Los Gatos real estate market graphic with home near downtownAs of today, April 8, 2024, the Los Gatos real estate market in 95030 & 95032 remains exceptionally strong.

Across the county, first time home buyers are the most active and more entry level prices is the strongest segment.

Los Gatos real estate market statistics for the last 30 days (not a calendar month)

Numbers for today (pulled from the MLS), going back 30 days – these provide a real time snapshot of the Los Gatos real estate market trends:

  • 49 houses for sale today (April 8, 2024)
    • the average days on market for these homes is 48 days
    • 18 of the 49 have been available for 14 days or less – so quite a few are not selling fast!
  • 2 are contingent, 25 are sale pending (no contingencies)
  • 25 have closed in the last 30 days
    • average home size 2,429 SF
    • average lot size 12,938 SF
    • average days on market = 10 (way down from 43 last month and the 48 for active listings!)
    • average sale price  $3,357,520
    • median sale price $3,200,000
    • average sale to list price ratio 109% (up from 104% in mid-March and 101% in early-mid January)

Six of the sold homes were  $4 mil or more. The highest sale price was $5,300,000. Popular neighborhoods for that price point include the scenic Surrey Farms neighborhood.

Trends at a Glance from the RE Report for Los Gatos 95030 & 95032

The numbers below analyze data gathered during the first week of each month and cover real estate statistics from the month prior in Los Gatos 95030 & 95032 (all areas / school districts), or MLS “area 16”. See the full RE Report here.

These numbers never line up exactly with the MLS figures, but the data trends normally line up.  This time around, though, the RE Report numbers seem a bit off. From the data that I pulled directly from the MLS, the average and median sale prices are up both annually and monthly. With the RE Report it appears to be slipping monthly. The RE Report shows 27 sales, and the MLS shows 28. I suspect that the difference is from the missing sale. 

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$3,425,000 (-2.1%)$3,500,000$2,565,000 (+33.5%)
Average Price$3,647,000 (-6.8%)$3,913,630$2,820,590 (+29.3%)
No. of Sales27 (+42.1%)1928 (-3.6%)
Pending31 (+82.4%)1721 (+47.6%)
Active37 (+19.4%)3137 (0.0%)
Sale vs. List Price108.5% (+5.5%)102.8%102.1% (+6.3%)
Days on Market29 (-9.0%)3134 (-14.8%)
Days of Inventory41 (-10.0%)4640 (+3.7%)

 

Further below you’ll find similar charts for houses in the Los Gatos Mountains and also condos and townhomes “in town”.

Los Gatos real estate market statistics: multi year data by month

Here is some Los Gatos real estate market data that I pulled directly from the MLS today.

Inventory of available homes for sale in Los Gatos 95030 and Los Gatos 95032

A quick glance at the last few years suggests that this inventory is still lower than normal, with 2022 (a super overheated Spring) being lower still.

 

Los Gatos SFH inventory - Los Gatos real estate market stats

 

Numbers of homes sold

Sales fell compared to last year and are half of 2018 and not even half of 2021.

 

Sold SFH in Los Gatos 95030 95032 MLS area 16


Months of Inventory

 

The months of inventory is taken from the rate of sales by the rate of listings. It’s odd that the months of inventory is climbing while sales are falling compared to last year. What gives? I think this points to our “two markets” situation where the most desirable properties are selling fast and with multiple offers (like our recent closing at 103 Panorama Way, Los Gatos, which sold  24.4% over list price), and others are languishing.

 

Los Gatos MOI - months of inventory or absorption rate

 

 

Average sale price of homes sold in Los Gatos 95030 & 95032 – Los Gatos house prices are UP

The numbers really jump around a bit in Los Gatos. Los Gatos single family home prices 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.

The average sale prices are not only up monthly and annually, but they are at an all time high.

 

 

Los Gatos average sale price - SFH MLS area 16, 95030 and 95032

 

This hit me as so dramatic that I wanted to see how it looked going back to 2010.  Check out this graph showing the average sale price for this same area from January 2010 to the present:

 

Average sale price Jan 2010 - March 2024 - LG 95030 95032 MLS area 16

 

 

Median Sale Price – up annually and monthly

It is up monthly and annually, and once again, this is a RECORD HIGH PRICE.

 

Median sale price of Los Gatos houses in 95030 and 95032 - mls area 16

 

And a visual tool with more years again:

 

 Median sale price for Los Gatos houses in 95030 and 95032, MLS area 16

RE REPORT: Additional Los Gatos Real Estate Statistics for 95030 & 95032

The RE Report has some info on the Los Gatos Mountains, but I do not believe it covers all of what we would have as 95033 or MLS “area 23”. You can see the mountains market summary here, but please click the link above to see the whole report:

Los Gatos real estate market – LG Mountains Trends at a Glance

The market has been bobbing up and down (up this month, down last month) and the other data points are moving up and down, too. There are lots of micro-markets in the mountains – so many communities, so much variety in views and topography, let alone home size and condition.

