Los Gatos real estate market graphic with home near downtownAs of today, June 4 2024, the Los Gatos real estate market in 95030 & 95032 is softening, but still a seller’s market. We are seeing inventory rise, but we’re also seeing interest rates rising, and that appears to be putting a damper on sale prices.

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:

  • 61 houses for sale today (June 4, 2024)
    • the average days on market for these homes is 73 days (but 3 have been on for 555-557 days!)
    • the median days on market 22 days
  • 2 are contingent, 26 are sale pending  (no contingencies)
  • 32 have closed in the last 30 days
    • average home size 2,424 SF
    • Lot size data is off – someone entered a number incorrectly, so it’s messed up
    • average days on market = 18 (up from 7 last month)
    • the LONGEST days on market was  83, and of the 32 homes, 21 sold in 10 days or less
    • average sale price  $3,196,188
    • median sale price $3,200,000 (same as last month)
    • average sale to list price ratio 105% ( it was110% 30 days ago, 109% in April, 104% in mid-March and 101% in early-mid January)

Nine of the sold homes were  $4 mil or more. The highest sale price was $5,310,000.

Some of the homes for sale have been on the market a long time, but for houses that do sell, it’s usually in 10 days or less. Some price points do typically take longer, though.

 

 

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

Inventory is finally into a healthier range (though I recall the days when 80 was typical).

 

Inventory of Los Gatos homes for sale 95030 95032 MLS area 16

 

Numbers of homes sold

Sales are up annually and monthly.

 

Los Gatos homes for sale 95030 95032 MLS area 16 homes sold by month


Months of Inventory

 

The months of inventory is taken from the rate of sales by the rate of listings. Lower is hotter, larger is cooler. The current rate is warm to hot. If we were to run this figure by price quartiles, we would find that lower price points have a faster absorption rate than more pricey homes.

 

Absorption rate for houses in Los Gatos (in town)

 

 

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 down from March, but up substantially from a year ago.

 

 

Los Gatos average sale price of single family homes (in 95032, 95030, MLS area 16)

 

 

Median Sale Price – up annually and monthly

It is up annually, but off a little month over month.

 

Los Gatos median sale price for single family homes (houses and duet homes) in MLS area 16, zip codes 95030 and 95032

 

 

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.

 

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$3,225,000 (-4.0%)$3,360,000$2,785,000 (+15.8%)
Average Price$3,559,500 (-6.5%)$3,805,470$2,777,720 (+28.1%)
No. of Sales32 (-3.0%)3334 (-5.9%)
Pending33 (+22.2%)2719 (+73.7%)
Active48 (+2.1%)4740 (+20.0%)
Sale vs. List Price104.9% (-2.7%)107.8%108.0% (-2.8%)
Days on Market22 (+156.9%)918 (+18.8%)
Days of Inventory45 (+9.0%)4135 (+27.5%)

 

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:

LG Mountains Trends at a Glance

The market is off monthly but up both monthly and annually.

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$1,715,000 (+20.4%)$1,425,000$1,365,000 (+25.6%)
Average Price$1,727,500 (+19.8%)$1,442,330$1,549,620 (+11.5%)
No. of Sales12 (+33.3%)917 (-29.4%)
Pending(-50.0%)1414 (-50.0%)
Active40 (+110.5%)1935 (+14.3%)
Sale vs. List Price101.6% (+1.0%)100.6%103.5% (-1.8%)
Days on Market50 (+13.9%)4435 (+42.1%)
Days of Inventory100 (+63.3%)6162 (+61.9%)

Los Gatos Condo Market Trends at a Glance

Los Gatos Condos are selling nicely overall. The average and median price  are up from the month before, but down from a year ago. This doesn’t mean that values are falling. More likely, last year there were expensive townhomes sold (such as in Rinconada Hills) and more recently, smaller condos were what moved.

 

Trends at a Glance

Trends At a GlanceMay 2024Previous MonthYear-over-Year
Median Price$1,638,500 (+35.7%)$1,207,000$1,200,000 (+36.5%)
Average Price$1,456,420 (+37.7%)$1,058,000$1,246,780 (+16.8%)
No. of Sales16 (+128.6%)7(+77.8%)
Pending(-33.3%)1215 (-46.7%)
Active11 (+10.0%)1013 (-15.4%)
Sale vs. List Price103.7% (-4.9%)109.1%101.3% (+2.3%)
Days on Market23 (-5.0%)2428 (-18.1%)
Days of Inventory21 (-50.2%)4143 (-52.4%)

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 31% of listings in this zip code are taking price reductions. That’s close to 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, including the Los Gatos Mountains (95033)

 

 

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!

 

 

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