending (-66.7%) 6 (+100.0%)
Active (-16.7%) 6 (-37.5%)
Sale vs. List Price 96.6% (-0.3%) 96.9% 99.9% (-3.3%)
Days on Market 39 (+20.3%) 32 22 (+77.0%)
Days of Inventory 25 (-42.5%) 44 60 (-58.3%)

And from last month:

Trends At a Glance Nov 2020 Previous Month Year-over-Year
Median Price $3,437,500 (+2.1%) $3,367,500 $3,450,000 (-0.4%)
Average Price $4,231,250 (+21.0%) $3,496,480 $3,504,000 (+20.8%)
No. of Sales (-33.3%) 6 (-20.0%)
Pending (-25.0%) 8 (+100.0%)
Active (-25.0%) 8 (-33.3%)
Sale vs. List Price 96.9% (-6.6%) 103.8% 96.1% (+0.8%)
Days on Market 32 (+67.0%) 19 56 (-42.7%)
Days of Inventory 44 (+8.8%) 40 52 (-16.7%)

 

Next we’ll have a quick look at the town by zip code and will use Altos Research charts and graphs (using list prices, not sold ones) to get a pulse on the market. Disclaimers aside, here’s the broad overview by zip code – hope you find this helpful! I will be using “live charts” here so they will always be current.

95030 Median Price Graph:

Altos Median Price Graph 95030

Pricing in 95030 usually follows clear seasonal trends, with prices undulating higher in spring and summer and dropping to their lowest around mid-autumn. In 2019 there was an upward trend through winter up until around February when the price began to drop. Mid-April of 2020 saw the deepest low this year, turning around late for the spring market. Late June saw the highest peak this year, bouncing back and forth from there.

95032 Median Price Graph:

Altos Median Price Graph 95032

Generally this area has a lower price range than in 95030, but it follows distinctly different trends. Prices shot up above $3 mil for most of the first quarter, but dropped in March, plunging below any median price in the visible part of 2019. That said, prices rose again through June and then fell until September where it hit rock bottom for the year before rising again to the highest peak around November.

Los Gatos is a very complex real estate market because there are so many variables, including:

  • proximity to downtown (“walk to town” always a huge plus)
  • school district (“Los Gatos Schools” usually strongly preferred)
  • historic nature of homes & neighborhoods
  • slope and usability of the land
  • views
  • neighborhood amenities (cabana, nearby park, walkability)
  • access to popular venues and locations (parks, shopping, schools)
  • negative features such as busy roads, high voltage lines, being too close to freeways/trains, natural hazards such as earthquake faults etc.
  • type of sale (distressed or regular sale)

Often homes in Los Gatos will have some positive and some negative features, and the same goes for the location.

If Los Gatos & Monte Sereno are too expensive…

Cambrian Park area of San Jose Looking for more affordable area close to Monte Sereno and Los Gatos? Check out the Cambrian Park area of San Jose, especially the 95124 zip code (with Union Schools).Cambrian area of San Jose – condos and townhomes. I also update a market post on this blog monthly for this San Jose neighborhood, titled The Cambrian Park Real Estate Market Update which can be found through the link.

Houses for sale in Los Gatos & Monte Sereno 95030:

https://idx.diversesolutions.com/link/472470

Houses for sale in Los Gatos & Monte Sereno 95032:

https://idx.diversesolutions.com/link/472471

Right now, Monte Sereno has no condos or townhomes within its boundaries, but may in the future.

Condos and townhomes for sale in Los Gatos:

https://idx.diversesolutions.com/link/472472

More info on Los Gatos Homes for Sale, too.

Read more about Los Gatos real estate on my other sites and blogs, too, including popehandy.com:
Los Gatos real estate market trends

Do you love Los Gatos, live there now or want to live there? Please also visit the Live in Los Gatos Blog!

A good place to begin is this article on that site: Where is Los Gatos California?

Learn about Los Gatos neighborhoods, see photos, videos, pricing information, age of homes and much more! Get frequent Los Gatos real estate market updates, find out about local events, business, see images of the parks, historic buildings, and get to know Los Gatos even better. “Live in Los Gatos” is an award winning blog, also written by local Los Gatos Realtor and resident Mary Pope-Handy – check it out today!

Live in Los Gatos Blog