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How's the Los Gatos real estate market?
I just did a mini update (see image below) of the Months of Inventory (MOI) for houses and condominiums/townhouses in Los Gatos. The "solds" are homes which have closed escrow within the last 30 days. Houses are selling much better than condos right now, and bank owned or REO properties are selling faster than they're even coming on the market - bargain hunters are jumping on these distressed properties!
December 2010 sales numbers in Los Gatos
December was a good month for sales of houses in Los Gatos, showing a dramatic 63% increase in the number of closed sales over the month before. Inventory was down sharply too, further increasing the odds of a sale in December. With lower inventory and buyers jumping on interest rates as they began to creep up, it was a sellers market for this part of the Los Gatos real estate market. For many more details, click on the link below. A sumary of the number follows directly beneath it.
The Los Gatos Real Estate Market Trends Report: Single Family Homes (houses & duet homes)
December 2010: Sales increased 63.2% from the month before, and were up 14.8% year-over-year. Prices slipped in Dec 2010 with the median price dipping 13% from the previous month, down 15% compared to last year. The average price fell 7.4%, a yearly loss of 10.3%. Inventory fell 26.7% from last month, and was down 10% year-over-year.
| Trends At a Glance |
Dec 2010 |
Previous Month |
Year-over Year |
| Median Price |
$1,000,000 |
$1,150,000 (-13.0%) |
$1,176,000 (-15.0%) |
| Average Price |
$1,203,520 |
$1,299,320 (-7.4%) |
$1,342,370 (-10.3%) |
| No. of Sales |
31 |
19 (+63.2%) |
27 (+14.8%) |
| Pending Properties |
39 |
48 (-18.8%) |
31 (+25.8%) |
| Active |
87 |
124 (-29.8%) |
109 (-20.2%) |
| Sale vs. List Price |
96.5% |
94.5% (+2.1%) |
96.8% (-0.2%) |
| Days on Market |
69 |
75 (-7.5%) |
59 (+17.2%) |
The Condo market in Los Gatos is another story! December saw a slight improvement in market conditions but it remains a buyers market for Los Gatos condominium or townhouse buyers. The prices (average and median) both slipped, as did the list price to sales price ratio, accompanied by a longer "days on market", underlying the soft market.
The Los Gatos Real Estate Market Trends Report: Condominiums & Townhouses
(aka condos & townhomes)
December 2010: Sales increased 12.5% from the month before, and were up 12.5% year-over-year. Prices slipped in Dec 2010 with the median price dipping 7% from the previous month, down 7.4% compared to last year. The average price fell 6.6%, a yearly loss of 16.5%. Inventory fell 18.8% from last month, and was down 20.4% year-over-year.
| Trends At a Glance |
Dec 2010 |
Previous Month |
Year-over Year |
| Median Price |
$520,000 |
$559,000 (-7.0%) |
$561,500 (-7.4%) |
| Average Price |
$493,267 |
$527,988 (-6.6%) |
$590,738 (-16.5%) |
| No. of Sales |
9 |
8 (+12.5%) |
8 (+12.5%) |
| Pending Properties |
5 |
10 (-50.0%) |
9 (-44.4%) |
| Active |
34 |
38 (-10.5%) |
40 (-15.0%) |
| Sale vs. List Price |
95.2% |
99.0% (-3.9%) |
97.2% (-2.1%) |
| Days on Market |
107 |
38 (+181.7%) |
103 (+3.2%) |
November 2010's numbers for Los Gatos residential real estate sales - first for houses, then condos:
| Trends At a Glance |
Nov 2010 |
Previous Month |
Year-over Year |
| Median Price |
$1,150,000 |
$1,080,000 (+6.5%) |
$1,360,000 (-15.4%) |
| Average Price |
$1,299,320 |
$1,305,570 (-0.5%) |
$1,412,730 (-8.0%) |
| No. of Sales |
19 |
32 (-40.6%) |
31 (-38.7%) |
| Pending Properties |
48 |
45 (+6.7%) |
46 (+4.3%) |
| Active |
124 |
141 (-12.1%) |
142 (-12.7%) |
| Sale vs. List Price |
94.5% |
96.4% (-1.9%) |
96.2% (-1.8%) |
| Days on Market |
75 |
33 (+127.0%) |
63 (+19.0%) |
| Trends At a Glance |
Nov 2010 |
Previous Month |
Year-over Year |
| Median Price |
$559,000 |
$525,500 (+6.4%) |
$573,500 (-2.5%) |
| Average Price |
$527,988 |
$534,833 (-1.3%) |
$560,394 (-5.8%) |
| No. of Sales |
8 |
6 (+33.3%) |
8 (0.0%) |
| Pending Properties |
10 |
6 (+66.7%) |
10 (0.0%) |
| Active |
38 |
44 (-13.6%) |
43 (-11.6%) |
| Sale vs. List Price |
99.0% |
96.0% (+3.1%) |
96.5% (+2.6%) |
| Days on Market |
38 |
101 (-62.6%) |
95 (-60.1%) |
The real estate market will vary based on zip code, school district, price point, square footage of home & land etc., so this is only a very broad overview. Information for your home's segment of the market could be very different. For instance, there's a huge difference betwen the luxury home market and the entry level markets in Los Gatos. Often there's a big gap between a "walk to town" home and one that's remote. So too with "sale type": regular vs short sale vs bank owned. Loads of variables. Please contact me for specific info on your area or part of the market.
Want a longer timeframe, such as annual or quarterly report, or the performance of the market going back a few years? You can view the 2010 annual report, quarterly reports or view sales around any address in Santa Clara County (Campbell, Saratoga, San Jose and also areas of San Jose such as Cambrian Park or Almaden Valley) by visiting www.popehandy.rereport.com.
To see the most recent posts or articles on this topic, please click here:
Los Gatos Homes & Housing Market
Interested in selling or buying a home in Los Gatos? Please call or email me today!
Mary Pope-Handy, Realtor, Sereno Group
408 204-7673 mary (at) popehandy.com
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