The Los Gatos real estate market is cooling, but it is still a strong seller’s market – just not as “white hot” as it was a few months ago, and the trends are all pointing to a calmer, slower, more balanced market.
As of today, June 8, some info on single family homes in LG 95030 & 95032:
- 55 single family homes are on the market in “Active” status – it was 43 when I last updated this article on May 5 (of those, 1 is listed as “agent only, show”, and 7 are “agent only, do not show”). The agent only listings means that they are not syndicated to other websites.
- 1 house is under contract but there are contingencies of some kind in place (could be loan, appraisal, property inspection, buyer to sell current home, seller to find a replacement home) – so those sales may not go through.
- 22 houses are sale pending, no contingencies (this is a small number compared to the active listings) – it was 27 at my last update for this post
- 26 houses have closed escrow in the last month, down from 33 in early May (fewer pendings – sales are decelerating).
- The average sale price to list price ratio for these 26 houses was 108%, a very significant drop over last month’s 118% .
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 (95030 and 95032) as well as a few charts that I pulled from the MLS myself.
Here is some data that I pulled directly from the MLS:
Lack of inventory remains pronounced, but there is a shift, and finally the inventory is higher than last year. But take a look at ALL of the previous years. What is “normal”? I think 70 – 80 is pretty normal. When it gets to be over about 100 it seems to be a slower market.
Sale Price to List Price Ratio for Los Gatos 95030 & 95032 houses
The sale price to list price ratio is a new high in April but backed way down in May. The sky isn’t falling, though. May’s ratio is still one of the highest on record.
Average sale price of homes sold in Los Gatos 95030 & 95032
The numbers really jump around a bit in Los Gatos. Home values aren’t quite that volatile. What can happen is that in one month, there may be more sales in one school district, home size, or price point than in another. If one month a high proportion of entry level homes sell in a less expensive school district, and the next month a lot of properties sold in a more expensive area with larger homes, it will jump. Even so, the average sale price hit a new high of over $4 million in May. I did a little more digging and for all school districts, the majority of homes did sell between $3 million and $5 million in May.
If you click on the image below, it will open in a new window and be easier to read.
Altos Research Charts
From ALTOS – a view of LG 95030 (these are updated automatically a few times a month):
And 95032:
Now for the current numbers, per my real estate report (click on the link for full information).
Trends at a Glance: Los Gatos 95030 & 95032
The RE Report numbers are slightly different than the ones I pull directly from the MLS, but the trends are very much the same. (The MLS stats seem to have duplicates, but it could be that the RE Report is not getting all of the data, we are still trying to sort that out.)
Year over year, prices are way up, but the month over month numbers are settling down. It’s overdue!
| Trends At a Glance | May 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $3,828,000 (+4.8%) | $3,651,000 | $3,000,000 (+27.6%) |
| Average Price | $4,069,610 (+12.8%) | $3,606,330 | $3,448,340 (+18.0%) |
| No. of Sales | 29 (-17.1%) | 35 | 57 (-49.1%) |
| Pending | 60 (+5.3%) | 57 | 63 (-4.8%) |
| Active | 42 (+10.5%) | 38 | 41 (+2.4%) |
| Sale vs. List Price | 112.2% (-5.0%) | 118.2% | 106.5% (+5.4%) |
| Days on Market | 7 (+6.8%) | 7 | 23 (-69.0%) |
| Days of Inventory | 43 (+38.0%) | 31 | 22 (+101.3%) |
Los Gatos Condominium and Townhouse Market
Moving on to condos, here are the live Altos Research charts with listings data.
95030:
95032:
The Los Gatos condo and townhouse market is softening slightly, with prices down year over year.
Trends at a Glance: condos and townhomes in Los Gatos
Los Gatos Condos have appreciated a hair from last year, but is down month over month. This data can swing wildly. Better is getting the stats for the complex or area where you’re thinking of buying or selling. Added to the mix now are the units at the North 40.
| Trends At a Glance | May 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,284,000 (-22.2%) | $1,650,000 | $1,282,500 (+0.1%) |
| Average Price | $1,307,580 (-15.3%) | $1,543,470 | $1,281,400 (+2.0%) |
| No. of Sales | 20 (+17.6%) | 17 | 10 (+100.0%) |
| Pending | 16 (-33.3%) | 24 | 15 (+6.7%) |
| Active | 13 (-13.3%) | 15 | 10 (+30.0%) |
| Sale vs. List Price | 106.5% (-1.0%) | 107.6% | 103.9% (+2.4%) |
| Days on Market | 19 (+47.0%) | 13 | 16 (+23.1%) |
| Days of Inventory | 20 (-23.8%) | 26 | 30 (-35.0%) |
Monte Sereno
Monte Sereno (houses only, at least for now) – this is a small area, surrounded on most sides by the Town of Los Gatos, but also bordering County and Saratoga land. 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. With few sales each month, prices and trends for this city can appear to jump around wildly. 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.
Take a closer look in my latest monthly market updates on the Monte Sereno market over at the Live In Los Gatos blog (usually updated before this article, but not always), or here at the Valley of Heart’s Delight blog at The Monte Sereno Real Estate Market (usually updated after this article). Here’s the quick chart from the RE Report.
Trends at a Glance
| Trends At a Glance | May 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $5,525,000 (+31.2%) | $4,212,500 | $3,850,000 (+43.5%) |
| Average Price | $5,525,000 (+28.0%) | $4,316,600 | $4,101,500 (+34.7%) |
| No. of Sales | 1 (-83.3%) | 6 | 10 (-90.0%) |
| Pending | 9 (+80.0%) | 5 | 3 (+200.0%) |
| Active | 8 (+14.3%) | 7 | 11 (-27.3%) |
| Sale vs. List Price | 101.4% (-13.1%) | 116.6% | 108.3% (-6.4%) |
| Days on Market | 7 (-12.5%) | 8 | 29 (-75.8%) |
| Days of Inventory | 240 (+609.4%) | 34 | 33 (+627.3%) |
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:
Generally this area has a lower price range than in 95030, at any given point in time it could vary.
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)
Like anywhere else, homes in Los Gatos will have some positive and some negative features, and so will each 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, including popehandy.com: LG 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 the Town 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!
