What is happening with the residential real estate market in Los Gatos? Are prices flat, rising or declining?
Just as there is no one "Silicon Valley Real Estate Market", there's no single "Los Gatos real estate market" either. It varies from one area to the next, one school district to the next, one price point to the next. It can be neighborhood by neighborhood or even street by street.
This week I received a request for an online market valuation of a home purchased in 2006. It appears to have declined in value about 10% since that time (price point is the $2 mil to $2.5 mil range - but it is in an area where not every home on the street is worth that much). Other homes, in other areas, though seem to be rising in vallue, if slightly. The sweet spot of the market seems to be lower priced homes with Los Gatos Schools - that is, homes between $1 million and $2 million. (I heard recently of a townhome in Cupertino or Saratoga, listed under $1 million, that got 26 offers!)
For an overview of the real estate market in Santa Clara County, view my online Real Estate Report. To see activity related to active sales (asking prices only), have a look at my report from Altos Research.
RE: Are Home Prices Going Up or Down in Los Gatos?
Posted by: mike from Altos Date: May. 29, 2008
26 offers?! Isn't that crazy? But you're right, there's a sweet spot of people in Silicon Valley who have a chunk of stock-market-capital, don't need wacky mortgage products, and want to be in the best schools. And there simply aren't that many homes available for them. You can see the phenomenon all the way up the Peninsula.
A blog about Los Gatos real estate, homes, houses, condos, townhomes, housing market, neightborhoods, history, events, businesses, parks, schools, photos, issues, and lifestyle.
Mary Pope-Handy
Realtor, CRS, ABR, SRES, E-PRO
Luxor Real Estate Group
Mailing Address for Mary: PO Box 440 Los Gatos, CA 95031-0440
877 397-5391 (office/toll-free)
RSS Blog Feed
