The Los Gatos real estate market shows a clear 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, pending, and closed sales for have all risen from the month before.
- The median sales price rose roughly 5% from the year before while the average price fell by the same.
- The sale to list price ratio jumped above 105%.
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):
And 95032:
As of April 6th, both 95030 and 95032 are in a strong seller’s market with increased activity in the last month. Inventory remains low across the board, although it’s growing in 95032, and homes are flying off the market with low days on market. Spring is here with a fiery hot March market! With a backlog of demand buyers are facing fierce competition for homes!
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, pending, and closed sales all grew in March. Compared to last year, active inventory remains short, but pending and closed sales were around double March 2020 sales. The sales vs list price ratio spiked up to 105.1%, which is significantly hotter than last month or last year. It’s a hot market for Los Gatos homes!
| Trends At a Glance | Mar 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,695,000 (-5.4%) | $2,850,000 | $2,565,000 (+5.1%) |
| Average Price | $2,659,670 (-19.3%) | $3,297,760 | $2,807,500 (-5.3%) |
| No. of Sales | 44 (+51.7%) | 29 | 24 (+83.3%) |
| Pending | 65 (+22.6%) | 53 | 29 (+124.1%) |
| Active | 40 (+17.6%) | 34 | 57 (-29.8%) |
| Sale vs. List Price | 105.1% (+3.8%) | 101.2% | 102.8% (+2.2%) |
| Days on Market | 34 (-51.1%) | 69 | 14 (+134.5%) |
| Days of Inventory | 27 (-13.8%) | 32 | 71 (-61.7%) |
And from last month:
| Trends At a Glance | Feb 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $2,850,000 (+12.3%) | $2,537,500 | $2,150,000 (+32.6%) |
| Average Price | $3,297,760 (+25.2%) | $2,633,410 | $2,275,070 (+45.0%) |
| No. of Sales | 29 (+31.8%) | 22 | 14 (+107.1%) |
| Pending | 53 (+26.2%) | 42 | 27 (+96.3%) |
| Active | 34 (+13.3%) | 30 | 48 (-29.2%) |
| Sale vs. List Price | 101.2% (-0.5%) | 101.8% | 102.8% (-1.6%) |
| Days on Market | 69 (+251.9%) | 20 | 41 (+67.6%) |
| Days of Inventory | 32 (-22.6%) | 41 | 96 (-67.0%) |
Los Gatos Condominium and Townhouse Market
Moving on to condos, here are the live Altos Research charts with listings data.
95030
95032:
The condo markets have been showing some extremes with severely low inventory causing drastic swings in market data. The market in 95030 only has 2 available listings, which is the same as last month and an improvement from earlier in winter when there were zero. The 95032 market is slightly better with 7 active listings showing, and it remains in a steadily escalating strong seller’s market. Meanwhile 95030 saw a recent sharp decline in activity and it’s currently showing a slight seller’s advantage, but with such a tiny pool of data this is probably not indicative of much. Days on market have been shrinking in both areas, but they continue to take much longer than the single family housing market. So condos in Los Gatos are active markets in the seller’s favor with extremely low available inventory.
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 due to the limited and varied inventory. Sales dipped from last month and remain above last year, while pending sales grew above both. Active inventory shrank from February and remains low year-over-year. The sales vs list price has cooled a little from last month and last year, currently at 102.2%, and days on market sped to a red hot 12 day average. 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. Still, it remains a stable mild seller’s market.
| Trends At a Glance | Mar 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,255,000 (-16.3%) | $1,500,000 | $1,425,000 (-11.9%) |
| Average Price | $1,234,330 (-1.3%) | $1,250,000 | $1,398,290 (-11.7%) |
| No. of Sales | 9 (-30.8%) | 13 | 7 (+28.6%) |
| Pending | 19 (+46.2%) | 13 | 3 (+533.3%) |
| Active | 8 (-20.0%) | 10 | 13 (-38.5%) |
| Sale vs. List Price | 102.2% (-2.0%) | 104.3% | 104.0% (-1.7%) |
| Days on Market | 12 (-65.9%) | 34 | 10 (+13.9%) |
| Days of Inventory | 27 (+28.4%) | 21 | 56 (-52.1%) |
And from last month:
| Trends At a Glance | Feb 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,500,000 (+33.3%) | $1,125,000 | $1,362,500 (+10.1%) |
| Average Price | $1,250,000 (+15.5%) | $1,082,500 | $1,297,250 (-3.6%) |
| No. of Sales | 13 (+62.5%) | 8 | 8 (+62.5%) |
| Pending | 13 (+8.3%) | 12 | 5 (+160.0%) |
| Active | 10 (+42.9%) | 7 | 6 (+66.7%) |
| Sale vs. List Price | 104.3% (+5.2%) | 99.2% | 102.2% (+2.1%) |
| Days on Market | 34 (-41.0%) | 57 | 23 (+46.4%) |
| Days of Inventory | 21 (-20.9%) | 26 | 21 (-1.1%) |
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 slight seller’s market with a mild decline in market action.
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 March had only 2 closed sales, each very different from one another which has caused some pretty wide swings throwing the whole chart off. So take this data 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 | Mar 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $4,100,000 (+30.2%) | $3,150,000 | $2,200,000 (+86.4%) |
| Average Price | $4,100,000 (+28.3%) | $3,196,670 | $2,200,000 (+86.4%) |
| No. of Sales | 2 (-33.3%) | 3 | 1 (+100.0%) |
| Pending | 5 (N/A) | 0 | 4 (+25.0%) |
| Active | 7 (0.0%) | 7 | 11 (-36.4%) |
| Sale vs. List Price | 100.0% (+2.8%) | 97.3% | 104.8% (-4.5%) |
| Days on Market | 0 (-100.0%) | 75 | 0 (N/A) |
| Days of Inventory | 105 (+66.7%) | 63 | 330 (-68.2%) |
And from last month:
| Trends At a Glance | Feb 2021 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $3,150,000 (+12.9%) | $2,790,000 | $1,828,000 (+72.3%) |
| Average Price | $3,196,670 (+6.3%) | $3,007,170 | $1,828,000 (+74.9%) |
| No. of Sales | 3 (0.0%) | 3 | 2 (+50.0%) |
| Pending | 0 (-100.0%) | 3 | 0 (N/A) |
| Active | 7 (+40.0%) | 5 | 11 (-36.4%) |
| Sale vs. List Price | 97.3% (-11.4%) | 109.8% | 105.9% (-8.1%) |
| Days on Market | 75 (+397.8%) | 15 | 32 (+133.3%) |
| Days of Inventory | 63 (+26.0%) | 50 | 154 (-59.1%) |
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:
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 that year, turning around late for the spring market. Late June saw the highest peak in 2020, bouncing back and forth from there before plunging again in late January 2021.
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 2020. So far it fell again at the start of 2021 but is looking up through early spring.
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!
