There are many factors impacting the Los Gatos real estate market, including the price point and the elementary or high school district. We’re late this month, but today we’ll look at the Los Gatos realty market by pricing tiers and high school district using the months of inventory as a data point. The months of inventory, or MOI, is the currently active (for sale, no contract or pending sale) homes for sale divided by the number of homes using the same criteria which have closed escrow in the last 30 days.
These numbers were run today using MLSListings.com and it’s possible that a few more homes will be recorded as closed sales or new homes added to the market after we ran these numbers. One other disclaimer: sometimes the number of closed sales is very low or is at 0. This can be for many reasons. In some cases, there are a few which are sale pending and simply haven’t closed recently. In other cases, the opposite could be true, indicating a possible lack of demand or inventory. That being said, what do the numbers say?
Los Gatos real estate months of inventory in 95030 and 95032 combined
The overall MOI still shows a ferociously strong sellers market, which is opposed to the usual seasonal cooling. While there is rapid turnover in the lower to mid-range price points, the luxury market is at a standstill. Demand is exceedingly high up to the $3 million marker!
So what does it all mean? That Los Gatos remains in a sellers market, that demand is proving to be steady, and that while the luxury market is showing a seasonal chill, the rest of the market is facing heat wave.
Here is the chart from last month for comparison:
All of Los Gatos 95030 and 95032, both high school districts – overall, it’s a clear seller’s market.
The real estate market for homes with the Los Gatos – Saratoga Joint Union High School District only
Now let’s view just the homes which are in the Los Gatos – Saratoga Joint Union High School District (or homes “in the schools” as locals say). Houses for sale with Los Gatos schools tend to be more pricey than those in neighboring school districts. This isn’t just the schools, but is also a function of being closer to downtown Los Gatos. The lowest priced homes in this area are seldom listed for less than $1 million. Current market movement is in the price range of $1-$3.5 million. The total MOI is higher than the town monthly average. Since this part of town is generally a more stable market than other areas, meaning the demand and prices don’t fluctuate as dramatically as elsewhere, a higher MOI during a spike in the seller’s market is not unusual.
And the chart from last month:
As you can see, this area is still in a clear sellers market, though different price points may be hotter or colder than the average. Generally, it remains a good time for sellers while, for buyers, it’s tough competition.
The real estate market for homes with Campbell Union High School District only
And finally, let’s see how the market is within the area of LG which is served by the Campbell Union High School District (Leigh HS and Westmont HS).
Here it is sometimes possible, though not common, to find a Los Gatos home for under $1 million. When you do, either it needs work, is ultra small, is on a busy road or has some other location issue, or perhaps is simply land value. You wont find one anytime soon in this blazing seller’s market! This area’s main target is the “sweet spot” of the Los Gatos real estate market – homes in the Campbell Union High School District listed between $1 and $2 million (neighborhoods such as Belwood of Los Gatos and Belgatos in east Los Gatos). Because of the strong sellers market, these types of houses have been rare over the last year and selling faster and higher than ever. Buyers still struggle against tough competition, and what little available listings are disappearing fast as the holidays approach.
Usually the Campbell school district is not as strong as the Los Gatos-Saratoga District, but as you can see from this month it isn’t always the case. This area has a very different dynamic. Where homes in the Los Gatos-Saratoga District often sell steadily up to the luxury market, homes in the Campbell Union District generally only sell within a tight range in the lower price points, and usually only keep up with the rest of Los Gatos in the most affordable entry-level market, as the chart shows.
And the chart from last month:
What can we take away from this study of the months of inventory? It’s only one data point, but it indicates that properties priced between $1,000,000 and $2,500,000 range in Los Gatos have very high odds of selling in under one month – better than normal turnover – and that homes are generally selling well up to $3,000,000 everywhere. It’s still a strong seller’s market in Los Gatos.
Part of what I see happening (in Los Gatos, Almaden, Saratoga and elsewhere) is that more sellers are putting their homes on the market in less than best condition. This isn’t happening only in Los Gatos, but throughout Silicon Valley. Sellers hear that it’s a sellers market, so some do not put the effort in. For those who do, and who price the home aggressively, sales are quicker and tend to come with multiple offers, especially in the lower price points.
Altos Research market data for Los Gatos 95030 and 95032
Note: Altos uses list prices, not sold prices.
Next, the 95032 area of Los Gatos (much of which is in the Campbell Union HSD, but not all).
Want more info on Los Gatos or nearby areas such as Monte Sereno, the Los Gatos Mountains, Saratoga, San Jose or? Please have a look at my Real Estate Report, which is updated around the 5th-10th of each month with the statistics for the closed sales in the prior month: http://www.popehandy.ReReport.com, or my summary of this report in the post Los Gatos real estate statistics and market trends, updated monthly. Interested in other nearby markets? Check out these articles on my Valley of Hearts Delight blog:
Saratoga CA real estate market update
The Cambrian Park real estate market update
The Campbell real estate market
and many more areas: Blossom Valley, Willow Glen, Cupertino, Sunnyvale, Mountain View etc. can be found there also: http://www.SanJoseRealEstateLosGatosHomes.com
Los Gatos & Los Gatos Mountains Homes for Sale
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$1,699,000 : 33 Ashler AVE, LOS GATOS3 beds, 2 baths
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$1,499,000 : 16166 Los Gatos Almaden RD, LOS GATOS3 beds, 2 baths
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$825,000 : 13072 Bell RD, LOS GATOS1 bed, 1 bath
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$1,489,900 : 227 Nob Hill WAY, LOS GATOS4 beds, 2 baths
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$2,350,000 : 237 Vista De Sierra, LOS GATOS4 beds, 3 baths
See all Real estate in the city of Los Gatos.
(all data current as of
12/2/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Monte Sereno Homes for Sale
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$6,988,000 : 18335 Lexington DR, MONTE SERENO6 beds, 6 baths
See all Real estate in the city of Monte Sereno.
(all data current as of
12/2/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Saratoga Homes for Sale
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$2,499,000 : 18882 Cabernet DR, SARATOGA5 beds, 3 baths
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$1,980,000 : 12430 Ted AVE, SARATOGA5 beds, 2 baths
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$1,999,999 : 19111 Cox AVE, SARATOGA6 beds, 4 baths
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$10,988,000 : 15168 Piedmont RD, SARATOGA5 beds, 6 baths
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$2,399,000 : 19981 Karn CIR, SARATOGA5 beds, 3 baths
See all Real estate in the city of Saratoga.
(all data current as of
12/2/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