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$1,800,000 (+7.5%)$1,675,000$1,015,000 (+77.3%)
Average Price$1,767,640 (+5.1%)$1,681,670$1,115,000 (+58.5%)
No. of Sales15 (+400.0%)3(+275.0%)
Pending13 (-13.3%)15(+85.7%)
Active18 (+50.0%)1223 (-21.7%)
Sale vs. List Price98.5% (+2.8%)95.9%95.9% (+2.7%)
Days on Market76 (+108.4%)3645 (+69.2%)
Days of Inventory36 (-67.9%)112173 (-79.1%)

Los Gatos Condo Market Trends at a Glance

Los Gatos Condos are selling nicely overall. The average and median price are off compared to January, but with just 6 sales and a lot of variety of condo / townhome sizes, types, location, and condition, that is not enough of a dataset to know by itself how the market is doing. The sale to list price ratio is a good indicator of market conditions, as are the days of inventory.

With just 3 sold homes, take this with a big spoonful of salt.

 

Trends At a GlanceMar 2024Previous MonthYear-over-Year
Median Price$810,000 (-53.1%)$1,727,500$1,115,000 (-27.4%)
Average Price$1,025,000 (-25.2%)$1,370,000$1,215,450 (-15.7%)
No. of Sales3 (-50.0%)612 (-75.0%)
Pending11 (+266.7%)3(+83.3%)
Active10 (+66.7%)616 (-37.5%)
Sale vs. List Price99.9% (-2.6%)102.6%99.9% (-0.1%)
Days on Market25 (+102.7%)1220 (+22.4%)
Days of Inventory100 (+257.1%)2840 (+150.0%)

Altos Research Profiles of Los Gatos single family homes by zip code

A link is provided to the full weekly report for each zip code. It will bring you to the page for single family homes (houses and duet, or single family attached, homes) in the Los Gatos housing market, but from there  you can click on a tab and view the same type of data for condominiums and townhouses if any data exists for them.

Close to downtown – 95030 (read the full weekly report for Los Gatos 95030, which is automatically updated, here):

Live Charts, Updated Weekly – this shows a warm market overall. Why only warm? Because we have 2 markets – one for homes that sell fast and one for homes that aren’t moving.

 

 

A number to watch in the above chart is “price decreased”. Right now 25% of listings in this zip code are taking price reductions. That’s below the range of normal, which would be about 30%.

 

Primarily East, West, and North Los Gatos (view the Altos Research report for Los Gatos 95032 HERE):

 

 

Far fewer homes in 95032 are taking price reductions right now. The market action index is also rising in 95032, while it’s declining in 95030. I suspect it’s that prices are more in budget in 95032, so there are more buyers able to compete in those price points.

 

The Los Gatos Mountains / Santa Cruz Mountains – 95033 (see the full 95033 weekly report here, no condo or TH in these areas) – many more homes have had list price cuts:

 

 

The Mountain market is usually cooler than the valley floor, but also more affordable, generally.

 

All 3 Zip Codes combined

 

 

Overall, Los Gatos is in a warm seller’s market with extremely high demand and some cooling. Inventory is rising, finally. The days on market are skewed because some homes are on the market for over a year (super expensive houses can take a long time to sell).

Altos Research Housing Market Charts by Pricing Quartile

 

Now a graph of the Median Price trends for 95030:

 

 

And 95032:

 

 

And 95033 (The Los Gatos Mountains)

 

The Mountain market has the greatest range of pricing by far, but the Median Price is well under either 95032 or 95030.

 

 

Getting to Know Your Los Gatos Real Estate Market

Finally, it should be noted that “the Los Gatos real estate market” is really a compilation of several smaller markets. It’s quite different in the over $3 or $3.5 million range versus the under $1.8 million range (if you can locate a house under 1.8 dollars). It’s also varied from one school district to the next and often one subdivision or neighborhood to the next. The Glenridge market is going to be quite distinct from the Alta Vista or Rinconada Hills market.

Occasionally we will do other market analysis, like our article on Los Gatos real estate market trends by price point and high school district. Check it out!

Lastly, if you like this information and find it valuable, please consider reaching out to us  when it’s time for you to buy or sell a home in Los Gatos or anywhere in Santa Clara County. We would love to hear from you!