What's The Market Doing?

Right now in Los Gatos there are 80 properties for sale. They range in price from $15,950,000 to $795,000 (though the one at $795k is actually a San Jose address but is pulled into the "Los Gatos area" by our mls system). The average list price is $2,979,029 and average "days on the market" is 103 (and 193 for "continuous days on the market"). 

The pending sales (whether a contingent sale, a normal sale with inspection & loan contingencies in place, or all contingencies removed and nearly a closed escrow) amount to 35. For these homes, the average "days on market" is 71 (and 104 for "continuous days on market"). The average list price of these pending sales is much lower $1,774,550. (The average lot size, by the way, is about 3/4 of an acre for these homes.)

So what does that mean? Basically it means that homes which are under $2 million are selling much better than the ultra luxury homes which are at or over $2 million, $2.5 million, or more. There has been one recent sale (still pending) of a home listed at $4,795,950 but this is the exception. Every other home sold in January is at or under $2 million.  There are some higher sales between $2 million and $3 million, but they occurred in December, not January.

What's most hot is what's more affordable - by Los Gatos standards.