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The Los Gatos & Monte Sereno real estate markets cooled a bit in August 2010 with significantly fewer fewer sales. This is true both for houses as well as for condominiums and townhouses. A word of caution: although the median and average sales prices are rising, this does not mean, necessarily, that individual homes are rising in value. It may signify just that more expensive homes are selling.
Here's a quick look at the numbers from my newly updated Real Estate Report (click the links for more info on these categories or for anywhere in the greater San Jose or Santa Clara County areas):
Los Gatos houses (and duet homes):
Sales fell 21.2% from the month before, and were up 4.0% year-over-year.
Prices improved in Aug 2010 with the median sales price rising 5.3% from July, up 22.9% compared to a year ago. The average price rose 5.7%, a year-over-year gain of 14.8%.
Inventory fell 1.4% from the previous month, and was down 4.6% from last year.
Los Gatos condominiums & townhouses:
Big drops in sales combined with significant rise in inventory makes this market especially soft right now. Sales dropped a whopping 40% from the month before, and also fell 40% year-over-year.
Prices did improve in Aug 2010 with the median price climbing 1.2% from the previous month, down 15.6% compared to a year ago. The average price slipped 12.7%, a year-over-year drop of 16.2%.
Inventory climbed 12.7% from last month, and was up 6.9% year-over-year.
Monte Sereno houses:
Sales declined very dramatically 50% from July, and fell 60% year-over-year.
Prices improved in Aug 2010 with the median price climbing 53.0% from the previous month, up 37.9% compared to last year. The average price rose 32.0%, a yearly gain of 19.4%.
Inventory fell 28.9% from last month, and was up 10.3% year-over-year.
The Los Gatos Mountains:
The mountain communities often walk to the beat of a different drummer, and this month is no exception. Sales increased 200% from the month before, and were down 14.3% year-over-year.
Prices fell in Aug 2010 with the median price dropping 17.5% from the previous month, up 30.0% compared to last year. The average price rose 4.1%, a yearly gain of 36.8%.
Inventory rose 6.1% from last month, and was up 75.0% year-over-year.
For specific information on your home or neighborhood, please contact me!
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